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Mobile Banking Market

Mobile Banking Market

Mobile Banking Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

159

Base Year:

2021

Date

May - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1521

Segments Covered
  • By Type Wireless Application Protocol (WAP), Standalone Mobile Application, SMS Banking, Unstructured Supplementary, Service Data (USSD), Others
  • By Service Transactions, Account Information, Investments, Support Services, Others
  • By Platform Android, IOS, Others
  • By Deployment Type On-Cloud, On-Premises
  • By End User Individual, Enterprise
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 692.5 Million
Revenue 2028Revenue 2028: USD 1,359.5 Million
Revenue CAGRRevenue CAGR (2022 - 2028): 11.9%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Mobile Banking Market Share

Market Synopsis:

The Global Mobile Banking Market valued at USD 692.5 Million in the year 2021 and is projected to reach a value of USD 1,359.5 Million by the year 2028. The Global Market is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 11.9% over the forecast period.

Mobile Banking is a service offered by a bank or other financial institution that allows customers to execute financial transactions using a mobile device while on the go.

Mobile Banking Market Size, 2021 To 2028 (USD Million)

For Mobile Banking, devices such as smartphones or tables are utilized, primarily for moving money from one account to another and depositing a check by taking a picture, both of which are widely available features in the market. The expansion of the Mobile Banking Market is fueled by an increase in demand for self-service and personalization of products and services. Furthermore, technical improvements in Mobile Banking, such as the delivery of customized real-time customer support via smart bots, as well as an increase in the use of mobile devices that allow users to access instant customer help, are propelling market expansion. Due to the rapid rise of Mobile Banking and increased rivalry, key market participants have adopted time and location convenience, as well as user-friendly interfaces for their consumers. However, this has resulted in an increase in security concerns, particularly around location privacy.

Furthermore, in underdeveloped nations, lack of sufficient connectivity and network infrastructure for integrating Mobile Banking usage are some of the reasons that limit the growth of the Mobile Banking industry. Conversely, as the number of smartphone users grows, so does the number of people who utilize Mobile Banking apps to access banking services. As a result, banks have significant potential to improve their present goods and services. Furthermore, the use of chatbots and other services improves consumer engagement, allowing banks to build client loyalty, which drives market development. Providing a streamlined customer experience via mobile application while reducing the impact of fraud creates a Mobile Banking Market opportunity for the bank to integrate advanced technologies like blockchain, chatbots, wireless application protocol (WAP), and others to sustain the Mobile Banking Market.

Market Segmentation:

The Mobile Banking Market is segmented on the basis of Type, Service, Platform, Deployment and End-User. On the basis of Type, the market is segmented into Wireless Application Protocol (WAP), Standalone Mobile Application, SMS Banking, Unstructured Supplementary Service Data (USSD) and Others. On the basis of Service, the market is segmented into Transactions, Account information, Investments, Support Services and Others. On the basis of Platform, the market is segmented into Android, IOS and Others. On the basis of Deployment, the market is segmented into On-cloud and On-premises. On the basis of End-User, the market is segmented into Individual and Enterprise.

Below tree is interactive. You can click the nodes to get more information.

Based on Platform:

In 2021, the android sector generated the most income, and this trend is expected to continue during the projected year. Because emerging economies are leading the way in terms of Android platform adoption, banks are increasingly focusing on providing Mobile Banking services on this platform. Furthermore, innovative financial applications are assisting in the integration of people into the formal banking sector by providing a platform to access a variety of banking goods and services, reducing queue time, and allowing access to personal banking information via android applications.

Based on Deployment:

The nature of growth and development in Mobile Banking Market Statistics technology and services has broadened the industry's capabilities and reach. Mobile Banking is also swiftly using the latest cloud technologies to expand its reach and flexibility in its agile business strategy to meet changing company and fundamental consumer needs. The most recent Cloud technology greatly aids the modern banking sector in automatically assembling and merging critical resources in order to meet adequate business wants. It has also made bank deployment services more straightforward and efficient by eliminating modern physical infrastructure costs.

North America Acquired the Greatest Share in Terms of Revenue

North America acquired the largest market share during the year 2021 with a share of 42.90%. In terms of revenue, North America dominated the Mobile Banking Market in 2021 and is likely to continue to do so throughout the forecast period. Banks are upgrading their Mobile Banking applications to provide tailored product offers, improved customer experience, and convenience for their users as a result of the introduction of new FinTech technology. Due to the premium bank's enormous faster transactions and basic mobile payments, which has led to a rise in the adoption of basic Mobile Banking, it is predicted to be the quickest and fastest-growing market. Increased digital banking channels and the region's robust economic growth are driving expansion.

Competitive Landscape:

Key players operating in the Global Mobile Banking Market include American Express Company, Bank of America Corporation, BNP Paribas S.A., Citigroup Inc., Crédit Agricole Group, HSBC Holdings PLC, JPMorgan Chase & Co., Mitsubishi UFJ Financial Group Inc., Société Générale S.A., Wells Fargo & Company, Temenos Group AG, Capital Banking Solutions, Ally Financial Inc., Infosys Limited, Strands Inc. and others.

Segmentation of the Global Mobile Banking Market:

Parameter Details
Segments Covered
  • Type (Wireless Application Protocol (WAP), Standalone Mobile Application, SMS Banking, Unstructured Supplementary, Service Data (USSD), Others)
  • Service (Transactions, Account Information, Investments, Support Services, Others)
  • Platform (Android, IOS, Others)
  • Deployment Type (On-Cloud, On-Premises)
  • End User (Individual, Enterprise)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • American Express Company
  • Bank of America Corporation
  • BNP Paribas S.A.
  • Citigroup Inc.
  • Crédit Agricole Group
  • HSBC Holdings PLC
  • JPMorgan Chase & Co.
  • Mitsubishi UFJ Financial Group Inc.
  • Société Générale S.A.
  • Wells Fargo & Company
  • Temenos Group AG
  • Capital Banking Solutions
  • Ally Financial Inc.
  • Infosys Limited
  • Strands Inc.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Mobile Banking Market to Reach Valuation of USD 1,359.5 Million by 2028 - Growing Number of Smartphone Users to Drive the Mobile Banking Market Growth
From the period 2022 to 2028, the global Mobile Banking Market is expected to reach USD 1,359.5 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 11.9%. Mobile Banking Market has undoubtedly been the most significant and popular technology for young users, with the adv...
FAQ
Frequently Asked Question
  • The global Mobile Banking valued at USD 692.5 Million in 2020 and is expected to reach USD 1,359.5 Million in 2028 growing at a CAGR of 11.9%.

  • The prominent players in the market are American Express Company, Bank of America Corporation, BNP Paribas S.A., Citigroup Inc., Crédit Agricole Group, HSBC Holdings PLC, JPMorgan Chase & Co., Mitsubishi UFJ Financial Group Inc., Société Générale S.A., Wells Fargo & Company, Temenos Group AG, Capital Banking Solutions, Ally Financial Inc., Infosys Limited, Strands Inc..

  • The market is project to grow at a CAGR of 11.9% between 2021 and 2028.

  • The driving factors of the Mobile Banking include

    • Rising consumer preference towards digital banking

  • North America was the leading regional segment of the Mobile Banking in 2020.