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

Vantage Market Research

May 04, 2022

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 has undoubtedly been the most significant and popular technology for young users, with the advancement of the internet being the trend for the newest technology users. The global Mobile Banking business is taking on new challenges and implementing new initiatives in order to drive and satisfy client expectations and satisfaction. Consumers are rushing to install numerous new banking apps that banks are releasing on a regular basis in order to take advantage of the new and cutting-edge technologies. There are numerous important driving reasons behind the growth of the Mobile Banking business. Major Smartphone applications are dynamic and have revolutionized the way clients use financial services, which is also one of the main driving forces for the Mobile Banking market's growth and progress. The primary benefit of using the most recent Mobile Banking technology is that it is safer and more risk-free than online or internet banking. One of the few disadvantages of utilizing Mobile Banking is that in many countries, continuous usage of Mobile Banking can lead to banks charging extra fees for providing customer-specific services. Globally, the Mobile Banking market is improving.

Key Highlights from the Report

  • The market is divided into three categories based on Platform: Android, iOS, and Others. The Android industry made the highest revenue in 2021, and this trend is predicted to continue in the coming year. Banks are increasingly focusing on providing Mobile Banking services on the Android platform because emerging nations are leading the way in terms of platform adoption. Furthermore, new financial apps aid in the integration of people into the formal banking sector by offering a platform for accessing a variety of banking goods and services, minimizing queue time, and allowing access to personal banking information through android applications.

  • The market is divided into two categories based on Deployment: On-cloud and On-premises. The nature of Mobile Banking Market Statistics technology and services growth and development has increased the industry's capabilities and reach. Mobile Banking is also quickly expanding its reach and flexibility in its agile business approach to satisfy changing company and core consumer needs by leveraging the latest cloud technology. Cloud technology has tremendously aided the modern banking sector in automatically assembling and integrating vital resources in order to satisfy acceptable business needs.

  • Asia Pacific is the fastest regional segment in terms of growth. Due to the development of digital banking, increased internet usage, deployment of next-generation mobile technologies such as 4G, and a healthy economy supporting significant Mobile Banking sector growth in the region, Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) throughout the projection period. Increased digital banking channels and the region's robust economic growth are driving expansion. Despite technology advancements or the recent smartphone boom, Mobile Banking is thriving in areas where there is a large underserved or underbanked population. The rate of adoption of Mobile Banking differs greatly across saturated and unsaturated countries, as well as developing countries such as India and China.

Some of the key players 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.

Market Dynamics:

In order to promote and raise consumer happiness and expectations, the global Mobile Banking Market Trends is implementing a number of new initiatives and difficulties. New clients are implementing the most up-to-date banking applications in order to get the most out of the technology that has been provided to assist consumers. This is one of the most important aspects driving the Mobile Banking industry forward during the anticipated evaluation period. Aside from that, advanced smartphone applications are dynamic, the fundamental banking technique that can also be a key driver of market expansion. Because of the increased number of smartphone users around the world, Mobile Banking's new subscribers are expected to grow rapidly. Mobile Banking also encourages and enables the recording, mapping, and close examination of a customer's financial situation.

North America dominated the Mobile Banking market in terms of revenue in 2021, and it is expected to continue to do so throughout the forecast period. As a result of the advent of new FinTech technologies, banks are improving their Mobile Banking applications to deliver personalized product offerings, improved customer experience, and convenience for their consumers. It is expected to have a fast-growing market because of the premium bank's larger and faster transactions as well as basic mobile payments, which has led to a rise in the adoption of basic Mobile Banking.