Digital banking platform market to reach $107.1 billion by 2030

SAN FRANCISCO, August 29, 2022 /PRNewswire/ — The World digital banking platform market the size should reach $107.1 billion and grow at a CAGR of 20.5% by 2030, according to a new report from Grand View Research, Inc. Rising internet users and customers shifting from traditional banking to online banking are the main drivers of market growth. Also, an expansion in the use of cloud-based platforms is expected to drive the digital banking platform market by providing greater scalability. Additionally, the banking sector stands to benefit from an increased use of artificial intelligence and machine learning in digital banking platforms, as well as an increase in creative banking and corporate investors.

Key industry insights and findings from the report:

  • The online banking segment accounted for 80.7% of the market share in 2021 and is expected to grow at a CAGR of 20.1% during the forecast period. This is due to the growing demand for smart mobile devices as well as a shift in consumer preference from traditional to digital channels.
  • By deployment, the cloud-based digital bank held 28.7% market share in 2021 in terms of revenue and is expected to grow at the highest CAGR of 20.7% during the projected period. The adoption of cloud technology and SaaS is expected to be crucial for the future of banking.
  • By component, the services segment is expected to be the fastest growing segment with a CAGR of 21.1% from 2022 to 2030, with professional services being the largest sub-segment by revenue.
  • In August 2021Salt Edge Limited and Finastra have partnered to provide the Instant Payment Services Directive 2 (PSD2) and Open Banking Global Compliance for a secure, open and personalized banking experience.
  • In August 2021Christian Financial Credit Union has partnered with NCR Corporation to offer a comprehensive, state-of-the-art digital banking platform that includes credit monitoring tools, money management solutions, and card restrictions and notifications .

Read the full market research report for the latest industry insights, »Digital Banking Platform Market Size, Share & Trend Analysis Report By Deployment (On-Premise, Cloud), By Mode, By Component (Platform, Service), By Service, By Region and segment forecast, 2022-2030“, published by Grand View Research.

Digital Banking Platform Market Growth and Trends

However, security and compliance issues of digital lending platforms are partly hampering the large-scale growth of the global market. On the other hand, the COVID-19 pandemic has accelerated the growth of e-commerce, in turn increasing the reach of digital banking. For example, according to Ecommerce Europe, the percentage of online shoppers in Europe increased from 60% in 2017 to 71% in 2020. While the share of e-commerce GDP in total European GDP increased from 3.11% in 2017 to 4.29% in 2020. digital banking platforms are expected to increase due to growth in online shopping and digital transaction volumes.

Asia Pacific held the largest market share in 2021 and is expected to witness the fastest growing CAGR of 21.1% during the forecast period. This is attributed to the increase in population and increased digitization in the region. New ventures such as Tonik Digital Bank, Inc., Anywhere 2 go Co., Ltd. and Cashfree Payments India Private Limited are fundamentally changing the banking industry by redefining the industry for individuals and businesses. For example, in June 2022Cashfree Payments India Private Limited presented its tokenization solution “Token Vault” which is capable of exchanging and using information in card tokenization.

Worldwide, North America is the second-largest market by revenue and is expected to grow at a compound annual growth rate (CAGR) of 19.9% ​​from 2022 to 2030. The adoption of cloud-based solutions is improving in the North American region, particularly in the verticals that relate to the finance and banking sectors. Banks are now adopting cloud-based digital banking platform solutions due to their low start-up costs and quick updates, and this trend is expected to continue throughout the forecast period.

Segmentation of the digital banking platform market

Grand View Research has segmented the global digital banking platform market on the basis of deployment, mode, component, service, type, and region:

Digital Banking Platform Market – Deployment Outlook (Revenue, USD Million, 2017 – 2030)

Digital Banking Platform Market – Mode Outlook (Revenue, USD Million, 2017 – 2030)

  • Online banking
  • Mobile banking

Digital Banking Platform Market – Component Outlook (Revenue, USD Million, 2017 – 2030)

Digital Banking Platform Market – Services Outlook (Revenue, USD Million, 2017 – 2030)

  • professional service
  • Managed service

Digital Banking Platform Market – Type of Outlook (Revenue, USD Million, 2017 – 2030)

  • Retail banking
  • Corporate banking
  • investment bank

Digital Banking Platform Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)

  • North America
  • Europe
  • Asia Pacific
    • oh China
    • oh India
    • oh Japan
  • · Latin America
  • Middle East & Africa

List of Digital Banking Platform Market Key Players

  • Appway AG
  • Alkami Technology Inc.
  • Finastra
  • Fiserv, Inc.
  • Crealogix SA
  • Temenos
  • FT Urban Group, Inc.
  • Q2 Software, Inc.
  • Sopra banking software
  • Tata Consulting Service

Check out other related studies published by Grand View Research:

  • Banking Encryption Software MarketThe Global Banking Encryption Software Market Size is Expected to Reach $5.03 billion by 2030, expanding at a CAGR of 13.0% from 2022 to 2030, according to a new study by Grand View Research, Inc.
  • Neobank market – The global neobank market size is expected to reach $2,048.53 billion by 2030, growing at a CAGR of 53.4% ​​from 2022 to 2030, according to a new report from Grand View Research, Inc. Factors, such as a faster loan approval and funding process , compared to traditional banks, with low interest rates through banking apps are driving market growth.
  • Third Party Banking Software Market – The global third-party banking software market size is expected to reach $47.90 billion by 2030, growing at a CAGR of 7.9% from 2022 to 2030, according to new research conducted by Grand View Research, Inc. The growing prevalence of online banking solutions around the world to improve customer experience should stimulate the expansion of the sector.

Browse next-generation technology industry research reports from Grand View Research.

About Grand View Research

Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.

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