Global Digital Banking Industry to Garner $1,702.4 Billion by 2026, Rising with a CAGR of 10.0% during COVID-19 Disaster – Exclusive Report by Research Dive
The COVID-19 pandemic has made an optimistic impact on the global digital banking market growth in 2020. Rising adoption of digital banking solutions in the pandemic period is driving the growth of the global market. Market players are likely to open novel opportunities for the market in the future years.
New York, USA, Sept. 20, 2021 (GLOBE NEWSWIRE) — A latest report on the global digital banking market published by Research Dive sheds light on the impact of COVID-19 pandemic on the current and future scope of the market. This report is a useful study for stakeholders, investors, market participants, and new entrants in the search of comprehensive insights on the impact of COVID-19 on the market growth.
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Key Highlights of the Report:
The COVID-19 pandemic has had a positive impact on the growth of the global market for digital banking in 2020. As per the report, the global digital banking market garnered $803.8 billion in 2018 and is estimated to exceed $1,702.4 billion, rising at a CAGR of 10.0% by 2026. In the present situation, the market size has surged owing to the growing acceptance for mobile payment options by people worldwide.
Factors Boosting the Market Growth during the COVID-19 Crisis:
With the outbreak of the pandemic, bank operations have been severely affected. Hence, people are increasingly adopting digital banking solutions to enable stress-free banking activities and avoid direct contact with people amidst the pandemic. Moreover, for supporting and meeting the monetary needs of the customers, banks are developing business models and implementing advanced technologies, such as artificial intelligence and human resource, to offer smooth functioning of marketing operations and digital delivery of products and services. These factors are expected to fuel the growth of the global market.
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Current Face of the Market Due to COVID-19:
Before the outbreak of the pandemic, the market was estimated to garner $947.3 billion in 2020. In the present situation, the market size has amplified and reached up to $972.2 billion in 2020.
The rise in the market growth is mainly owing to the growing investments in digital banking services by key market players all over the world in this pandemic period. Customers are increasingly harnessing the benefits of online banking and using online and digital banking substitutes, which is further expected to fuel the market growth.
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Future Scope of the Market:
According to the report, the global digital banking market is expected to undergo continuous growth even after the end of the COVID-19 pandemic, owing to growing partnerships, investments in R&D activities, and new developments in the market. Some of the foremost players, such as
- Intellect Design Arena
- IE Digital
- EdgeVerve Systems
- BNY Mellon
- NF Innova
- SAB, TCS
and others, are anticipated to come up with innovative developments and pave way for lucrative opportunities for the market growth in the upcoming years.
For instance, in June 2021, ICICI Bank, a foremost private sector bank in India, offering netbanking services & personal banking services, launched digital banking solutions for corporates to provide customized digital banking services to businesses across 15 sectors.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status – Inquire to Get access for Detailed Top Companies Development Strategy Report
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