Global Digital Banking Market Predicted to Garner a Revenue of $1610 Billion at a CAGR of 8.9% during the Forecast Period, 2019-2027 – Exclusive COVID-19 Impact Analysis [120 Pages] Report by Research Dive
Global digital banking market is expected to experience a remarkable growth in the upcoming years. Consumer bank sub-segment is expected to be the most lucrative. Digital payment sub-segment is predicted to be the most profitable. North America is predicted to dominate the market.
New York, USA, May 05, 2021 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global digital banking market is expected to garner a revenue of $1,610 billion and exhibit a CAGR of 8.9% by 2027. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Market Dynamics and Opportunities
The cost efficiency and ease of use are the main factors behind the growth of the global digital banking market. Other factors behind the growth include the increasing adoption of electronic gadgets and easy access to the high-speed internet services. High risk of security regarding the personal data of consumer and strong belief of the consumers in the brick-and-mortar model are expected to be the restraining factors for the market.
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Segments of the Market
The report has divided the market into different segments based on type, services, and regional outlook.
Consumer Bank Sub-Segment is Expected to be the Most Lucrative
By type, consumer bank segment was valued at $574.4 billion in 2019, and is further expected to reach $1,661.1 billion by 2027. The momentous growth is attributed to the cost reductions, increasing top-line revenue, and moderating risks.
By services, the digital payments segment was accounted for $194.5 billion in 2019 and is projected to reach $402.5 billion by 2027. The digital payment segment is the largest service segment in the digital banking market and expected to lead the market during the forecast period.
North America Expected to Dominate the Market
North America was valued at $376.2 billion in 2019 and is projected to reach $721.3 billion by 2027. Preserving a customer for a lifetime is one of the major goals of most of the financial institutions. Hence, major American banks such as Bank of America and others are adopting key developmental strategies such as product launches and others so that they can preserve the customer and customer data to contact their existing customer for improving their sales. This factor is going to enhance the growth of the market during the forecast period.
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Key Players of the Market
1. Industrial and Commercial Bank of China Limited
2. Bank of China Limited
3. China Construction Bank
4. Agricultural Bank of China
5. Wells Fargo
6. Bank of America
8. JPMorgan Chase
9. HSBC Group
10. China Merchants Bank
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In July 2020, Citi announced its new five-year 2025 Sustainable Progress Strategy to help accelerate the transition to a low-carbon economy. This new strategy includes a $250 Billion Environmental Finance Goal to finance and facilitate climate solutions globally. This builds on Citi’s previous $100 billion goal announced in 2015 and completed last year, more than four years ahead of schedule.
These players are currently focusing on R&D activities, mergers, acquisitions, partnerships, and collaborations to sustain the growth of the market. The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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