According to the latest report of the IMARC group, entitled “Global Online Banking Market Size, Share, Trends, Growth, Opportunities and Forecast 2022-2027“, the global online banking market reached worth US$3.84 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of US$5.18 billion by 2027, showing a CAGR of 4 .60% in 2022-2027.
Online banking, or online banking, refers to a payment facility offered by banking and financial institutions, allowing customers to conduct financial transactions over the Internet. It allows users to access their personal bank account information and use banking services, such as online bill payment, account opening, deposits, transfers, e-statements, checking account balance and recent transactions, applying for credit cards and ordering checks. It offers strong security, fast service, ease of use, instant access and cost effectiveness. Since online banking eliminates the need for customers to visit a bank branch to perform basic banking transactions, it has gained immense popularity around the world.
|Base year: 2021|
|Forecast year: 2022-2027|
Online Banking Market Trends and Drivers:
The global online banking market is mainly driven by the advent of the cashless era and the growing penetration of internet and smartphones. Moreover, with the widespread adoption of cloud-based solutions, banks and financial institutions are opting for online banking platforms.
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Along with this, the growing demand for improved customer experience and the growing need for transparency and flexibility has accelerated the rate of product adoption. Additionally, the implementation of lockdown and social distancing norms amid the recent coronavirus disease (COVID-19) outbreak has increased the demand for online banking services.
Other factors including emergence of Banking as a Service (BaaS) model, expanding e-commerce industry, favorable government initiatives, rapid digitalization and technological advancements are also expected to propel the market growth.
Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
Analysis and segmentation of the global online banking market 2022-2027:
The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.
Aci Worldwide Inc., Backbase, Capital Banking Solutions, CGI Inc., ebankIT, EdgeVerve Systems Limited (Infosys Limited), Fiserv Inc., Halcom dd (Constellation Software Inc.), Oracle Corporation, Tata Consultancy Services Limited, Technisys and Temenos AG .
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The report has segmented the market based on region, type of bank, type of software, and type of service.
Breakdown by type of bank:
- Retail banking
- Corporate banking
- investment bank
Distribution by type of software:
- Custom software
- standard software
Breakdown by type of service:
- Processing services
- Customer and channel management
- Wealth management
Breakdown by region:
- North America: (United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we can provide it to you as part of the customization.
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