Global Digital Banking Platform Market to Surpass $10 Billion by 2027: Report
The global digital banking platform industry reportedly managed to generate $3.95 billion in revenue last year. It’s expected to reach $10.87 billion by 2027, which means it’s projected to expand at a compounded annual growth rate (CAGR) of 13.6% from 2020 to 2027.
This, according to a new report from Allied Market Research, which was released on July 7, 2020.
The report notes that there will be a gradual shift from traditional banking to all-digital banking, which may partially be attributed to an increase in the number of internet users, globally.
This shift toward all-digital banking, which has been accelerated by the COVID-19 outbreak, may also be due to organizations now increasingly focusing on their respective digital transformation strategies.
The report from Allied Market points out that certain cybersecurity and compliance issues might “impede the market growth.” However, the growth in the usage of cloud technologies, machine learning and AI algorithms in digital banking are expected to “usher a number of opportunities in the near future.”
North America has consistently contributed the highest share, as it accounted for over a third of the global digital banking platform market share last year, and is on track to remain comfortably in the lead, the report noted.
Digital banking platform adoption in the Asia-Pacific (APAC) region is projected to grow at “the highest CAGR of 15.4% from 2020 to 2027,” mainly due to its large and rapidly growing consumer base that’s actively using digital banking apps, with a “significant” portion in China and India – which are on track to become the leading global economies by 2030.
According to the report, the leading digital banking market players include nCino, the Oracle Corporation, SAP SE, Appway, COR Financial Solution Ltd, Edgeverve, FIS Global, Fiserv, Inc, Temenos, and Vsoft Corporation.
As mentioned in a release, the report from Allied Market is titled, “Digital Banking Platform Market by Component (Solution and Service), Deployment Model (On-Premise and Cloud), Type (Retail Banking and Corporate Banking), and Banking Mode (Online Banking and Mobile Banking): Global Opportunity Analysis and Industry Forecast, 2020–2027.”