The global digital banking market is expected to experience remarkable growth in the coming years. The consumer banking sub-segment is expected to be the most lucrative. The digital payments sub-segment is expected to be the most profitable. North America is expected to dominate the market.
New York, USA, May 5, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global digital banking market should generate an income of 1610 billion dollars and exhibit a 8.9% CAGR by 2027. The inclusive report provides a brief overview of the current market scenario including significant market aspects derived from growth drivers, challenges, other market dynamics, restraints, and various opportunities over the forecast period. The report also provides all market figures, which gives new entrants a better understanding of the market.
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Market dynamics and opportunities
Profitability and ease of use are the major factors driving the growth of the global digital banking market. Other factors driving the growth include the growing adoption of electronic gadgets and easy access to high-speed internet services. The high security risk regarding the personal data of the consumer and the strong belief of the consumers in the brick and mortar model are expected to be the restricting factors for the market.
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The report has divided the market into different segments based on type, services, and regional outlook.
Most Profitable Consumer Banking Sub-Segment
By type, the consumer banking segment was valued at $ 574.4 billion in 2019 and is further expected to reach $ 1,661.1 billion by 2027. The considerable growth is attributed to cost reduction, increase in turnover and moderation of risks.
The digital payments sub-segment is estimated to be the most profitable
By services, the digital payments segment accounted for $ 194.5 billion in 2019 and is expected to reach $ 402.5 billion by 2027. The digital payments segment is the largest service segment in the digital banking market and is expected to dominate the market during the forecast period.
North America is expected to dominate the market
North America was valued at $ 376.2 billion in 2019 and is expected to grow to $ 721.3 billion by 2027. Preserving a customer for life is one of the primary goals of most financial institutions. Therefore, major US banks such as Bank of America and others are adopting key development strategies such as product launches and the like so that they can retain customer and customer data to contact their existing customer to improve their sales. This factor will enhance the growth of the market during the forecast period.
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Key market players
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 Sustainable Progress Strategy 2025 to help accelerate the transition to a low-carbon economy. This new strategy includes an environmental funding target of $ 250 billion to finance and facilitate climate solutions globally. This builds on Citi’s previous goal of $ 100 billion announced in 2015 and completed last year, more than four years ahead of schedule.
These players are currently focused on R&D activities, mergers, acquisitions, partnerships and collaborations to support market growth. The report offers numerous strategies and insights from major industry players operating in the industry such as current strategic plans and developments, financial performance, SWOT analysis, and range of product / service. Click Here For The Absolute Best Business Development Strategies Summary Report
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