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Online Banking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A5425
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Market Overview:
The global online banking market size reached US$ 4.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
Online banking, also known as internet banking, is an electronic payment system facility provided by banks and financial institutions. It allows customers to use banking services and conduct financial transactions over the internet. Some commonly offered services include online bill payments, account opening, deposits, and transfers. It also enables users to view account balances, check recent transactions, obtain statements, apply for credit cards, and order checks. In recent years, online banking has gained immense popularity across the globe due to its cost-effectiveness, ease of use, instant access, enhanced security, and fast service.
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Online Banking Market Trends:
Online banking offers more convenience, saves time, delivers a smooth experience, and eliminates the need for customers to visit the physical branch. As a result, the escalating demand for enhanced customer experience and the widespread adoption of cloud-based solutions by banks and financial institutions represent the primary factors driving the market growth. Besides this, the growing need for improved transparency and flexibility, and the rising penetration of the internet and smartphones are escalating the demand for online banking services. Additionally, the recent coronavirus disease (COVID-19) outbreak has led to the increased usage of online banking due to the implementation of lockdowns, social distancing norms, and remote working policies. Along with this, the advent of the cashless age and the expanding e-commerce sector are propelling the market growth. Furthermore, several leading players are making heavy investments to introduce innovative product variants to expand their customer base and maintain a competitive edge. Other factors, including the emergence of the Banking as a Service (BaaS) model, favorable government initiatives, changing consumer preferences, technological advancements, and rapid digitization, are also creating a positive market outlook.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global online banking market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on banking type, software type and service type.
Breakup by Banking Type:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Retail Banking
- Corporate Banking
- Investment Banking
Breakup by Software Type:
- Customized Software
- Standard Software
Breakup by Service Type:
- Payments
- Processing Services
- Customer and Channel Management
- Wealth Management
- Others
Breakup by Region:
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- 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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aci Worldwide Inc., Backbase, Capital Banking Solutions, CGI Inc., ebankIT, EdgeVerve Systems Limited (Infosys Limited), Fiserv Inc., Halcom d.d. (Constellation Software Inc.), Oracle Corporation, Tata Consultancy Services Limited, Technisys and Temenos AG.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Banking Type, Software Type, Service Type, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Aci Worldwide Inc., Backbase, Capital Banking Solutions, CGI Inc., ebankIT, EdgeVerve Systems Limited (Infosys Limited), Fiserv Inc., Halcom d.d. (Constellation Software Inc.), Oracle Corporation, Tata Consultancy Services Limited, Technisys and Temenos AG |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global online banking market was valued at US$ 4.0 Billion in 2022.
The online banking market is expected to grow at a CAGR of 4.3% during 2023-2028, as per the IMARC Group. The expanding corporate banking sector is anticipated to drive the market in the coming years. Moreover, the emergence of the Banking as a Service (BaaS) business model is also expected to fuel the market growth over the forecasted period. Besides this, the escalating popularity of cashless transactions and the elevating presence of e-commerce companies across countries are expected to augment the online banking market in the coming years.
The major trends that can be witnessed in the online banking market include the rising internet penetration rate, the increasing digitization, and growing smartphone usage levels. Furthermore, the escalating number of real-time payment start-ups and the convenience, simplicity, and accessibility offered by these digital solutions are also acting as a significant growth-inducing factor. Apart from this, numerous key players are offering customized services and intuitive user interfaces for their websites and applications, which are propelling the market growth. Moreover, the growing integration of online banking solutions with chatbots, cloud computing, application programming interfaces (APIs), machine learning (ML), blockchain, robotic process automation (RPA), etc., is further bolstering the online banking market.
The sudden outbreak of the COVID-19 pandemic has led to the growing prominence of online banking solutions to avoid the risk of coronavirus infection upon human interaction across brick-and-mortar financial centers.
Based on the banking type, the global online banking market has been segmented into retail banking, corporate banking, and investment banking. Currently, retail banking holds the majority of the total market share.
Based on the service type, the global online banking market can be divided into payments, processing services, customer and channel management, wealth management, and others. Among these, payments exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global online banking market include Aci Worldwide Inc., Backbase, Capital Banking Solutions, CGI Inc., ebankIT, EdgeVerve Systems Limited (Infosys Limited), Fiserv Inc., Halcom d.d. (Constellation Software Inc.), Oracle Corporation, Tata Consultancy Services Limited, Technisys, and Temenos AG.
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