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Online Banking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
Report Format: PDF+Excel | Report ID: SR112023A5425
Market Overview:
The global online banking market reached a value of US$ 3.84 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5.18 Billion by 2027, exhibiting a growth rate (CAGR) of 4.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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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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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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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global online banking market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on banking type, software type and service type.
Breakup by Banking Type:
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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 | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| 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) |
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