Digital Banking Platforms Market Size Worth $131.65 Billion By 2032 | CAGR: 19.9%

The global digital banking platforms market size is expected to reach USD 131.65 billion by 2032, according to a new study by Polaris Market Research. The report “Digital Banking Platforms Market Share, Size, Trends, Industry Analysis Report, By Component (Platforms, Services); By Deployment Type; By Banking Type; By Banking Mode; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

With the increasing use of smartphones, people are accessing digital banking platforms from their mobile devices. This has led to a surge in demand for digital banking services and has allowed digital banking platforms to grow. In 2021, India had 1.2 billion mobile subscribers, of which 750 million use smartphones. This will fuel the growth of the market in the upcoming years.

The adoption of digital banking platforms increased by five percentage points between 2019 and 2020, with 65% of consumers using digital banking channels for their banking needs. This will further create a wide range of market growth opportunities in the upcoming years.

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Government initiatives in this region are fueling the growth of the market. Several governments in the Asia-Pacific are promoting digital banking as a means of financial inclusion. For example, the Indian government has launched the Digital India initiative to provide digital banking services to all citizens. Government initiatives have played a critical role in fueling the growth of the digital banking platforms market by promoting digital payments, supporting financial inclusion, investing in digital infrastructure, regulating the market, and partnering with the private sector to drive innovation.

Digital Banking Platforms Market Report Highlights

• Platforms segment is anticipated to grow as it offer innovative and cost-effective banking services to customers.
• Cloud segment is accounted for the higher growth rate owing to its advantages such as cost-effectiveness, scalability, flexibility, and security.
• Retail Banking segment is projected to experience a significant growth rate due to the increasing demand for digital banking services and integration of advanced technologies.
• Mobile Banking segment is expected to have a higher growth rate due to an increasing number of consumers and businesses turning to digital banking services for their financial needs.
• Asia Pacific is expected to grow at a significant growth rate owing to the increasing adoption of digital banking, growing number of fintech startups, government initiatives, and economic growth.
• The global players include Alkami, Appway, Backbase, BNY Mellon, EdgeVerve, Finastra, Fiserv, Mambu, MuleSoft, NETinfo, Oracle, SAP, Sopra Banking, TCS, Temenos, TPS, Velmie and Worldline.

Polaris Market Research has segmented the digital banking platforms market report based on component, deployment type, banking type, banking mode and region:

Digital Banking Platforms, Component Outlook (Revenue - USD Billion, 2019 - 2032)

• Platforms
• Services
  • Professional Services
  • Managed Services

Digital Banking Platforms, Deployment Type Outlook (Revenue - USD Billion, 2019 - 2032)

• On-Premises
• Cloud

Digital Banking Platforms, Banking Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Retail Banking
• Corporate Banking
• Investment Banking

Digital Banking Platforms, Banking Mode Outlook (Revenue - USD Billion, 2019 - 2032)

• Online Banking
• Mobile Banking

Digital Banking Platforms, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa