IMARC Group, a leading market research company, has recently releases report titled “Digital Banking Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023–2028.” The study provides a detailed analysis of the industry, including the global digital banking platform market size, report, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is Digital Banking Platform?
A digital banking platform (DBP) is a state-of-the-art financial service provider that utilizes web-based services, process automation, and application programming interfaces (APIs) to deliver seamless digital financial services to customers. Accessible through laptops, desktops, and mobile phones, users can effortlessly manage and control their financial operations. The DBP transforms traditional banking by digitizing various services, streamlining tasks such as bill payments, loan management, cash withdrawals, opening deposit accounts, and funds transfers for enhanced convenience and efficiency. Beyond basic functionalities, it provides bank statements and real-time transaction notifications, empowering users to effectively plan and manage their expenses. Furthermore, it facilitates cardless payments, adding an extra layer of convenience and security. With its user-friendly interface and comprehensive service range, DBPs have garnered widespread popularity, emerging as the preferred choice for online and mobile banking operations globally.
How big is the Digital Banking Platform Market?
The global digital banking platform market size reached US$ 5.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.5% during 2023–2028.
Digital Banking Platform Market Trends and Drivers:
The market is witnessing robust growth, propelled by widespread internet penetration and increased smartphone usage, which has markedly enhanced flexibility and transparency in banking operations. Financial institutions are adopting cloud-based solutions, contributing to high scalability and further driving market expansion. The incorporation of artificial intelligence (AI) and machine learning (ML) stands as another crucial factor fostering growth. These technologies facilitate efficient payment fraud prevention, risk assessment, streamlined know-your-customer (KYC) checks, and improved anti-money laundering (AML) processes. The demand for a reliable unified payments interface (UPI) has surged, driven by the growing use of third-party applications like Google Pay, Whatsapp Pay, PhonePe, and Paytm for real-time payments. Additionally, government initiatives promoting a cashless economy, coupled with extensive research and development (R&D) endeavors by key industry players, are contributing to a favorable market outlook worldwide.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Component:
- Solutions
- Services
Breakup by Type:
- Retail Banking
- Corporate Banking
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Banking Mode:
- Online Banking
- Mobile Banking
Breakup by Region:
- 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
Who Are The Key Players/Companies In Home Medical Equipment Market?
Appway AG (FNZ (UK) Ltd.), Fidelity Information Services (FIS), Finastra Limited, Fiserv Inc., Infosys Limited, nCino, NCR Corporation, Oracle Corporation, SAP SE, Sopra Steria, Tata Consultancy Services Limited, Temenos AG, The Bank of New York Mellon Corporation and Worldline.
Key highlights of the Report:
- Market Performance (2018–2023)
- Market Outlook (2023–2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
