Polaris Market Research conducted a comprehensive research study spanning over [+110] pages, revealing that the global digital banking platforms market size/share was valued at USD 21.49 Billion in 2022. The study further indicates that the market will grow at a compound annual growth rate (CAGR) of 19.9% and is projected to touch USD 131.65 Billion By 2032. Cloud segment is accounted for the higher growth rate owing to its advantages such as cost-effectiveness, scalability, flexibility, and security. Some of the top market leaders are Alkami, Appway, Backbase, BNY Mellon, EdgeVerve, Finastra, Fiserv, Mambu, MuleSoft, NETinfo, Oracle, SAP, Sopra Banking, TCS, Temenos, TPS, Velmie and Worldlin.
New York, NY, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “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, 2023-2032” in its research database.
“As per the latest research analysis, the global digital banking platforms market size/share will be valued at roughly USD 21.49 Billion in 2022, and its revenue is projected to reach about USD 131.65 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 19.9% between 2023 and 2032.”
What are Digital Banking Platforms? How Big is Digital Banking Platforms Market Size & Share?
Digital banking platforms are fiscal services offered exclusively online as juxtaposed to online banking, which indicates particular online banking constituents that also include brick-and-mortar functionalities. The rapidly increasing demand for digital banking platforms market can be attributed to digital banking platforms authorizing consumers to undoubtedly handle all their finances from their smartphones and other online channels involving disbursements, funding, spending analytics, and more.
The demand for digital banking is rising because of the escalated reach of smartphones, computers, internet connectivity, IoT devices, and artificial intelligence. Several advantages are the outcome of gauged alteration from conventional networks to digital and automated platforms involving growing innovativeness, cost curtailment, and escalated income likelihood.
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Digital Banking Platforms Market: Report Scope
Revenue Forecast in 2032
USD 131.65 Billion
Market size value in 2023
USD 25.73 Billion
Expected CAGR Growth
19.9% from 2023- 2032
2023 – 2032
Top Market Players
Alkami, Apiture, Appway, Backbase, BNY Mellon, CR2, EdgeVerve, ebankIT, Finastra, Fiserv, Intellect Design Arena, Mambu, MuleSoft, nCino, NCR, NETinfo, Oracle, SAP, Sopra Banking Software, TCS, Technisys, Temenos, TPS, Velmie and Worldline
By Component, By Deployment Type, By Banking Type, By Banking Mode, By Region
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Prominent Growth Driving Factors
Technological progressions: The digital banking platforms market size is expanding due to speedy technological progressions that have sanctioned digital banking platforms to offer consumers with inventive and assured banking services. For instance, AI, ML, and data analytics have authorized digital banks to provide tailor-made services to customers.
Lesser operating costs: Conventional banks have exceeded overhead costs rendering, providing competitive rates and fees demanding. Digital banking platforms market sales are soaring as they have lesser operating costs, rendering them effortless to offer appealing rates and costs to their customers.
Tailor-made clarification: Banks can move to digital ecosystems utilizing effortless and portable and tailor-made clarification to digital banking platforms, collective mobile banking websites, and applications to assist in improving client loyalty by improvising customer service.
Top Findings of Report
1. Banks can move to digital ecosystems utilizing effortless and portable and tailor-made clarification to digital banking platforms, pushing the market growth.
2. The digital banking platforms market segmentation is primarily based on component, deployment type, banking type, banking mode, and region.
3. Asia Pacific region is expected to grow speedily during the forecast period.
Top Trends Influencing the Market
Increasing usage of smartphones: The increasing employment of smartphones is anticipated to carry on pushing the growth of the market as more consumers ask for appropriate, attainable, and assured banking services from their mobile devices. As per the National Health Authority of India, there are 1.18 billion mobile connections, 700 million internet users, and 600 million smartphones, a number that is escalating by 25 million every three months. At present, the networking framework is robust. India has the most extensive data consumption, at approximately 12GB per person. This will additionally create a broad gamut of market opportunities in the near future.
User-friendly banking services: The growing acquisition of smartphones is anticipated to push the digital banking platforms market growth. With the increasing usage of smartphones, more people are obtaining digital banking platforms from their mobile devices. This has caused an upswing in the demand for digital banking services and has permitted digital banking platforms to evolve. Consumers are growingly demanding appropriate, tailor-made, and user-friendly banking services. Digital banking platforms have offered the service and are appropriate, causing increased acquisition.
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Platforms segment is expected to witness the fastest growth during the forecast period
Based on components, the platforms segment is expected to witness the fastest growth during the forecast period. The digital banking platforms market demand is on the rise as they offer open APIs (Application Programming Interfaces) that authorize third-party developers to generate applications and services that combine with the platform. This calls for superior personalization and flexibility for both banks and consumers. Digital banking platforms are designed to offer an innate and convenient interface that renders it simple for consumers to navigate and utilize the forum. This involves elements such as chatbots and virtual assistants that can respond to customer's questions and offer reinforcement.
The cloud segment dominated the market
Based on deployment type, the cloud segment dominated the market. The digital banking platforms market trends include the advantages of cloud-based deployment, push the development of the market as more banks acquire digital banking platforms to enhance their customer services, lessen prices, and remain competitive. The cloud segment also gains from the growing acquisition of cloud computing technology covering industries. As many businesses shift their functionalities to the cloud, there is an increasing demand for cloud-based digital banking platforms that combine with alternate cloud-based systems.
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Asia Pacific: This region held the largest digital banking platforms market share due to it being home to several fintech start-ups initiating inventive digital banking platforms and deranging conventional banking models. Fintech has influenced India's investors, customers, and entrepreneurs over the last few years because of the extensive smartphone revolution and economical data plans. As per the EY analysis, India has a fintech acquisition rate of 87%, a surprising 20% higher than the global average of 64%. As per the evaluation, the Indian fintech business will be worth USD 200 billion overall by 2030.
North America: This region is anticipated to have the largest revenue share in the market because of the region’s escalated status of technology acquisition, robust consumer demand for digital banking services, and big banks financing extensively in digital banking framework. North America is one of the most technologically progressive regions globally, with an escalated status of technology acquisition amongst consumers and businesses. By 2025, the 5G acquisition is forecasted to entirely dominate the wireless services market in North America, as per the GSMA intelligence. This generates an approving ecosystem for the development of digital banking platforms that provide speedy, effective, and handy fiscal services.
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In January 2023, Apiture launched Data Direct, an enhancement to its Data Intelligence product. With the new service, banks and credit unions can now access a wide range of data points their organization produces.
In December 2022, Alkami Technology announced that one of its clients, Ideal Credit, has introduced Segment data & marketing solutions via its “Alkami Platform” to give it a potent new way to connect members with the banking products they require most.
Polaris Market Research has segmented the digital banking platforms market report based on component, deployment type, banking type, banking mode and region:
By component Outlook
By Deployment Type Outlook
By Banking Type Outlook
By Banking Mode Outlook
By Region Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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