WASHINGTON, May 22, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Electronic Funds Transfer Market finds that rise in the adoption of online banking services, and customers demand for quicker payment settlements, and increasing use of advanced developments in financial services are factors that influencing the growth of Electronic Funds Transfer Market.
The total Global Electronic Funds Transfer Market is estimated to reach USD 103.2 Billion by the year 2028. The Global Market revenue stood at a value of USD 61.9 Billion in the year 2021; and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.9%, states Vantage Market Research, in a report, titled “Electronic Funds Transfer Market Size, Share & Trends Analysis Report by Type (Inter-Bank Transaction, Customer Transaction), by End User (Individual, Enterprises), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Increasing Adoption of Online Banking Services
Nowadays, government is motivating propel for online banking services in day-to-day life. Governments in countries across the globe are focusing on digitalization, thus; motivating population by taking several initiates and increasing funding for better developed and secure ways. Thus, mounting adoption of online banking services in day-to-day life along with surging usage of online payment facilities, increasing use of smartphones and availability of advanced services are some of the factors driving the market growth over the forecast period. Additionally, ease to use, secure funds transfers by personal identification number (PIN) or the login information used to access the customer's online banking service is building the trust among the customers. Ultimately propelling the market growth over the forecast period.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Electronic Funds Transfer market is predicted to grow at a CAGR of roughly 8.9% during the forecast period.
The Electronic Funds Transfer market was estimated to be worth roughly USD 61.9 Billion in 2021 and is expected to reach USD 103.2 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Electronic Funds Transfer market.
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Segmentation of the Global Electronic Funds Transfer Market:
Middle East & Africa
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High Deployment Costs and Increasing Market Competition
When it comes to limitations, cost and security are the major concerns. Cost is an important consideration when selecting advanced technology such as funds transfer, Unified Payments Interface (UPI), debit cards, and online banking. High-security for these applications is typically expensive. Thus, may act as restrain for market growth over the forecast period. Additionally, presence of several competitors is also one of the factors, which may act as restraint for the market growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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The Report on Electronic Funds Transfer Market Highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
North America Holds Maximum Market Share
North America is expected to dominate the growth of Electronic Funds Transfer Market in 2021. The major driving factors for the market are presence of presence of the prominent market players in the region. Additionally, presence of high fundings in R&D and increasing investments from major players as well is further propelling to market growth.
List of Prominent Players in the Electronic Funds Transfer Market:
Royal Bank of Canada
Charles Schwab & Co.
Bank of America Corporation
JPMorgan Chase & Co.
Julius Baer Group
Credit Suisse Group
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Electronic Funds Transfer Market Size, Share & Trends Analysis Report by Type (Inter-Bank Transaction, Customer Transaction), by End User (Individual, Enterprises), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/electronic-funds-transfer-market-731151
February 2022: Revolut makes first acquisition in India through money transfer firm Arvog Forex.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Electronic Funds Transfer Market?
How will the Electronic Funds Transfer Market change in the upcoming six years?
Which application and product will take a lion’s share of the Electronic Funds Transfer Market?
What is the Electronic Funds Transfer market drivers and restrictions?
What will be the CAGR and size of the Electronic Funds Transfer Market throughout the forecast period?
This market titled “Electronic Funds Transfer Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Top Companies in Electronic Funds Transfer Market:- https://v-mr.biz/electronic-funds-transfer-market
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