Global Online Banking Market Size By Product Type (Retail Banking, Corporate Banking), By Service Type (Informational Services, Transactional Services), By Geographic Scope And Forecast

Online Banking Market Size And Forecast

Online Banking Market size was valued at USD 11.6 Billion in 2022 and is projected to reach USD 32.6 Billion by 2030, growing at a CAGR of 15.8% from 2023 to 2030.

The growing penetration of smartphones and internet usage, as well as a higher level of transparency, versatility, convenience, and time efficiency over banking services, are important drivers of market revenue growth. The increasing e-Commerce sector is altering payment methods and driving demand for online banking. The Global Online Banking Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Online Banking Market Definition

Online banking is a payment service that allows users to conduct financial transactions over the internet. Moreover, it is also known as internet banking or web banking, and it is aimed to be convenient, supplying a time-saving banking experience and real-time problem resolution services. Banks should strive to get a more seamless experience across online and mobile channels, as well as to accelerate customer engagement to meet their demand, needs, and preferences.

The service is intended to be convenient and time-saving, allowing customers to conduct any transaction, beginning with account opening, online. Customers use online banking to monitor and save their accounts. Access to banking information 24 hours a day, seven days a week helps in the detection of fraudulent behavior, designed to protect from financial harm or loss. Online banking is quick and easy. Funds are transferred among accounts almost instantly, particularly if they are held at the same financial institution. Customers can open and close a wide range of accounts online, ranging from fixed deposits to higher-interest repeated deposit accounts.

Global Online Banking Market Overview

With changing consumer demands, lifestyles, and banking expectations, banks are currently shifting toward internet or digitalized banking by implementing technologies. Moreover, cloud computing, application programming interfaces (APIs), robotic process automation (RPA), chatbots, machine learning, and blockchain are important technologies propelling the growth of the Online Banking Market. Furthermore, real-time payment solutions, convenience and simpler access to online banking, and enhanced smartphone usage drive the growth of the Online Banking Market. Online banking provides greater convenience, saves time, provides a more seamless experience, and eradicates the need for customers to visit a physical branch.

As an outcome, the rising demand for improved customer experiences, as well as the mass adoption of cloud-based solutions by banks and financial institutions, are the main factors driving the market growth. Aside from that, the increasing need for greater transparency and flexibility, as well as the growing penetration of the internet and smartphones, are driving up demand for online banking services. Some of the factors obstructing market growth include security and technical issues, privacy concerns, and transaction difficulties. Several undesirable factors are hindering the Global Online Banking Market’s growth.

People who are hesitant to use online banking for security purposes and prefer traditional banking services may find it difficult to adopt. Even though online banking needs internet connectivity, some areas may lack sufficient internet connectivity, limiting market growth in those areas significantly. Moreover, technical issues, cyber-attacks, and inadequate aid in processing transactions inhibit market growth. Moreover, countries such as China, India, Japan, and Australia have a high requirement for widespread internet usage to access banking services online. As an outcome, this is expected to create lucrative opportunities for market growth in the future.

Global Online Banking Market Segmentation Analysis

The Global Online Banking Market is Segmented on the basis of Product Type, Service Type, and Geography.

Online Banking Market By, Product Type

• Retail Banking
• Corporate Banking
• Investment Banking

Based on Product Type, the market is segmented into Retail Banking, Corporate Banking, and Investment Banking. Retail Banking has the highest segment of the Global Online Banking Market due to the younger population’s adaptability and the time efficiency of online banking as compared to traditional banking is the main factor driving the growth of the segment over the projected period.

Online Banking Market By, Service Type

• Informational Services
• Transactional Services
• Communicative Services

Based on Service Type, the market is segmented into Informational Services, Transactional Services, and Communicative Services. Transactional Services is the largest segment of the Global Online Banking Market. A transaction service is a third-party service offered by a professional services firm throughout a business transaction. Online banking services are commonly used for fund transfers. The evolution of e-Commerce has increased the use of online banking services over a period.

Online Banking Market By, Geography

• North America
• Asia Pacific
• Europe
• Rest of the World

Based on Geography, The Global Online Banking Market is classified into North America, Asia Pacific, Europe, and the Rest of the world. North America is anticipated to be the largest online banking during the forecast period. Revenue growth in the North American market is mainly attributed to the region’s increased use of the internet, which has tended to result in widespread adoption of e-Commerce and online payment services. The Online Banking Market in North America is anticipated to witness significant growth over the projected period.

Key Players

The “Global Online Banking Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Fiserv, Tata Consultancy Services, Cor Financial Solutions Ltd., Oracle Corporation, EdgeVerve Systems Limited, Capital Banking Solutions, ACI Worldwide, Microsoft Corporation, Temenos Group AG, and Rockall Technologies. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In August 2021, ACI Worldwide and Microsoft joined an expanded multi-year strategic agreement to provide cloud-based payment solutions. As more financial institutions accept digital transformation, the agreement will aid in the development and expand ACI\’s cloud payments solutions under Microsoft Azure.
• In September 2021, Newgen Software collaborated with Tata Consultancy Services to provide the Banking Service Bureau in Israel with an enterprise-grade multi-channel, multilingual communication suite. By constructing a cloud-hosted centralized platform to provide end-to-end banking solutions, Israel’s central bank will be able to overhaul the country’s banking system.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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