Global Digital Banking Platform Market to Reach USD 19.0 Billion by 2033, Propelled by the Rising Penetration of the Internet

November 20, 2024 | BFSI

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The latest report by IMARC, titled “Digital Banking Platform Market Report by Component (Solutions, Services), Type (Retail Banking, Corporate Banking), Deployment Mode (On-premises, Cloud-based), Banking Mode (Online Banking, Mobile Banking), and Region 2025-2033”, finds that the global digital banking platform market size reached USD 7.3 Billion in 2024. Digital banking platform (DBP) refers to the online financial services provided by banks. It allows the automated delivery of new and traditional banking products and services through interactive communication channels. Some of the services provided by digital banking platforms include conventional banking services and products, such as bill payments, funds transfer, loan management, cash withdrawals and opening deposit accounts. It also offers features such as real-time transaction notifications, scheduling expenditures, promoting cardless payments, obtaining bank statements, and remotely monitoring personal finance management (PFM) and account-to-account (A2A) payments. In recent years, DBP has gained momentum as it is convenient, easy, and quick to use, and allows users to handle day-to-day financial operations through mobiles, laptops, and desktops.

Global Digital Banking Platform Market Trends:

One of the primary factors driving the market is the rising penetration of smartphones, internet connectivity, computers, IoT devices, and artificial intelligence (AI). Additionally, the significant growth in cloud computing and storage has led to an increase in the demand for such technologies, thus creating a positive market outlook. In line with this, the sudden outbreak of coronavirus disease (COVID-19) has resulted in a significant rise in online banking activities, which is creating a positive market outlook. Besides this, DBP provides immediate transactions with improved security to the customer. Other than this, the employment of machine learning (ML) in DBPs helps detect and prevent payment frauds, enhances procedures for anti-money laundering (AML), and performs know-your-customer (KYC) regulatory checks, which is strengthening the market growth. Moreover, extensive research and development (R&D) activities, along with the implementation of numerous government initiatives to promote a cashless economy, is anticipated to drive the market growth. Looking forward, IMARC Group expects the market value to reach USD 19.0 Billion by 2033, expanding at a CAGR of 10.66% during the forecast period (2025-2033).

Market Summary:

Based on the component, the market has been bifurcated into solutions and services.
On the basis of the type, the market has been segmented into retail and corporate banking.
Based on the deployment mode, the market has been divided into on-premises and cloud-based.
Based on the banking mode, the market has been segregated into online and mobile banking.
Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been analyzed, with some of the key players being 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.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Component, Type, Deployment Mode, Banking Mode, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Digital Banking Platform Market to Reach USD 19.0 Billion by 2033, Propelled by the Rising Penetration of the Internet

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