• Thu. Dec 1st, 2022

The mobile banking market is expected to reach USD 3.47 billion at

ByCindy J. Daddario

Sep 28, 2022

New York, USA, Sept. 28, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Mobile banking marketBy Solution, By Technology, By Deployment- Global Forecast 2030”, the market will reach USD 3.47 billion at a CAGR of 15.4% by 2030.

Mobile banking market Drivers

The mobile banking market size is expected to grow faster as more and more people use smartphones. Banks now need to focus more on mobile consumer transactions due to the growing number of smartphone users. By offering mobile banking services, banks make it easier for their customers to complete transactions, giving them the opportunity to outperform their competitors and better position themselves in the market.

Opportunities

Technological developments in mobile banking to provide strong opportunities

The growth in the use of mobile devices, which enables users to obtain prompt customer service, and technological advances in mobile banking, such as the provision of personalized customer service in real time through intelligent robots, stimulate market development.

Key players

Prominent market players profiled in the Global Mobile Banking Market report include,

  • Dais Software Company (Bulgaria)
  • Strands Inc. (USA)
  • Ebanq BV (Netherlands)
  • Nymbus Inc. (USA)
  • Apex Software Ltd. (Kenya)
  • Temenos Group AG (Switzerland)
  • Neptune Software PLC (UK)
  • Fisa system (USA)
  • Capital Banking Solutions (USA) and others.

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Constraints

Lack of awareness to act as market restriction

Lack of awareness regarding the functionalities of the mobile application may act as a drag on the market during the forecast period.

Challenges

Lack of proper connectivity to meet the market challenge

Lack of adequate connectivity coupled with unavailability of network infrastructure in developing countries to accommodate the use of mobile banking services may pose a challenge for the market during the forecast period.

Mobile Banking Market COVID-19 Analysis

Consumer behavior has changed dramatically in the wake of the outbreak, with digital technology becoming more pervasive in everyday life. Virtual banks are establishing themselves in the region and more and more people are using mobile banking services. Although there was previously a move towards mobile banking, there has been a significant movement towards online banking since the outbreak. Today, more and more banks are relying on Fintech platforms to offer their customers personalized and tactile experiences comparable to those of their traditional branches. The younger generation has embraced digital solutions faster, but in light of the pandemic shutdown, older generations are getting more accustomed to the convenience of mobile banking. The COVID-19 outbreak has had a significant impact on both global lifestyle and mobile banking market share. People avoid going to a bank branch by carrying out several transactions online.

Report Scope:

Report Metrics Details
Market size by 2030 $3.47 billion
CAGR during 2022-2030 15.4%
Report cover Revenue forecasts, competitive landscape, growth factors and trends
Key market opportunities The global mobile banking market trends are adopting several new initiatives and challenges in order to sustain and increase customer satisfaction and expectations.
Key Market Drivers New customers are implementing the latest banking applications to make the most of the technology that has been introduced for consumer benefits.

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Mobile banking market segmentation

The global mobile banking market is bifurcated on the basis of deployment, technology, and solution.

By solution, the mobile banking market is segmented into customer management, mobile banking features, and mobile payment features.

By technology, the mobile banking market is segmented into wireless application protocol and standalone mobile application.

By deployment, the mobile banking market is segmented into On-Cloud and On-Premise.

Mobile Banking Market Regional Analysis

North America will dominate the mobile banking market

In 2021, North America dominated the global mobile banking market and during the forecast period, this trend is expected to continue. In 2021, the United States dominated North America. This can be attributed to the region’s adoption of advanced FinTech technologies. The industry in the region is also expected to grow owing to increasing investments by banks in upgrading their mobile banking application services to provide enhanced customer experience and tailored product offerings.

In the coming years, it is also expected that the increasing use of smart devices such as smartphones and tablets will drive the expansion of the market in the region. North America led the mobile banking market in terms of revenue in 2021, and this trend is likely to continue throughout the forecast period. Due to the emergence of new FinTech technologies, banks are updating their mobile banking apps to provide personalized product offerings, enhanced customer experiences, and convenience for their users. It is expected to be the fastest and fastest growing market due to extremely fast transactions of premium banking and basic mobile payments, which has increased the adoption of basic mobile banking services .

The region’s strong economic growth and more accessible digital banking channels are driving expansion. Due to the increased demand for mobile banking services through the latest smartphones, where consumers are likely to use mobile channels to interact with banks rather than physically visiting banks, North America is expected to conquer the largest market share.

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APAC to See Admirable Growth in Mobile Banking Market

Due to the growing installation of manufacturing facilities in the region and favorable laws from government authorities regarding the manufacturing of consumer electronics, Asia-Pacific is expected to hold a large share during the projected period. Due to the industry’s ubiquity in countries like China and India, Asia-Pacific is considered the fastest growing region in the global mobile banking market. Due to its large telecom industry, India has plenty of room to expand its mobile banking offerings. The numerous government programs in the country, such as Digital India, support the expansion of the market. Moreover, the industry is growing due to the growing use of mobile phones by the people.

Europe will experience significant growth in the mobile banking market

Due to its sophisticated banking infrastructure, Europe is expected to dominate the market. In 2019, the United Kingdom was able to increase its income thanks to digital banking. According to a report by Accenture, digital-only banks in the UK are expected to have 35 million members by the end of 2020, up from 12 million currently. In addition, it is discovered that in the first half of last year, customers of digital-only banks increased by 5 million. To meet growing customer demands, the European banking industry is being forced to adopt a variety of advanced technologies due to increased competition. For example, Deutsche Bank in Germany has integrated security technologies such as TouchID and Apple’s biometric system into services to improve security and attract more consumers. Furthermore, it is expected that electronic identification and mobile banking will change the way banking services are provided in Europe. Several European countries are embracing mobile banking, with tablets and smartphones serving as primary payment methods.

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For example, the European Central Bank estimates that people in Sweden use mobile banking and non-cash payments significantly more than people in other European countries for a variety of purposes. Thus, there is a massive drop in the flow of money into the region. Additionally, the European Banking Federation reported that in 2017, 4 in 10 Europeans used apps to access mobile banking services on their tablets or smartphones.

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