Digital Banking Platforms Market growing at a CAGR of 13.6% from 2020 to 2027

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Digital Banking Platform Market

“The cloud segment is expected to experience significant growth in Digital Banking Platform Market the coming years, owing to rise in demand for growing cloud landscape in developing economies such as India, Singapore, and Vietnam.”

Pramod Borasi Research Analyst, BFSI at Allied Market Research

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Digital Banking Platform Market According to a recent report published by Allied Market Research, titled, “Digital Banking Platform Market by Component (Solution and Service), Deployment Model (On-Premise and Cloud), Type (Retail Banking and Corporate Banking), and Banking Mode (Online Banking and Mobile Banking): Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global digital banking platform market size was valued at $3.95 billion in 2019 and is projected to reach $10.87 billion by 2027, growing at a CAGR of 13.6% from 2020 to 2027.

The adoption of digital banking platform has increased over time due to rising adoption of smart phones and ease of transactions as compared to traditional banks. The ability of software to protect the confidentiality of digital data stored on mobile devices or transmitted over the internet is increasing its popularity among the end users.

Furthermore, technological advancements and increasing awareness amongst consumers can lead to a rapid growth during the forecast period.

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Digital Banking Platform Market Furthermore, growth in usage of machine learning and artificial intelligence in digital banking platform and increase in innovative banking services and rise in corporate investors is expected to provide lucrative opportunity for the market.

By mode, the global digital banking platform market led by the online banking segment in 2019 and is projected to maintain its dominance during the forecast period. The online banking requires high level of process automation, web-based services, and Application Programming Interfaces (APIs), and facilitates real-time integration with a bank’s multiple host systems which boost the growth of the digital banking platform market.

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Digital Banking Platform Market

Key Findings of the Study • By component, the solution segment accounted for the highest digital banking platform market share in 2019.

• By type, retail banking segment generated the highest revenue in 2019.

• By banking mode, the mobile banking segment is anticipated to exhibit substantial growth during the forecast period.

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Digital Banking Platform Market

Major Companies:         

Appway, COR Financial Solution Ltd., Edgeverve, FIS Global, Fiserv, Inc, nCino, Oracle Corporation, SAP SE, Temenos, Vsoft Corporation.

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Digital Banking Platform Market Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States Toll Free (USA/Canada): +1-800-792-5285, +1-503-894-6022, +1-503-4461141 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-2066346060 Fax: +1⟨855⟩5505975 help@alliedmarketresearch.com Web: https://www.alliedmarketresearch.com

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