The new report by Expert Market Research titled, ‘Global Online Banking Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis Global Online Banking market assessing the market based on service type, banking type and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 14 Billion
• Forecast CAGR (2023-2028): 12.9%
• Forecast Market Size (2026): USD 29 Billion
When faced with the extraordinary COVID-19 situation, clients have turned to online banking platforms to meet their banking demands during the lockout, increasing demand for online banking services.
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Industry Definition and Major Segments
Online banking is an electronic payment system that allows users to execute financial transactions over the internet. Also known as internet banking or web banking, it is designed to be convenient, allowing for a more time-saving banking experience as well as real-time problem-solving services to be available to users.
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By service type, the industry is segmented into:
• Processing Services
• Customer and Channel Management
• Wealth Management
The market can be broadly categorised on the basis of banking type into:
• Retail Banking
• Corporate Banking
• Investment Banking
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Payments have dominated the online banking market over the past year, and the trend is expected to continue during the forecast period. An increasing number of customers are choosing to pay for goods and services using online payment methods, which offer greater ease and efficiency over traditional means of payment.
Due to increased Internet use, e-commerce and online payment services have grown in popularity. A new trend in developing countries is mobile payments. People in developing nations like Kenya, China, and India have started designing alternative payment options because of the increasing use of mobile internet to access bank accounts. This drives the internet banking business.
Moreover, the governmental institutions’ support to the establishment of alternative payment channels are likely to boost the online banking market during the projection period. However, concerns over financial data security may slow the worldwide internet banking market’s expansion.
Key Market Players
The major players in the market are ACI Worldwide, Capital Banking Solution, Cor Financial Solutions Limited, EdgeVerve Systems Limited, Fiserv, Inc. and among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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