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Global Online Banking Market to Grow at a CAGR of 12.9% During 2022-2027, Aided by the Rising Demand for Remote Banking Solutions

According to a new report by EMR titled, ‘Global Online Banking Market Report and Forecast 2022-2027’, the market attained a value of about USD 14 billion in 2020. The market is further expected to grow at a CAGR of 12.9% in the forecast period of 2022-2027.

The global online banking industry is being driven by the heightened demand for remote banking solutions. This can be attributed to the time-saving attributes and convenience of usage offered by online banking solutions. Changing lifestyles, along with the increased adoption of digital devices and the rapid expansion of internet facilities are supporting the growth of the online banking industry. This is being aided by the growing smartphone ownership globally. Furthermore, the increased deployment of online channels such as websites and mobile applications by major banking corporations to provide a seamless banking experience and enhanced customer engagement is anticipated to supplement the growth of the market in the forecast period. Also, the rapid technological advancements and the integration of advanced technologies like artificial intelligence (AI), blockchain, voice-assistance, and robotic process automation (RPA) in the banking sector are anticipated to prove beneficial for the industry growth in the coming years.

The growing collaborations and increased investments by the leading financial institutes to develop online payment and banking solutions are expected to spearhead the market growth in the forecast years. For instance, in February 2022, Fiserv, Inc. (NASDAQ: FISV), a leading provider of financial services technology, entered into an agreement to acquire Finxact, Inc., developer of cloud-native banking solution. This acquisition will help Fiserv advance its account processing and digital payments technology and solutions. Meanwhile, in January 2022, ACI Worldwide (NASDAQ: ACIW), a global vendor of real-time digital payment software, announced that the company is working closely with national banks to help connect to the UAE’s real-time payments scheme, which is set to launch in October 2022. The UAE Instant Payments Platform (IPP) will allow for the instant transfer of funds 24/7/365 and requires mandatory participation of all financial institutions in the country. Such developments are expected to positively impact the growth of the online banking industry in the forecast period.

Market Breakup by Service Type, Banking Type, and Region:

  • The market is divided, based on service type, into payments, processing services, customer and channel management, and wealth management, among others.
  • On the basis of banking type, the market can be distributed into retail banking, corporate banking, and investment banking.
  • Region-wise, the global market for online banking can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for online banking is being driven by the growing preference for remote banking solutions over traditional banking methods. 
  • The growing smartphone ownership and the rapid expansion of internet connectivity have significantly contributed to the market expansion.
  • The online banking services offered by the leading financial institutions to enhance customer engagement is also aiding the industry growth. 
  • The development of advanced online banking applications by integrating blockchain and cloud technology is further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for online banking for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the service types, banking types, and regions of online banking.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global online banking market are ACI Worldwide, Capital Banking Solution, Cor Financial Solutions Limited, EdgeVerve Systems Limited, and Fiserv, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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