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BANGALORE, India, August 10, 2020 /PRNewswire/ — Increased internet penetration among consumers and growth in technology are the major factors that are expected to increase the size of the online banking market over the forecast period. Additionally, the recent outbreak of the COVID-19 pandemic has compelled people to turn towards online banking, further propelling the growth of the market.
The Global Online Banking Market Size is Expected to Reach $20.5 billion by 2026, $9.1 billion in 2019, at a CAGR of 12.3% over the period 2020-2026.
The study sheds light on key drivers, restraints, opportunities and a comprehensive impact review from 2020 to 2026.
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TRENDS AFFECTING THE ONLINE BANKING MARKET
- The customer base of online banks is increasing with the growth of internet penetration and smartphone applications worldwide. With population growth, logical physical banks will not be able to provide their ever-increasing number of customers with competent service. Advantages of online banking such as 24/7 operation, fast one-click registration and comprehensive online banking information such as electronic statements, time and date of all purchases, loans and credit card payments. The advantage offered by online banking has increased its adoption and in turn is expected to increase the size of the online banking market over the forecast period.
- Factors such as customer convenience and better interest rates offered by online banking services are expected to increase the online banking market size over the forecast period.
- Growth in the e-commerce industry is further expected to fuel the market size of online banking.
- Banks are embracing technology to reduce operating costs and stay competitive in the market. It helps banks build customer loyalty by providing an improved customer experience and personalized services at lower cost. The online banking market is expected to grow rapidly due to increased adoption by banks.
- However, the growing threat of cyberattacks could hamper the adoption of digital banking. Fighting cyberattacks is one of the biggest challenges facing banks around the world, given the sensitive nature of the customer information they hold.
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ONLINE BANKING MARKET SHARE ANALYSIS
- By type, the retail banking segment held the largest online banking market share during the forecast period.
- Based on region, the European region is expected to hold the largest online banking market share. North America follows him closely.
- Due to increasing internet penetration, mobile usage and increasing population size, Asia Pacific is expected to dominate the market later in the analysis period. Asia Pacific is also expected to experience the highest growth rate due to the presence of emerging countries like China and Japan.
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The main actors covered by this study
- AIT
- Microsoft
- Fiserv
- Tata Consulting Services
- Cor Financial Solutions
- Oracle
- Temenos
- Rockall Technologies
- EdgeVerve Systems
- Capital bank
- Computer graphics
Market segment by Type, the product can be split into
- Retail banking
- Corporate banking
- investment bank
Market segment by Application, split into
- Payments
- Processing services
- Customer and channel management
- Risk management
- Others
Market segment by Regions/Countries, this report covers
- North America
- Europe
- China
- Japan
- South East Asia
- India
- Central & South America
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SIMILAR REPORTS
- Digital Banking Market Report
In 2018, the global digital banking market size was $5.180 billionand it should reach $16.2 trillion by the end of 2025, with a CAGR of 15.3% during the period 2019-2025.
This study focuses on the global Digital Banking Services market size, future projections, growth prospects, key markets and key players. The study aims to present the development of Digital Banking in United States, Europeand China.
View full report: https://reports.valuates.com/market-reports/QYRE-Auto-4N473/global-digital-banking
- Internet banking market report
Customer convenience, lower interest rates and technologically advanced interface are the major factors that are expected to drive the growth of the internet banking market size over the forecast period. However, high data security risk might hamper the growth of the market.
View full report: https://reports.valuates.com/market-reports/QYRE-Othe-3B291/internet-banking
- Retail banking market report
The Retail Banking market report studies the market size by players, regions, product types and end industries, historical data 2014-2018 and forecast data 2019-2025.
This report also studies the global market competitive landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Five Forces Analysis. Carry.
View full report: https://reports.valuates.com/market-reports/QYRE-Othe-3T292/retail-banking
- Investment banking market report
View full report: https://reports.valuates.com/market-reports/QYRE-Othe-3A293/investment-banking
The size of the global payments market is expected to reach 2 trillion dollars by the end of 2025, with a CAGR of 7.83% during the period 2019-2025.
The Payments Market report focuses on market size, future forecast, growth opportunity, key market and key players. The objectives of the study are to present the development of payment in United States, Europeand China.
View full report: https://reports.valuates.com/market-reports/QYRE-Othe-1F198/global-payments
- Risk Management Market Report
The size of the global risk management market has been valued at $6,258.40 million in 2018, and the market forecast is expected to reach $18,504.22 million by 2026, growing at a CAGR of 14.6% from 2019 to 2026.
Developments in the IoT landscape and an increase in the adoption of risk management financial institutions are fueling the growth of the market. Rising demand from developing economies and the integration of artificial intelligence in risk management are expected to provide significant opportunities for the growth of the risk management market over the forecast period.
View full report: https://reports.valuates.com/market-reports/ALLI-Manu-0J11/risk-management
- Online Payment Services Market Report
Online Payment Services market report studies the Online Payment Services market size by players, regions, product types and end industries, history data 2014-2018 and forecast data 2019-2025.
This report also studies the global market competitive landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Five Forces Analysis. Carry.
View full report: https://reports.valuates.com/market-reports/QYRE-Othe-3T294/online-payments-services
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