Portland, Nov. 03, 2020 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the online banking market was set at $11.43 billion in 2019 and is expected to reach $31.81 billion by 2027, the recording of a 13.6% CAGR from 2020 to 2027. The report provides a detailed analysis of key investment pockets, winningest strategies, drivers and opportunities, market size and estimates, competitive landscape and changing market trends. Marlet.
With changing consumer demands, lifestyle, and banking expectations, banks are widely shifting towards internet or digitized banking by implementing technologies. This factor has boosted the global online banking market. At the same time, security and technical issues, privacy issues and transaction difficulties are hampering growth to some extent. However, countries like China, India, Japan, and Australia have a high demand for massive internet usage to avail online banking services. This, in turn, has created a number of opportunities in the industry.
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- The outbreak of the pandemic has increased the demand for online banking services as the closure of physical branches has resulted in the shift of consumers to online platforms.
- Also, the increasing drift of social distancing has reinforced the incorporation of the electronic payment system among consumers.
The global online banking market is analyzed by service type, bank type and region. Based on service type, the payments segment contributed almost a third of the total market revenue in 2019 and is expected to reign supreme by the end of 2027. , on the other hand, would witness the fastest growth CAGR of 15.7% throughout the forecast period.
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On the basis of bank type, the retail banking segment accounted for almost half of the total market share in 2019 and is expected to maintain its dominance till 2027. Simultaneously, the investment banking segment would exhibit the Fastest CAGR of 15.7% from 2020 to 2027.
Based on the region, North America garnered the largest share in 2019, holding nearly a third of the global market. Meanwhile, Asia-Pacific would register the fastest CAGR of 15.2% through 2027. The other two provinces studied in the report include Europe and LAMEA.
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Key market players analyzed in the Global Online Banking Services Market report include Inc., Capital Banking Solution, CGI Inc., Temenos Headquarters SA., Tata Consultancy Services Limited, ACI Worldwide, COR Financial Solutions Limited, EdgeVerve Systems Limited, Microsoft, Oracle, and Fiserv, Inc. These market players have employed several strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their position in the industry.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.