In a recent published report, Kenneth Research has updated the market report for Digital Banking Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Banking Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Digital Banking Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Digital Banking Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The report covers the forecast and analysis of the Digital Banking Market on a global and regional level. The study provides historical data from 2015 to 2019 along with a forecast from 2019-2026 based on revenue (USD Million). In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Digital Banking Market over the period 2019-2026.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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The digital banking market growth is driven by the rapid adoption of online & mobile banking platforms. As the internet penetration & smartphone adoption across the world is increasing, banking institutes are shifting toward digital channels to deliver their services. These institutes are collaborating with fintech companies to develop more customer-centric products and provide a better customer experience. Moreover, the incorporation of advanced technologies, such as blockchain and artificial intelligence, will foster the adoption of digital banking services.
growing adoption of online and mobile banking platforms, growth in Smartphone adoption and internet penetration, integration of advanced technologies, escalating need to provide improved customer experience, rise in retail banking and supportive government initiatives and policies are some of the fundamental factors that are driving the digital banking market growth globally. Growing adoption of online and mobile banking platforms is the major driving factor in the growth of the global digital banking market. Large number of banking institutes are moving toward digital sources to deliver their services due to the growing adoption of smartphones and increasing internet penetration across the world. Banks are adopting various innovative technologies in order to minimize operating costs to stay competitive in the market.
Digital Banking Platform Market: Drivers and Restraints
One of the major factor pushing the market in the forward direction is the growing demand for the consumer electronics products such as Laptops, Smartphones, and Computers. These devices have helped users to multitask. A user can perform most of the banking activities through these devices, thus endorsing the digital banking platform market. Increasing penetration of internet in most of the places is favoring the growth of the market, as Internet helps a user to connect with its banking platform. In order to provide its clients’ a better experience, all the leadings banks have adopted digital banking platform, thus attracting more users.
By Regional Ananlysis
*Rest of Europe
*Rest of Asia-Pacific
*Rest of LATAM
Middle East & Africa
*Rest of MEA
KEY PLAYERS COVERED IN THIS STUDY
*D3 Banking Technology
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The Digital Banking Market report examines competitive scenario by analyzing key players in the market. The company profiling of leading market players is included in this report with Porter’s five forces analysis and Value Chain analysis. Further, the strategies exercised by the companies for expansion of business through mergers, acquisitions, and other business development measures are discussed in the report. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of Market.
Key points covered in this report:
• The historical and current data is provided in the report based on which the future projections are made and the industry analysis is performed.
• The import and export details along with consumption value and production capability of every region is mentioned in the report.
• Porter’s five forces analysis, value chain analysis, SWOT analysis are some additional important parameters used for the analysis of market growth.
• The report provides the clients with the facts and figures about the market on the basis of evaluation of the industry through primary and secondary research methodologies.
The Digital Banking Market report highlight the economy, past and emerging trend of industry, and availability of basic resources. Furthermore, the market report explains development trend, analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out. In the end, the report makes some important proposals for a new project of Digital Banking Market before evaluating its possibility.
About Kenneth Research:
Kenneth Research is a reselling agency which focuses on multi-client market research database. The primary goal of the agency is to help industry professionals including various individuals and organizations gain an extra edge of competitiveness and help them identify the market trends and scope. The quality reports provided by the agency aims to make decision making easier for industry professionals and take firm decisions which helps them to form strategies after complete assessment of the market. Some of the industries under focus include healthcare & pharmaceuticals, ICT & Telecom, automotive and transportation, energy and power, chemicals, FMCG, food and beverages, aerospace and defense and others. Kenneth Research also focuses on strategic business consultancy services and offers a single platform for the best industry market research reports.
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