Digital Banking Market Size, Share, Growth Analysis, By Component(Platforms, Solutions and Services (Professional services {consulting, implementation, support and maintenance}), By Banking type(Retail Banking, Corporate Banking, Investment Banking), By Mode(Online, and Mobile), By Deployment type(On-premises, and cloud), By Region - Industry Forecast 2024-2031

Global Digital Banking Market size was valued at USD 26.83 billion in 2022 and is poised to grow from USD 32.22 billion in 2023 to USD 139.48 billion by 2031, growing at a CAGR of 20.10% during the forecast period (2024-2031).

The growth of the digital banking business will be significantly accelerated by an increase in new fintech players. These days, fintech companies provide a wide range of digital banking services on their platforms, focusing on areas like payments, investments, insurance, loans, and asset management, among others. These platforms are most frequently preferred by customers who are technologically astute, well connected, and selective. With fintech companies and outside apps, banks are working together more frequently. Both sides benefit from this since it gives customers more control over their money and improves user experience without necessitating a system-wide system redesign for the bank. These customers are accustomed to the digital experiences provided by online merchants and anticipate the same user experience from banks. The requirement for dependable infrastructure by the banks to efficiently carry out UPI transactions has increased as a result of the rising use of third-party real-time payment services like Whatsapp Pay and PhonePay. For instance, Plaid, a fintech business that enables applications to interact with clients' bank accounts quickly and instantly, was just acquired by Visa for USD 5.3 billion. These technological changes have raised demand for cloud infrastructure in the digital banking sector. Over 197 million Americans, or over 75% of the country's population, will have used digital banking by the year 2022. In the upcoming years, it's anticipated that the region's market growth will pick up due to the region's strong presence of major market players.