Digital Banking Platform Market Size, Share, Growth Analysis, By Deployment(On-Premise, and Cloud), By Type(Retail Banking, Corporate Banking, and Investment Banking), By Region - Industry Forecast 2024-2031

In 2023, Asia Pacific emerged as the dominant region in the global digital banking platform market, with the highest CAGR of 14.0%. With India and Japan emerged as the dominating countries with revenue share of USD 1.78 billion and USD 8.50 billion respectively. This region is on the edge of explosive growth, with new digital market players entering the market and disrupting the industry every day as it reinvents the banking system for consumers and businesses. The expansion is powered by the new demand for mobile and online banking alternatives. The opportunities for existing players and new entrants alike look particularly bright, with regulators doling out licenses and setting standards for a new generation of banking. Most notably, this is a potential that an India-based digital banking platform startup, WeRize, has been able to successfully tap into. WeRize has delivered over 1,000 financial products to small cities. In the most recent funding round, WeRize declared USD 8 million to put forward the appetite for fresh and innovative digital banking solutions in this region. 

North America, the second-largest regional market in 2023. The region is expected to demonstrate a healthy CAGR of 13.6% during the forecast period. One of the major trends in the North American market is an increased adoption across industries of cloud-based solutions, which extends to the banking and financial sector. Banks are actively embracing cloud-based solutions for a digital banking platform, and this trend is most likely to go in this direction. What works in its favor is low start-up costs, with the added advantages of quick updates and enhancements that help financial institutions be agile in a fast-changing market. US stands as the dominating country, standing growing with a CAGR of 13.8% closely followed by Canada with a CAGR of 12.3% during the forecasted period in this region.