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

Global Digital Banking Platform Market size was valued at USD 9.35 Billion in 2022 and is poised to grow from USD 10.53 Billion in 2023 to USD 28.40 Billion by 2031, at a CAGR of 13.2% during the forecast period (2024-2031). 

The global digital banking platform market is among the very aggressive markets, inexhaustibly eyed by many parties. Companies in this space offer a broad spectrum of digital banking solutions and seek to equip financial institutions worldwide with new generation and customer-centric platforms. The competitive landscape encompasses fierce competitive pressures, technological advancement, strategic partnerships, and continuous product development. Most marketplace participants are focused on continuous innovation, investing in research and development, and extending their product portfolios to meet the changing needs of financial institutions in order to enhance their competitive edge. Across the market, strategic partnerships and collaborations with fintech firms and financial institutions can be witnessed, wherein the companies make full use of each other's strengths to strengthen their position. 'Finastra (UK)', 'FIS (US)', 'Temenos (Switzerland)', 'Oracle (US)', 'Infosys (India)', 'Appway (Switzerland)', 'SAP SE (Germany)', 'Tata Consultancy Services (India)', 'Capgemini (France)', 'IBM (US)', 'Sopra Banking Software (France)', 'Intellect Design Arena Ltd (India)', 'Backbase (Netherlands)', 'CREALOGIX (Switzerland)', 'EdgeVerve Systems Ltd. (India)', 'Avaloq (Switzerland)', 'Profile Software (Greece)', 'Technisys (US)', 'ERI Bancaire (Switzerland)', 'Mambu (Germany)'

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.