USD 7.72 billion
Mobile Banking Market Size, Share, Growth Analysis, By Type(Balance Enquiry, Fund Transfers, Mobile Payments, and Personal Financial Management.), By Application(Account Management, Transactional Services, Loan and Credit Services, Budgeting and Expense Tracking.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG40G2009 |
Region:
Global |
Published Date: March, 2024
Pages:
207
|Tables:
65
|Figures:
75
Mobile Banking Market Insights
Global Mobile Banking Market size was valued at USD 7.72 billion in 2022 and is poised to grow from USD 8.62 billion in 2023 to USD 20.90 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024- 2031).
Mobile banking sector has witnessed significant growth and transformation in recent years, becoming an integral part of the global banking industry. The market analysis of the global mobile banking market reveals several key insights into its current state and future prospects. The global mobile banking market is experiencing rapid expansion due to the increasing adoption of smartphones and the growing demand for convenient banking services. With smartphones becoming more affordable and accessible, a larger portion of the population now has access to mobile banking services. This has resulted in a surge in mobile banking users worldwide. One of the primary factors driving the growth of the mobile banking market is the convenience it offers to users. Mobile banking allows customers to perform a wide range of banking transactions anytime and anywhere, eliminating the need to visit physical bank branches. Users can check account balances, transfer funds, pay bills, and even apply for loans using their mobile devices. This convenience factor has attracted a large number of customers towards mobile banking services, fueling market growth.
Security and trust have been critical concerns for mobile banking users. However, advancements in mobile technology and robust security measures have significantly enhanced the security of mobile banking applications. Biometric authentication methods, such as fingerprint scanning and facial recognition, provide an extra layer of security, instilling confidence in users to carry out financial transactions through their mobile devices. This has helped alleviate security concerns and boost the adoption of mobile banking services.
US Mobile Banking Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Mobile Payments
Fastest Growth
Funds Transfers
Growth Rate
11.7% CAGR
Global Mobile Banking By Country ($ Bn)
Country Share for North America Region (%)
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Mobile Banking Market Segmental Analysis
The global mobile banking market is segmented in terms of type, application, and region. Based on type, the market can be segmented into balance enquiry, fund transfers, mobile payments, and personal financial management. Based on application, the market is segmented into account management, transactional services, loan and credit services, and budgeting and expense tracking. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Mobile Banking Market Analysis by Type
The dominant type in the global mobile banking market is the mobile payments segment. Mobile payment services have gained significant popularity and acceptance worldwide, driven by the convenience and accessibility they offer to users. With the increasing adoption of smartphones and mobile devices, consumers are increasingly using mobile payment apps to make purchases, transfer funds, and conduct financial transactions securely and conveniently. The dominance of Mobile Payments can be attributed to the growing preference for cashless transactions, the ease of use of mobile payment apps, and the integration of mobile payment solutions by various merchants and businesses.
The fastest growing type in the global mobile banking market is Fund Transfers. As digitalization continues to transform the banking sector, fund transfer services have witnessed a remarkable surge in demand. Mobile banking platforms enable users to transfer funds quickly and securely, both domestically and internationally, without the need to visit a physical bank branch. The convenience and efficiency offered by mobile fund transfer services have fueled their rapid growth. Factors such as increasing cross-border transactions, the rise of peer-to-peer payment platforms, and the need for instant transfers have contributed to the exponential growth of this segment in the mobile banking market.
Mobile Banking Market Analysis by Application
Analysis by application reveals that among the different types of mobile banking services, the dominant segment is Account Management. Account Management services, which include features like checking account balances, viewing transaction history, and transferring funds between accounts, hold a significant market share in the global mobile banking market. This dominance can be attributed to the convenience and accessibility provided to users in managing their finances on-the-go through mobile devices.
On the other hand, the fastest-growing segment in the global mobile banking market is Transactional Services. Transactional Services encompass a wide range of activities, such as bill payments, fund transfers to external accounts, mobile wallet payments, and peer-to-peer transfers. The increasing adoption of mobile banking and the shift towards a cashless society have contributed to the rapid growth of Transactional Services. Consumers are increasingly relying on mobile banking apps for seamless and secure financial transactions, which has propelled the growth of this segment.
Global Mobile Banking By Type
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Mobile Banking Market Regional Insights
North America holds a significant share in the global mobile banking market. The region's advanced digital infrastructure, high smartphone penetration, and well-established banking systems contribute to its dominant position. The US, in particular, has been at the forefront of mobile banking adoption, with major banks offering comprehensive mobile banking apps and services. The region's strong regulatory framework and robust security measures also instil confidence in consumers, further driving the growth of mobile banking.
Asia Pacific emerges as the fastest-growing market for mobile banking. With countries such as China, India, and South Korea witnessing rapid digital transformation and a surge in smartphone adoption, the region presents immense growth opportunities. Rising internet penetration, increasing disposable income, and the government's push towards digital financial inclusion contribute to the growth of mobile banking in Asia Pacific. Moreover, the popularity of mobile payment services and the emergence of digital wallet providers further fuel the growth of mobile banking in the region.
Global Mobile Banking By Region
- Largest
- Fastest
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Mobile Banking Market Dynamics
Mobile Banking Market Drivers
Convenience and Accessibility
- Mobile banking provides unparalleled convenience and accessibility to customers, enabling them to conduct a wide range of financial transactions at any time and from any location, eliminating the need to visit physical bank branches. This level of convenience has resulted in an increased adoption of mobile banking services among consumers, enhancing their overall banking experience.
Mobile Banking Market Restraints
Resistance to Change
- Some individuals still exhibit a preference for traditional banking methods and display reluctance in embracing digital platforms due to factors such as limited technological familiarity or concerns about trust and security. This resistance to change, coupled with a preference for face-to-face interactions, can impede the widespread adoption of mobile banking services, as customers may be hesitant to shift away from traditional banking channels.
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Mobile Banking Market Competitive Landscape
The global mobile banking market is highly competitive, with numerous players vying for market share. The competitive landscape of the global mobile banking market is characterised by various factors, including technological advancements, market penetration, customer experience, and strategic partnerships. Market penetration is another key aspect of competition in the mobile banking market. Companies that have established a strong presence in the market and have a large customer base possess a competitive advantage. Their extensive reach allows them to offer a wide range of banking services and target a diverse customer segment. Additionally, these players often have the resources to invest in marketing campaigns, customer acquisition strategies, and product development, further solidifying their market position.
Mobile Banking Market Top Player’s Company Profiles
- Ant Group (China)
- PayPal Holdings, Inc. (US)
- Alipay (China)
- Tencent Holdings Ltd. (China)
- Square, Inc. (US)
- JPMorgan Chase & Co. (US)
- Bank of America Corporation (US)
- Wells Fargo & Company (US)
- Citigroup Inc. (US)
- BBVA (Spain)
- HSBC Holdings plc (UK)
- Barclays PLC (UK)
- Standard Chartered PLC (UK)
- Banco Santander, S.A. (Spain)
- Industrial and Commercial Bank of China Limited (China)
- Goldman Sachs Group, Inc. (US)
- Capital One Financial Corporation (US)
- UBS Group AG (Switzerland)
- Deutsche Bank AG (Germany)
- UniCredit S.p.A. (Italy)
Mobile Banking Market Recent Developments
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In December 2023, a review investigated the symbiotic relationship between commercial banks and fintech startups in Turkey. Fintech startups have prompted traditional banks to take on new IT-enabled innovations, representing a possible danger to the financial industry. To stay competitive, traditional banks are framing strategic alliances with fintech startups to improve their mechanical capacities. The review looks at the favored type of joint effort among banks and fintech firms, as well as the fragment in which these organizations work. Examining 430 bank-fintech coalitions in Turkey in 2021 uncovers that huge banks will generally team up with fintech new businesses in item-related organizations as opposed to putting resources into them.
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In November 2023, Telkomsel and ZTE proceeded with their essential cooperation in executing imaginative 5G innovation in the maritime sector. This cooperation prompted an 11% increment in fishing yield in Gorontalo.
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In October 2023, Backbase declared a strategic collaboration with Atomicto to empower financial institutions to give consistent direct deposit changes to clients during account setup, as well as effective affirmation of pay and work subtleties during credit processes.
Mobile Banking Key Market Trends
- The increasing adoption of open banking is a key market trend in the global mobile banking market. Open banking is a financial technology that allows third-party financial service providers to access customer banking data with their consent. This allows customers to share their banking data with a wider range of financial services providers, which can give them access to a wider range of financial products and services.
Mobile Banking Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global mobile banking market analysis, advancements in technology, changing consumer preferences, and the increasing adoption of smartphones worldwide are the key growth drivers. Moreover, the increasing penetration of smartphones and mobile internet connectivity has fueled the adoption of mobile banking services. The convenience and accessibility offered by mobile devices have transformed the way consumers interact with their banks, facilitating easy access to banking services such as account management, fund transfers, bill payments, and loan applications. Furthermore, the report highlights the growing importance of security measures in the mobile banking sector. As the number of mobile banking users continues to rise, ensuring the security and privacy of sensitive financial information becomes a top priority for both consumers and financial institutions. The report explores the various security solutions and technologies employed by mobile banking providers to safeguard transactions and protect customer data.
In terms of market trends, the report identifies the rising popularity of mobile wallets and payment applications as a significant trend in the global mobile banking market. Mobile wallets allow users to store their payment card information securely on their smartphones, enabling convenient and contactless transactions. The integration of mobile banking services with digital wallets is driving the growth of mobile payments, providing a seamless and frictionless payment experience for users.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 7.72 billion |
| Market size value in 2031 | USD 20.90 billion |
| Growth Rate | 11.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Mobile Banking Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Mobile Banking Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Mobile Banking Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Mobile Banking Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Mobile Banking Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Mobile Banking Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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