IMARC Group, a leading market research company, has recently releases report titled “Online Banking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global online banking market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Online Banking
Online banking, also known as e-banking, refers to the digital platform provided by banks and financial institutions that allows individuals to conduct various financial transactions and other activities over the Internet. It enables people to manage their accounts, perform transactions, access financial information, and interact with their bank or credit union through a secure online portal. It features user-friendly interfaces, making it easy for people to navigate and perform banking tasks. It is accessible round the clock, providing the convenience of managing their finances at any time, including weekends and holidays. It allows for fund transfers between accounts, bill payments, and setting up recurring payments to streamline financial management. It saves time by enabling quick and efficient transactions, eliminating the need to stand in a queue or complete paperwork. Additionally, it often incurs lower fees compared to traditional banking, making it cost-effective. Besides this, as it provides access to banking services for individuals with mobility issues or those living in remote areas, the demand for online banking is increasing across the globe.
How Big Is the Online Banking Market?
The global online banking market size reached US$ 4.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
Request Sample Copy of This Report: https://www.imarcgroup.com/online-banking-market/requestsample
What are the growth prospects and trends in the online banking industry?
The proliferation of digital technologies and the widespread adoption of smartphones represent one of the primary factors supporting the market growth. Additionally, the rising awareness among individuals about the convenience offered by online banking in managing their finances through mobile apps and web portals is facilitating the market growth.
Apart from this, continuous advancements in cybersecurity and authentication technologies are enhancing the trust of individuals in online banking systems. Banks and financial institutions are investing in robust security measures, including multi-factor authentication, biometrics, and encryption, to protect data and transactions. Moreover, the increasing reliance of people on digital payment methods, such as mobile wallets and contactless cards, for everyday transactions is positively influencing the market.
Furthermore, the integration of artificial intelligence (AI) and chatbots in online banking platforms is attracting a wider consumer base. AI-powered chatbots provide real-time assistance, answer queries, and assist with transactions, making banking more convenient and efficient.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Banking Type:
- Retail Banking
- Corporate Banking
- Investment Banking
Breakup by Software Type:
- Customized Software
- Standard Software
Breakup by Service Type:
- Payments
- Processing Services
- Customer and Channel Management
- Wealth Management
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Aci Worldwide Inc., Backbase, Capital Banking Solutions, CGI Inc., ebankIT, EdgeVerve Systems Limited (Infosys Limited), Fiserv Inc., Halcom d.d. (Constellation Software Inc.), Oracle Corporation, Tata Consultancy Services Limited, Technisys and Temenos AG.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/