Global Digital Banking Platform Market Is Expected to Generate $10.87 Billion by 2027: Allied Market Research

The increase in the number of internet users, growth in a shift from traditional banking to digital banking, and rise in focus of organizations on digitalizing their financial services drive the growth of the global digital banking platform market.?

According to the report published by Allied Market Research, the global digital banking platform market garnered $3.95 billion in 2019 and is projected to reach $10.87 billion by 2027, growing at a CAGR of 13.6% from 2020 to 2027.???

Pramod Borasi, a Manager, Research Analyst, and ICT at Allied Market Research, stated, “The cloud segment is expected to experience significant growth in the coming years, owing to rise in demand for growing cloud landscape in developing economies such as India, Singapore, and Vietnam.”?

Covid-19 Scenario:??

• The demand and investments in the digital banking system by financial institutions had increased during the lockdown to maintain social distancing.?
• The Reserve Bank of India issued an advisory based on COVID-19 and urged customers to use digital banking facilities to curb the spread of coronavirus.?
• Ghana, recently became the first country to launch a digital financial services (DFS) policy according to the Consultative Group to Assist the Poor. (CGAP). With the establishment of four years, the policy would amplify the DFS-related Covid-19 measure to offer short- & medium-term progress in six areas.?

The research provides detailed segmentation of the global digital banking platform market based on component, deployment model, type, mode, and region.??

Based on the deployment model, the on-premises segment contributed to the largest share in 2019, accounting for nearly three-fifths of the global digital banking platform market, and is estimated to maintain its dominant position during the forecast period. However, the cloud segment is expected to register the highest CAGR of 15.0% from 2020 to 2027.??

Based on type, the retail banking segment accounted for the largest share in 2019, holding around three-fifths of the global digital banking platform market, and is expected to maintain the largest share throughout the forecast period. Furthermore, the segment is estimated to portray the highest CAGR of 14.2% during the forecast period.??

Based on region, North America contributed the highest share, accounting for more than one-third of the global digital banking platform market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 15.4% from 2020 to 2027.??

Leading market players of the global digital banking platform market analyzed in the research include Appway AG, Cor Financial Solution Ltd., Edgeverve (Subsidiary of Infosys), FIS, NCino, Fiserv, Inc., Oracle Corporation, SAP SE, Temenos, Vsoft Corporation.?