Find out how the Global Mobile Banking Software Market is helping the research and development process. Find the insight and its impact in the future.
Absolute Markets Insights provides a decisive view of the Mobile Banking Software market by segmenting the industry on the basis of organization size, supply chain process, industry, and regions. All of the segments have been analyzed on the basis of present and future trends, and the market is estimated from 2021 to 2030. The regional segmentation includes the current and projected demand for North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
The global mobile banking software market is valued at US $ 12,000 million and is expected to grow at a CAGR of 8.0% to reach US $ 22,293.0 million. The increasing digitization of the banking and financial sector has fueled the demand for convenient mobile banking services among the users, thus increasing the global market mobile banking software market. The digital revolution has transformed the conventional daily practices of humans, significantly impacting the banking and financial sector. The internet has made hassle-free banking possible, allowing users to transact on the go. In recent years, the internet has reached the most remote areas empowering nearly 50.0% of the world’s population according to published World Bank statistics. Likewise, smartphone users have grown to around 5.11 billion across the world. This has created a huge potential market for mobile software developers.
Banking and financial institutions around the world are transforming their growth strategies with digitization at the heart. Banks have transformed most of their processes online, allowing users to create accounts, make transactions and make payments as well as many other banking processes on their smartphones. The phenomenon of mobile banking has also benefited banks by reducing operational costs. Technologies such as cloud computing, artificial intelligence (AI), among others, have added to the benefits of mobile banking software offering an enriched customer experience through chatbots and fraud detection. For example, Tagit, a digital solutions company, provides banks with an artificial intelligence-based chatbot software platform to improve customer engagement. Thus, the increasing digitization coupled with the advantages of the latest technologies is expected to propel the growth of the global mobile banking software market during the forecast years.
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The recent outbreak of coronavirus or COVID-19 has caused a global pandemic forcing banks and other financial institutions around the world to close their offices and branches. With the closure of banks, digital banking has proven to be a boon for banking customers. For example, in April 2020, the World Economic Forum published an article indicating that African citizens are increasingly adopting mobile transactions to reduce the risk of contamination. In addition, it is expected that a large number of retail banking customers will continue to use mobile banking services after COVID-19. These factors are driving the global mobile banking software market and increasing its adoption by financial institutions. The study analyzes the market in terms of income in all major regions, which have been divided into countries.
The detailed research study provides qualitative and quantitative analysis of the Mobile Banking Software market. The market has been analyzed from both the demand and the supply side. The demand analysis covers the market revenue across all regions and further across all major countries. Supply analysis covers key market players along with their regional and global presence and strategies. The geographic analysis carried out focuses on each of the major countries in North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America.
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Main conclusions of the report:
- The global mobile banking software market was valued at US $ 12,000 million and is expected to experience a compound annual growth rate of 8% during the forecast period owing to increasing digitization of banking and financial industry.
- Banks have contributed to a notable share of the global mobile banking market due to the high adoption of digital solutions by banks to meet the needs of digital natives.
- Asia-Pacific accounted for the maximum share of the global mobile banking software market due to the high rate of adoption among growing companies and the urban workforce.
- Some of the players operating in the mobile banking software market are Access Softek, Apex Banking Software, Bankingly, Capital Banking Solutions, Comarch SA, Dais Software Ltd, EBANQ FINTECH SL, Fiserv, Infosys Limited, Kapowai, Nelito Systems Ltd., PureSoftware, SAB2I, ScienceSoft USA Corporation, Software Group, Tata Consultancy Services Limited, Temenos Headquarters SA and Tvisha Technologies Pvt Ltd. among other market players.
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Global Mobile Banking Software Market:
- By type of bank
- Corporate / Universal
- Retail / SME (small and medium-sized enterprises)
- By deployment
- Hosted (in the Cloud)
- By end use
- Non Bank Financial Corporation (NBFC)
- Credit unions
- By region
- North America
- Rest of North America
- Great Britain
- Nordic countries
- Benelux Union
- The Netherlands
- The rest of europe
- Asia Pacific
- New Zealand
- South Korea
- South East Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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