Global online banking market to reach USD 44.89 billion by 2033

As part of its research, Spherical Insights covered several companies, including Temenos, Tata Consultancy Services Limited, Sopra Steria, SAP SE, Oracle, Microsoft, Intellect Design Arena, Infosys, I-flex Solutions, Fiserv, First Source Bank, Finastra, and EdgeVerve Systems, among other vendors. With a Compound Annual Growth Rate (CAGR) of 13.31% during the analysed period, the worldwide online banking market size is set to expand substantially, reaching USD 44.89 billion by 2033.

Additionally, Spherical Insights’ Global Online Banking Market research covers the size, share, and impact of the COVID-19 pandemic, as well as makes an analysis considering the service type, such as payments, processing services, customer and channel management, and wealth management, the banking type, including retail banking, corporate banking, and investment banking, the technology, including cloud computing, artificial intelligence and machine learning, blockchain, and biometric, and the region, such as North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.

By dividing the research based on service type, Spherical Insights underlined that the payments segment is projected to have a major share in the global online banking market during the analysed period, with online payment channels increasing in popularity among consumers. This can be attributed to the convenience and time-saving capabilities they present compared to traditional methods. On the other hand, the corporate banking segment is projected to expand at the fastest CAGR, while, based on the technology, the cloud computing segment is expected to have the largest revenue share in the online banking market.

Furthermore, when it comes to regions, North America is expected to see the major share of the global online banking market, due to a range of demographics in the regions consistently leveraging these services. Also, several banks in North America focus on advancing their technological capabilities, which allows them to make modifications to their back-office procedures and frameworks more rapidly. In addition, the research projects that Asia Pacific is set to witness the fastest growth pace in the market, with this being attributed to the increasing need for conveniently available banking services and the use of digital technologies.

Source: Link