Mobile Banking Market size 3.47 billion Expected to CAGR 15.4% during the period from 2020-2030
Market
Analysis
Market
Research Future (MRFR) projects the global mobile banking market to grow
at a significant pace from 2020 to 2030 (forecast period)
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High
Adoption of Mobile Banking Apps
In order
to promote and increase customer satisfaction and expectations, the global
mobile banking market is implementing a number of new initiatives and
challenges. New clients are installing the most recent banking applications to
make the best use of the technology that has been offered to benefit consumers.
This is one of the primary factors that will directly accelerate the mobile
banking industry during the anticipated assessment period. Aside from that,
advanced smartphone applications are dynamic, the fundamental banking method
that may also be the driving force behind market expansion. Due to the
increased number of smartphone users worldwide, mobile banking's new
subscribers are expected to increase significantly. Mobile banking also
encourages and enables the recording, mapping, and close examination of the
customer's financial situation. As a result, it has had a favourable impact on
the growth of the mobile banking market.
COVID-19
Pandemic to Positively Impact the Market
According
to the global mobile banking market analysis, customers make up a sizable
portion of the whole market. There are numerous potential aspects in the mobile
banking industry analysis that are reliant on a variety of factors. The
COVID-19 pandemic has had a significant impact on the mobile banking market
share and way of life around the world. People are conducting a growing number
of transactions online to avoid visiting a bank branch. Many organizations have
to fight a never-ending battle for survival and client relationships.
Market
Segmentation
The global
mobile banking market has been segmented into solution, technology, and
deployment.
By
solution, the global mobile banking market has been segmented into customer
management, mobile banking features, and mobile payment features.
By
technology, the global mobile banking market has been segmented into wireless
application protocol, standalone mobile applications.
By
deployment, the global mobile banking market has been segmented into on-cloud
and on-premises.
Regional
Analysis
North
America to Dominate the Global Market
North
America is expected to capture the biggest market share due to the rapid
adoption of mobile banking via the latest smartphones, where consumers are more
likely to connect with banks via mobile channels rather than personally
visiting the banks.
Europe to
Witness Fastest Growth Rate
European
countries are predicted to be the quickest and fastest-growing market due to
enormously faster transactions and basic mobile payments performed by premium
banks, which has resulted in an increase in the adoption of basic mobile banking
used by many Europeans to make transactions.
Key
Players
Notable
players in the global mobile banking market include Dais Software Company
(Bulgaria), Strands Inc. (U.S.), Ebanq B.V (Netherlands), Nymbus Inc. (U.S.),
Apex Software Ltd. (Kenya), Temenos Group AG (Switzerland), Neptune Software
PLC (U.K.), Fisa System (U.S.), Capital Banking Solutions (U.S.).
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