Mobile Banking Market Trend, Segmentation and Growth Factors till 2023
Market Research Future published a research report on “Mobile Banking Market Research Report - Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Highlight
Shares of global mobile banking market 2020 are rising, reflecting high growth avenues in the forecast period (2017-2023), reveals Market Research Future in its recent updated report. The market, as per the reports, is likely to expand at staggering CAGR during the same period of growth.
Market’s Top Drivers & Challenges
Market Research Future (MRFR) revealed that the factor of growing inclusion of the internet had inspired the market to evolve better than the past years. Internet is becoming the latest trend for technology users, and in the field of banking, it has gathered all the spotlight with the introduction of mobile banking. Mobile banking gives customers an opportunity to bank from anywhere around the world at any time. Thus, a boom in technology has a substantial role in capitalizing on the market of mobile banking that has led it to gain more shares until the present year.
The banking industry, at present, in the market, is adopting new challenges and initiatives in order to drive customer expectation and satisfaction. The customers are quickly implementing new banking apps introduced by banks to make use of the latest technology effectively. Such development in the market has been one of the driving factors behind the growth of the Mobile Banking Market.
A lot more factors are coming up, ensuring the market’s growth. One of the most crucial factors is that smartphone applications are changing the method of banking services applied by the customers, which is also driving the growth of the mobile banking market and will be continuing in the forecast period. The focus on app developers in making a more secure and risk-free banking process has enabled the market to stand high in the forecast period.
There are several factors due to which the market growth is facing many restrictions while growing is that using mobile banking regularly, which is resulting in apply of extra charges from the banks for offering the services.
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Key Players
The prominent players in the Mobile Banking Market are – Temenos Group AG (Switzerland), Nymbus Inc. (U.S.), Neptune Software PLC (U.K.), Strands Inc. (U.S.), Capital Banking Solutions (U.S.), Dais Software Company (Bulgaria), Ebanq B.V (Netherlands), Apex Software Ltd. (Kenya), Fisa System (U.S.), among others.
Market Segmentation:
The worldwide market for mobile banking has been segmented with respect to solution, technology, and deployment.
Solution-wise, the mobile banking market includes mobile banking features, customer management, mobile trading features, mobile payment features, and others.
Depending on the technology, the global mobile banking market consists of standalone mobile application and wireless application protocol.
Deployment-based segments are on-cloud and on-premise.
Regional Analysis:
The global mobile banking market has been regionally segmented into Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW).
North America is known for its booming banking industry, which is marked with advanced tech-driven changes. High concentration of an established IT industry in the region is also pushing the growth trajectory of the mobile banking market. Several banks in the region are leveraging significant marketing practices to promote lucrative schemes. In addition to these practices, they also make substantial investments that lead to considerable market expansion in the region.
Europe is making similar strides and has landed in second position in the global mobile banking market. The regional is expected to grow at the fastest rate in the years ahead, on account of the consistently flourishing technologically advanced banking industry. Also, developed countries like Germany, France, the U.K., etc. are observing a high proliferation of smartphones, which works in favor of the m-banking market in the region.
Across APAC, mobile banking has surged at different rates in different countries. In developed countries, digital banking has gained higher momentum. South Korea and Australia are the leaders in the region, in terms of digital banking activities. Banks in Australia make massive demand for internet banking as well as mobile banking, and are continuously developing user-friendly mobile banking applications to cater to the customers’ digital requirements. Markets in India, the Philippines, and Indonesia are expanding, given the surge in digital banking in recent years. The accelerated need for digital banking in these countries is mostly the result of mounting mobile penetration, a highly dispersed geography as well as low access to banking services. Therefore, the underbanked customers in these countries are now demanding to be served via their mobile devices, which can elevate the market position for mobile banking in the region during the conjectured timeframe.
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TABLE OF CONTENTS
1 Market Introduction
1.1 Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Deploymentl
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
Continued…
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