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Mobile Banking Market Size is Projected to Reach USD 1,824.7 Million by 2026 at CAGR 12.2% | Valuates Reports

BANGALORE, India, Feb. 24, 2021 -- Mobile Banking Market is Segmented by Type (Consumer to Consumer, Consumer to Business), by Application (Android, iOS, Others): Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Banking Category.

The global mobile banking market was valued at USD 715.3 Million in 2018 and is expected to reach USD 1,824.7 Million by 2026, registering a CAGR of 12.2% from 2019 to 2026.

Major factors driving the growth of mobile banking market size are:

  • Increasing in smartphone penetration
  • Increase in demand for self-service and personalization on products and services
  • Technological advancements in mobile banking 

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An increase in the number of smartphone users is expected to increase the growth of the mobile banking market size. The rising number of smartphone users has created the need for banks to shift their attention to mobile consumer transactions. By offering mobile banking, banks make it easy for customers to perform transactions, offering banks the ability to gain a competitive advantage over others and position themselves in the market better.

The growth of the mobile banking market size industry is fueled by a rise in demand for self-service and personalization of goods and services. In addition, technological developments in mobile banking, such as the provision of personalized real-time customer service through smart bots, the increase in mobile device use that enables users to receive immediate customer support, drive market development.

The convenience offered by mobile banking is increasing its adoption, thereby increasing the mobile banking market size. Customers use mobile banking mainly to transfer funds on a daily basis for various online transactions, paying the corresponding monthly installment (EMI) and other financial remittances in their daily lives. Furthermore, mobile banking provides convenient and timely services to complete financial transactions through a mobile banking application, enhancing self-service banking.

However, connectivity and network infrastructure are an obstacle to user base growth. Poor network connectivity results in poor user experience, calling for an emphasis on improving overall experience through needed investment in the development of reliable but scalable apps, technology platforms, and applications.

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Based on the platform, the android segment is expected to hold the largest mobile banking market share during the forecast period.

This is due to the fact that the developing economies are at the forefront in the usage of the android platform usage, resulting in banks concentrating more on providing mobile banking services on this platform. In addition, creative finance applications are helping to bring people into the formal banking field, providing a forum for accessing various banking products and services, reducing queuing times, and providing access through Android applications to personal banking information.

In terms of sales, North America and Europe dominated the mobile banking industry in 2018 and are predicted to continue their dominance over the forecast period. Because of the advent of new-age FinTech technology, banks are investing in updating their mobile banking apps to provide their customers with personalized product offers, better customer service, and convenience.

During the forecast period, Asia-Pacific is expected to rise at the highest CAGR. Growth is being driven by increased digital banking channels and the region's strong economic growth.

By Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Rest of Europe
  • Asia-Pacific
    • Australia
    • Japan
    • India
    • China
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa
    • Rest of LAMEA

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By Transaction

  • Consumer-to-consumer
  • Consumer-to-business.

 By Platform

  • Android
  • iOS
  • Others

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Mobile Banking Software Solution Market is Segmented by Type Cloud, On-Premises, by Application Banking Institutions, Credit Unions, Financial Institutions and by various regions.

Mobile Digital Banking Market is Segmented by Type BaaS (Banking as a Service), BaaP (Banking as a Platform), Cloud-Based, by Application Retail Digital Banking, SME Digital Banking, Corporate Digital Banking and by various regions.

Mobile Wallet Market size was valued at USD 1,043.1 Billion in 2019, and is projected to reach USD 7,580.1 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.

Digital Banking Market size is projected to reach USD 25840 Million by 2026, from USD 7646 Million in 2019, at a CAGR of 19.0% during 2021-2026. This study focuses on global digital banking status, future projections, prospects for growth, key markets, and key players. The study aims to present Digital Banking's development in the United States, Europe, and China. 

Online Payments Services Market is Segmented by Type Type I, Type II, by Application Online Payment, Mobile Payment, Bitcoin Payment, Others and by various regions.

Digital Banking Platform & Services Market size is expected to grow from USD 3,908.62 Million in 2019 to USD 6,999.79 Million by the end of 2025 at a CAGR of 10.19%.

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