Mobile Banking Market Size is Expected to Reach USD 3.47 Billion at a 15.06% CAGR by 2030 – Report by Market Research Future (MRFR)
Research Reports
Jul 19, 2023
Market Research Future Insights
According to a Comprehensive Research Report by Market Research Future (MRFR), the Mobile Banking Market Size is anticipated to increase from USD 1.3 billion in 2023 to USD 3.47 billion in 2030, growing at a predicted CAGR of 15.06% from 2023 to 2030.
As more individuals use smartphones, it is anticipated that the market for mobile banking would grow more quickly. Due to the rising number of smartphone users, banks now need to concentrate more on mobile customer transactions. By offering mobile banking, banks make it easy for customers to execute transactions, giving them the chance to outperform competitors and enhance their market position.
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Market Synopsis
The mobile banking market has experienced significant growth and transformation in recent years, driven by the increasing adoption of smartphones, advancements in technology, and changing consumer preferences. Mobile banking refers to the provision of banking services and financial transactions through mobile devices such as smartphones and tablets.
The market for mobile banking has witnessed a surge in demand due to several factors. Firstly, the widespread availability and affordability of smartphones have empowered a large portion of the global population to access banking services conveniently and securely from their mobile devices. This has led to increased financial inclusion, especially in emerging economies where traditional banking infrastructure may be limited.
Secondly, the growing preference for digital and self-service banking solutions has fueled the adoption of mobile banking. Consumers are increasingly seeking convenience, 24/7 accessibility, and personalized experiences in their banking activities. Mobile banking offers a range of services, including account management, fund transfers, bill payments, loan applications, investment management, and even virtual wallets for contactless payments.
Key Players
Eminent market players profiled in the mobile banking market report 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.) and others.
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Mobile Banking Market Segmentation
The mobile banking market is bifurcated based on deployment, technology, and solution.
By solution, the mobile banking market is segmented into Customer Management, Mobile Banking Features, and Mobile Payment Features.
By technology, the mobile banking market is segmented into Wireless Application Protocol, and Standalone Mobile Application.
By Deployment, the mobile banking market is segmented into On-Cloud and On-Premise.
COVID-19 Analysis of Mobile Banking Market
The epidemic has had a tremendous impact on consumer behavior by making digital technology more widespread in everyday life. More people are using mobile banking services, and virtual banks are growing in the area. Although there was a trend toward mobile banking before the outbreak, there has been a considerable shift toward internet banking. In order to offer consumers high-touch, personalised experiences comparable to those offered by their traditional brick-and-mortar branches, more banks are now relying on Fintech platforms. The younger generation has embraced digital solutions more swiftly, while older generations are growing accustomed to the convenience that comes with mobile banking in light of the pandemic shutdown.The COVID-19 epidemic has had a significant impact on both the global way of life and the market share of mobile banking. People avoid going to the bank branch by conducting several transactions online.
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Regional Analysis
North America to Lead Mobile Banking Market
North America dominated the global mobile banking market in 2021, and it is projected that this trend would continue over the forecast period. The United States dominated North America in 2021. This is due to the adoption of cutting-edge FinTech technologies in the area. The business in the region is also anticipated to grow as a result of banks’ increasing investments in updating their mobile banking application services to deliver better customer experiences and customized product offers.
Expansion is being fueled by the region’s robust economic growth and increasingly accessible digital banking channels. North America is anticipated to take the largest market share because to the rising demand for mobile banking through the newest smartphones, where customers are likely to use mobile channels to engage with banks instead of physically visiting banks.
APAC to Have Admirable Growth in Mobile Banking Market
Asia Pacific is anticipated to have a sizable position throughout the anticipated period due to the rising installation of manufacturing facilities in the region and favorable rules from governmental authorities regulating the manufacturing of consumer electronic devices. Asia-Pacific is thought to be the area with the fastest development in the global mobile banking market because the industry is so prevalent in countries like China and India. India has a huge telecom sector, which gives it plenty of space to expand its mobile banking options. The development of the market is supported by the several government initiatives in the nation, including Digital India. The population’s increasing use of cellphones is another factor contributing to the industry’s growth.
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