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Digital Banking Platform Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of the digital banking platform has seen quick expansion in the past few years. It is set to rise from $7.33 billion in 2024 to $8.12 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.9%. The growth experienced in the historic period can be credited to factors such as the proliferation of internet and mobile devices, evolving customer expectations, regulatory modifications, enhancements in security, cost and efficiency optimizations, the effect of the pandemic, and the adoption of remote banking.
Digital Banking Platform Market Size Forecast: What’s the Projected Valuation by 2029?
Fast-paced expansion is predicted for the digital banking platform market in the coming years, with expectations to rise to a value of $14.66 billion in 2029, registering a compound annual growth rate (CAGR) of 15.9%. The increase during the forecasted time period can be linked to investments made in digital transformation, partnerships with fintech startups, Global penetrations and competition in the market, the provision of AI-led insights and analytics, and initiatives for data security and privacy. The period is also expected to witness major trends such as data-directed decisions, distanced and digital customer enrolment processes, eco-friendly and sustainable banking, and expansion of the ecosystem.
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What Are the Drivers Transforming the Digital Banking Platform Market?
The transition from conventional banking to internet banking is anticipated to boost the expansion of the digital banking platform market in the future. Internet banking is an electronic payment mechanism that allows customers to execute a variety of monetary operations via a website or payment application. The benefits of online banking, such as enhanced services and increased profits, are driving financial institutions to put more emphasis on digital banking, promoting the growth of the digital banking platform market. For example, the India Brand Equity Foundation, a government agency promotive exports, predicts that the Indian fintech market will reach Rs. 6.2 trillion (USD 83.42 billion) by 2025. The digital transformation of the banking system, led by Fintech financial services, includes a variety of online and social channels. Hence, the changing trend from traditional to online banking is fueling the growth of the digital banking platform market.
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What Long-Term Trends Will Define the Future of the Digital Banking Platform Market?
The proliferation of technological innovations is one prevailing movement within the digital banking platform industry. Crucial players in this market are creating novel technologies to decrease operating expenses and expedite secure and reliable transactions. Specifically, in September 2023, a fintech investment firm based in the US known as SC Ventures, unveiled their audax financial technology. This technology, endowed with modularized capabilities, provides a comprehensive digital banking platform that can efficiently process vast amounts of customer data simultaneously. It supports a full customer lifecycle with its integrable system incorporating data reporting, account deposits, loan products, customer service, and employee interfaces. The platform-neutral technology of audax was designed to bolster the central systems of established banks, offering banks an avenue to undertake contemporary digital transformations without the need for costly and prolongated internal development or migration.
Which Segments in the Digital Banking Platform Market Offer the Most Profit Potential?
The digital banking platform market covered in this report is segmented –
1) By Type: Corporate Banking, Retail Banking
2) By Component: Platforms, Services
3) By Banking Mode: Online Banking, Mobile Banking
4) By Deployment: Cloud, On-Premise
Subsegments:
1) By Corporate Banking: Cash Management, Trade Finance, Commercial Lending, Treasury Management, Corporate Investment Services
2) By Retail Banking: Online Banking, Mobile Banking, Digital Payments, Personal Loans, Savings And Investment Accounts
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Which Firms Dominate the Digital Banking Platform Market by Market Share and Revenue in 2025?
Major companies operating in the digital banking platform market include Appway AG, Crealogix Holding AG, EdgeVerve Systems Limited, Fiserv Inc., Oracle Corporation, SAP SE, Sopra Steria, Temenos AG, Worldline SA, Cor Financial Solution Ltd., Fidelity National Information Services Inc., Vsoft Corporation, Apiture, The Bank of New York Mellon Corporation, CR2 Ltd, Alkami Technology Inc., Finastra Group Holdings Limited, Urban FT Group Inc., Q2 Software Inc., Sopra Banking Software SA, Tata Consultancy Services Limited, Backbase B. V., ebankIT- Sistemas de Informação S. A., Intellect Design Arena, Mambu GmbH, MuleSoft LLC, nCino Inc., National Cash Register Corporation, NETinfo Plc, Technisys S. A.
Which Regions Offer the Highest Growth Potential in the Digital Banking Platform Market?
North America was the largest region in the digital banking platforms market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital banking platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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