Mobile Banking Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Information & Communications Technology

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Rising Internet Penetration, and Widening Smartphone User Base Will Drive Market Growth

An increasing number of consumers seeking more flexibility and control over their money management with 24/7 access to accounts, and the power to make transactions with the tap of a button is predominantly driving the global mobile banking market. The COVID-19 pandemic has been a significant booster to the growth of mobile banking market. The need for self-service and customisation of goods and services is rising, which is driving the market for mobile banking forward. The rise in the use of mobile devices, which enable users to get immediate customer help, and technological improvements in mobile banking, such as the delivery of personalised real-time customer service through smart bots, fuel the growth of mobile banking market. Major participants in the market have added time and place convenience, and user-friendly interfaces for their consumers due to the rapid expansion of mobile banking usage and increase in competition.

The rising popularity of smartphones and the widespread use of the Internet are some of the key factors driving the growth of the mobile banking market. The Internet has recently become more widely accessible and has made life easier in many ways. The usage of the Internet for mobile banking is dramatically increasing because of rising online retail commerce in products and services, the digitisation of numerous industries, e-government initiatives to promote online payment, and rapidly growing digital payment platforms. As of April 2022, there were 5 billion Internet users globally or 63% of the world's population. Of these, 4.65 billion people used social media. The global expansion of Internet use will fuel the growth of mobile banking market.

Exploding m-Commerce, and e-Commerce expansion particularly among the working population, is expected to have a substantial impact on the worldwide smartphone market. One of the main factors boosting smartphone sales is the increasing use of the Internet. Another is the increased marketing efforts made by smartphone manufacturers. Around 5.32 billion people worldwide use mobile phones today. The total number of distinct mobile users globally increased by 91 million over the previous year. The demand for mobile banking will rise as the number of smartphones rises steadily.

C2B Virtual Cards Dominant Market Segment with Improved Business Transaction Convenience

The customer-to-business (C2B) segment will account for the largest revenue in the forecast period since customers regularly use mobile banking to transfer funds for various online as well as offline purchases made, paying equated monthly instalments (EMI), and other such financial remittances in their day-to-day life. Mobile banking enhances the market's self-service banking strategy by providing quick and convenient services for concluding financial transactions using mobile banking applications. The demand for the B2C market will rise in the coming years due to factors like busy lives, rising per capita earnings, increased Internet penetration, rising smartphone usage, and the expanding trend of fast fashion. With the increasing number of people moving to e-commerce and connecting to the Internet using their smartphones and computers, they are getting connected to e-commerce markets, driving the expansion of mobile banking market over the next few years.

North America Remains the Prime Market, Asia Pacific Develops a High-potential Mobile Banking Market

In terms of revenue, North America will dominate the mobile banking market throughout the projected period. With the increased demand for mobile banking through the newest smartphones, where consumers are likely to use mobile channels to engage with banks rather than physically visiting banks, North America is predicted to capture the biggest market share. In May 2021, 95 percent of generation Z, 91 percent of millennials, 85 percent of generation X, 60 percent of baby boomers, and 27 percent of seniors used mobile banking in the US, which means a total of 64.6 percent of people used mobile banking in the US. Banks are spending money to develop their mobile banking applications in response to the rise of new FinTech technologies to give their consumers personalised product offerings, improved customer experiences, and convenience.

During the forecast period, Asia Pacific is anticipated to progress at the fastest rate. Increased use of digital banking platforms and strong regional economic growth are driving the expansion. Asia Pacific includes growing countries such as China, and India, as well as developed economies such as Japan. Such economies are experiencing rapid expansion in terms of smartphone use, Internet penetration, and increased urbanisation in developing countries. In 2021, approximately 24.5 percent of total retail sales in China were made online, with around 780 million people shopping online. Consumers in these countries are more drawn to purchase online as Internet penetration grows, and online shopping trends are altering numerous elements of retail and e-commerce in the region. It ultimately drives the demand for mobile banking in the APAC area.

Global Mobile Banking Market: Competitive Landscape

Market players are introducing new products and forming alliances, partnerships, and collaborations. In April 2022, American Express, and i2c Inc., a provider of digital payment and banking technology, announced an expanded worldwide, multi-product partnership that will allow fintechs and financial institutions all over the world to create and deploy cutting-edge payment solutions for customers and companies on the American Express global payments network. By developing a plug-and-play onboarding platform to quickly launch innovative products, the arrangement sends the message that the American Express network is "open for business" with fintechs. In April 2021, Bank of America announced the acquisition of Axia Technologies, Inc. ("AxiaMed"), a market-leading provider of healthcare payment and technology services with a focus on facilitating safe patient payments. The acquisition will strengthen and broaden Bank of America's payment options for healthcare clients and speed up the bank's capacity to support this important industry.

Few of the players in the mobile banking market include American Express Company, Bank of America Corporation, BNP Paribas, Citigroup Inc., Credit Agricole, HSBC Holdings plc, JPMorgan Chase & Co, Mitsubishi Ufj Financial Group, Inc., Societe Generale Group, and Wells Fargo & Company.

Global Mobile Banking Market is Segmented as Below:

By Transaction

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

By Platform

  • Android
  • iOS
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
    • Latin America
    • Middle East

Key Elements Included In The Study: Global Mobile Banking Market

  • Mobile Banking Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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