The global Online Banking market size is projected to reach USD 20.5 Billion by 2026, from USD 9.1 Billion in 2019, at a CAGR of 12.3% during 2020-2026, according to Valuates Reports.
Increased internet penetration among consumers and technology growth are the major factors expected to increase the online banking market size during the forecast period. Furthermore, the recent outbreak of the COVID-19 pandemic has forced people to shift towards online banking, thereby further propelling market growth.
The study by Valuates Reports sheds light on key factors, constraints, opportunities, and a comprehensive impact review from 2020-2026.
TRENDS INFLUENCING THE ONLINE BANKING MARKET
Online bank customer base is on the rise with the growth of internet penetration and smartphone applications around the world. With population growth, logical brick and mortar banks will not be able to provide their ever-increasing customers with skillful service. Online banking advantages such as 24x7 operation, quick click-through registration, and comprehensive online banking details such as e-statements, time and date of all purchases, loans, and credit card payments. The advantage offered by online banking has increased its adoption and, in turn, is expected to increase the online banking market size during the forecast period.
Factors such as convenience for the customer and better interest rates offered by online banking is expected to increase the online banking market size during the forecast period.
The growth in the e-commerce industry is further expected to fuel the online banking market size.
Banks embrace technology to reduce operating costs and remain competitive in the marketplace. It helps banks retain their clients by offering an enhanced customer experience and personalized services at lower costs. The online banking market is expected to grow rapidly due to increased adoption by banks.
However, the growing threat of cyber-attacks could hamper the adoption of digital banking. Fending off cyber-attacks is one of the biggest challenges banks around the globe face, considering the sensitive nature of the customer information they possess.
ONLINE BANKING MARKET SHARE ANALYSIS
Based on the type, the retail banking segment held the largest online banking market share during the forecast period.
Based on the region, the European region is expected to hold the largest online banking market share. North America closely follows it.
Due to the increase in internet penetration, mobile use, and higher population size, Asia-Pacific is expected to dominate the market later in the analysis period. Asia-Pacific is also expected to experience the highest growth rate due to the presence of emerging countries like China and Japan.
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Source: Valuates Reports