Global mobile banking software market is valued at US$ 12,000 Mn in 2019 and is forecast to grow at a CAGR of 8.0% to reach US$ 22,293.0 Mn by 2027. Growing digitalization of banking and finance sector has fueled the demand for convenient mobile banking amongst users thus growing the global mobile banking software market. The digital revolution has transformed conventional daily practices of humans, vastly impacting the banking and finance sector. Internet has made hassle free banking possible, enabling users to transact on the go. In the recent years, internet has reached the most remote areas with empowering nearly 50.0% of global population as per World Bank statistics published in 2018. Similarly, the users of smartphone users have increased about 5.11 billion across the globe. This has created a huge potential market scope for mobile software developers. Banking and finance institutions around the globe are transforming their growth strategies with digitalization at core. Banks have transformed most of their processes to online, enabling users to create account, transact and make payments along with many such other banking process on their smart phones. The mobile banking phenomenon has also profited banks by cutting down the operational costs. Technologies such as cloud computing, artificial intelligence (AI) among others have added to the benefits of mobile banking software providing enriched customer experience through chatbots and fraud detection. For instance, Tagit, a digital solutions company, provides artificial intelligence based chatbot software platform for banks to enhance their customer engagement. Thus the growing digitalization coupled with benefits of latest technologies are anticipated to propel the growth of global mobile banking software market over forecast years.
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The recent outbreak of coronavirus or COVID-19 has caused a global pandemic forcing banks and other financial institutions across the globe to shut down their offices and branches. With banks closed, digital banking has proved to be a boon for customers for banking services. For example, in April 2020 World Economic Forum has released an article stating that African citizens are increasingly adopting mobile transactions to reduce the risk of contamination. Also, it is anticipated that a large amount of retail banking customers will continue to use mobile banking services post COVID-19. These factors are boosting the global mobile banking software market and increasing its adoption by financial institutions. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
The detailed research study provides qualitative and quantitative analysis of mobile banking software market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- The global mobile banking software market was valued at US$ 12,000 Mn in 2019 and is anticipated to witness a compound annual growth rate of 8% over the forecast period owing to rise in digitalization of banking and finance sector.
- Banks contributed to a noteworthy share of global mobile banking market in 2019 owing to high adoption of digital solutions by banks to cater digital natives.
- Asia Pacific accounted for the maximum share in the global mobile banking software market in 2019 owing to high rate adoption among the growing corporates and urban workforce.
- Some of the players operating in the mobile banking software market are Access Softek, Apex Banking Software, Bankingly, Capital Banking Solutions, Comarch SA, Dais Software Ltd, EBANQ FINTECH SL, Fiserv, Infosys Limited, Kapowai, Nelito Systems Ltd., PureSoftware, SAB2I, ScienceSoft USA Corporation, Software Group, Tata Consultancy Services Limited, Temenos Headquarters SA and Tvisha Technologies Pvt Ltd. amongst other market participants.
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Global Mobile Banking Software Market:
- By Banking Type
- Corporate/ Universal
- Retail/ SME (small and medium-sized enterprises)
- By Deployment
- Hosted (on Cloud)
- By End Use
- Non-Banking Financial Company (NBFC)
- Credit Unions
- By Region
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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