Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Online Banking Market Outlook

The global online banking market attained a value of USD 20.14 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 12.9% to reach a value of USD 60.05 billion by 2032.

Global Online Banking Market Report Summary Description Value
Base Year USD Billion 2023
Historical period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 20.1
Market Size 2032 USD Billion 60.1
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 12.9%
CAGR 2024-2032 - Market by Region Asia Pacific 17.4%
CAGR 2024-2032 - Market by Country India 19.2%
CAGR 2024-2032 - Market by Country China 18.3%
CAGR 2024-2032 - Market by Banking Type Corporate Banking 14.4%
CAGR 2024-2032 - Market by Service Type Payments 14.6%
Market Share by Country 2023 USA 7.6%

Global Online Banking Market

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Increasing Preference for Online Payments to Augment the Global Online Banking Industry Growth

The online banking business was dominated by the payments segment based on service type. Because of a large number of consumers migrating to online payment systems, which offer more convenience and time-saving features than traditional payment methods, the segment witnessed a considerable growth. The payments segment is expected to continue its dominance over the forecast period as a result of the superior customer service and a consistent user experience, which is becoming a prominent trend in the industry. In addition, increasing collaborations, implementing business strategies, providing customised solutions, and improving digital channels for online payments are anticipated to help the market grow.

North America to Dominate the Global Online Banking Industry

Region-wise, North America is expected to dominate the global market for online banking in the forecast period. This can be attributed to the presence of robust banking infrastructure and the increased acceptance of advanced technology in the region. Meanwhile, in the anticipated term, the Asia Pacific is expected to witness a healthy growth due to the increasing demand to access online banking services in nations like China, India, Japan, and Australia, as a result of the growing internet usage.

Online Banking: Definition and Segmentation

An electronic payment system that allows users to make financial transactions over the internet is known as online banking. All typical banking operations and programmes, such as money deposits, withdrawals, transfers, savings account administration, financial product application, loan management, bill payments, and other account services, can also be digitised.

Global Online Banking Market by Segment

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By service type, the industry is segmented into:

  • Payments
  • Processing Services
  • Customer and Channel Management
  • Wealth Management
  • Others
CAGR 2024-2032 - Market by Service Type
Payments 14.6%
Customer and Channel Management 13.8%
Processing Services XX%
Wealth Management XX%
Others XX%

The market can be broadly categorised on the basis of banking type into:

  • Retail Banking
  • Corporate Banking
  • Investment Banking
CAGR 2024-2032 - Market by Banking Type
Corporate Banking 14.4%
Retail Banking XX%
Investment Banking XX%

The EMR report looks into the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

CAGR 2024-2032 - Market by Region
Asia Pacific 17.4%
Latin America 14.8%
North America XX%
Europe XX%
Middle East and Africa XX%
CAGR 2024-2032 - Market by Country
India 19.2%
China 18.3%
Brazil 17.0%
Japan 14.8%
Mexico 14.5%
USA XX%
Canada XX%
UK XX%
Germany XX%
France XX%
Italy XX%
Australia XX%
Saudi Arabia XX%

Global Online Banking Market by Region

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Market Share by Country
USA 8%
Canada XX%
UK XX%
Germany XX%

Growing Digitalisation and Automation to Bolster the Growth of the Global Online Banking Industry

The growing internet penetration and smartphone usage, supported by the rapid digitisation globally, is driving the expansion of the online banking industry. Cloud computing, application programming interfaces (APIs), robotic process automation (RPA), chatbots, machine learning, and blockchain are among key technologies that are accelerating the growth of the online banking business. Furthermore, the expansion of the online banking industry is fuelled by real-time payment solutions, convenience and simpler access to online banking, and rising smartphone usage. Furthermore, during the forecast period, the market is expected to increase at a significant rate. This is due to the banking industry's tremendous development and uniformity in terms of products and services delivered via mobile application, as well as greater consumer brand loyalty, which, in turn, has fuelled the expansion of the online banking sector. In addition, the market's expansion is increasingly being driven by high-yield interest rates. Because online banking has enabled investors to keep a real-time track of their investment portfolio while investing or trading online with continuous access to their funds, the market is likely to increase. Thus, these online banking features are likely to accelerate the market expansion in the near future.

Key Industry Players in the Global Online Banking Market

The report presents a detailed analysis of the following key players in the global online banking market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • ACI Worldwide
  • Capital Banking Solution
  • Cor Financial Solutions Limited
  • EdgeVerve Systems Limited
  • Fiserv, Inc.
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Service Type
  • Banking Type
  • Region
Breakup by Service Type
  • Payments
  • Processing Services
  • Customer and Channel Management
  • Wealth Management
  • Others
Breakup by Banking Type
  • Retail Banking
  • Corporate Banking
  • Investment Banking
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • ACI Worldwide
  • Capital Banking Solution
  • Cor Financial Solutions Limited
  • EdgeVerve Systems Limited
  • Fiserv, Inc.
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the market attained a value of nearly USD 20.14 billion.

The market is projected to grow at a CAGR of 12.9% between 2024 and 2032.

The major market drivers are the enhanced convenience and time-saving features offered by online banking, improving digital channels for online payments, and robust banking infrastructure in developed countries.

The key trends aiding the market demand include technological advancements and innovations, the increasing availability of real-time payment solutions, and high-yield interest rates offered by online banks.

The major regions in the online banking market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The various segments based on the online banking service type are payments, processing services, customer and channel management, and wealth management, among others.

The significant banking types considered in the market report are retail banking, corporate banking, and investment banking.

The key players in the market are ACI Worldwide, Capital Banking Solution, Cor Financial Solutions Limited, EdgeVerve Systems Limited, and Fiserv, Inc., among others.

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