Digital Banking Platform Market Size & Forecast Report 2027

Digital Banking Platform Market Forecast to 2027 – Global Analysis – by Deployment (Cloud and On-Premises) and Type (Corporate Banking and Retail Banking)

  • Report Code : TIPRE00006157
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 162
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The digital banking platform market size is projected to reach US$ 8.67 billion by 2027 from US$ 3.17 billion in 2018; it is expected to witness healthy market growth of 12.1% CAGR during 2019–2027.

Customer-centric solutions help banks increase client loyalty by improving services and quickly responding to customer inquiries. Banks focus on implementing client retention policies and acquiring new consumers through effective communication. The omnichannel features of a digital banking platform assist banks in facilitating individualized dialogues across numerous channels, including voice, web, and mobile. It allows banks to engage clients at all points of contact. End-to-end customer journeys and activity tracking aid in creating a holistic image of each consumer. For financial services organizations, digital banking provides for customization at a scale of 5–15% revenue increase. Consumers want transactions to be completed quickly and efficiently, which makes digital banking services more reliable and efficient to use.

The expansion of the digital banking platform market is being fueled by an increase in the number of internet users and a transition from traditional banking to online banking. Furthermore, the digital banking platform market's growth is fueled by an increase in the adoption of cloud-based platforms to achieve greater scalability. The expansion of the digital banking platform industry is hampered by security and compliance difficulties in digital lending platforms. Furthermore, the digital banking platform industry is likely to benefit from an increase in the use of machine learning and artificial intelligence in digital banking platforms, as well as an increase in innovative banking services and corporate investors.

The digital banking platform market is likely to witness aggressive investments made by private and public capital holders in the development of sophisticated, advanced, and web-based enterprise banking applications, custom-built banking services, and mobile-friendly banking platforms over the forecast period. Digital banking platforms are also attracting the attention of venture capital firms around the world. For instance, Narmi, a financial technology firm that develops digital banking products, reported the completion of a US$ 20.4 million Series A investment round in February 2021. Picus Capital GmbH, Patriot Financial Partners, L.P., Firebolt Ventures, and Contour Venture Partners were among the investors in the round, led by New Enterprise Associates (NEA), a well-known venture capital firm. The fundraising round included executives from Brex Inc., Expanse Inc., Plaid Inc., and other notable startups. The company also plans to provide the most smooth, comprehensive, and open digital banking platform in the industry.

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Digital Banking Platform Market: Strategic Insights

Digital Banking Platform Market

  • CAGR (2018 - 2027)
    12.1%
  • Market Size 2018
    US$ 3.17 Billion
  • Market Size 2027
    US$ 8.67 Billion

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • Appway AG
  • CREALOGIX Holding AG
  • EdgeVerve Systems Limited
  • Fiserv, Inc.
  • Oracle Corporation
  • SAP SE
  • Sopra Steria
  • Tata Consultancy Services Limited
  • Temenos Headquarters SA

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Deployment
  • Cloud and On-Premises
Type
  • Corporate Banking and Retail Banking
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
– Digital Banking Platform Market

Digital Banking Platform Market Share: by Region

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Many of the world's largest banks are based in North America, which is a major driver pushing the market for digital banking platforms. To make the transition from legacy systems to digital, digital banking suppliers in the region are offering software as a service. Temenos, for instance, enables new digital banks in the US to go live in 90 days with the most functionally rich and technologically advanced front-to-back SaaS digital banking offering available. Many firms are using digital banking systems due to the increased acceptance of blockchain technology, which is strengthening security, particularly in the BSFI industry. This aspect is propelling the region’s digital banking platform market forward. Blockchain-based cloud digital banking platforms are being developed by a number of companies. ​            

Digital banking Platform Market Segments

The digital banking platform market is segmented on the basis of type and deployment. Based on type, the digital banking platform market is segmented into corporate banking and retail banking. On the basis of deployment, the digital banking platform market is segmented into cloud and on-premise. Retail banking contributed a substantial share in the global digital banking platform market. The digital revolution across the globe has changed the banking landscape as well as customer behavior and expectations. New ecosystem players such as FinTechs, open banking, payment services directive, and SWIFT standards are emerging in the global banking industry with innovative technology solutions. In 2018, on-premise was the leading segment by deployment type; however, cloud-based digital banking platforms are expected to grow at a higher CAGR during 2019–2027.

Deployment-Based Insights

The digital banking platforms market, by deployment, is segmented into cloud and on-premise. The companies that are planning to make significant investments in digital banking platforms are anticipated to shift toward the modern platform by adopting cloud-based solutions rapidly. Numerous small and medium enterprises in the region are adopting cloud-based digital banking platforms due to reliability and low cost; it also reduces IT requirements and physical storage, and provides significant savings. Various large enterprises adopt cloud-based solutions as the cloud makes operations flexible. Huge adoption of cloud is mainly driven by the presence of cloud providers, which are offering affordable and free subscription-based models with quick setup.


technology-media-and-telecomunications
Deployment-Based Insights
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Some of the key players operating in the digital banking platform market are Appway AG; CREALOGIX Holding AG; EdgeVerve Systems Limited; Fiserv, Inc.; Oracle Corporation; SAP SE; Sopra Steria; Tata Consultancy Services Limited; Temenos Headquarters SA; and Worldline SA.

The players operating in the digital banking platform market are mainly focused on the development of advanced and efficient products. The digital banking platform market companies are implementing various strategies to match the technological advancements in the market.

  • In 2019, Al Ahli Bank of Kuwait partnered with EdgeVerve for robotic process automation. With the partnership, the company would be able to use AssistEdge robotic process automation.
  • In 2019,  BADF launched a partnership with Sopra Banking Software. As a partner, Sopra would support the company’s product launch. 

Digital Banking Platform Market Report Scope

Report Attribute Details
Market size in 2018 US$ 3.17 Billion
Market Size by 2027 US$ 8.67 Billion
Global CAGR (2018 - 2027) 12.1%
Historical Data 2016-2017
Forecast period 2019-2027
Segments Covered By Deployment
  • Cloud and On-Premises
By Type
  • Corporate Banking and Retail Banking
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Appway AG
  • CREALOGIX Holding AG
  • EdgeVerve Systems Limited
  • Fiserv, Inc.
  • Oracle Corporation
  • SAP SE
  • Sopra Steria
  • Tata Consultancy Services Limited
  • Temenos Headquarters SA
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Deployment and Type

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

    The List of Companies - Digital Banking Platform Market

    1. Appway AG
    2. CREALOGIX Holding AG
    3. EdgeVerve Systems Limited
    4. Fiserv, Inc.
    5. Oracle Corporation
    6. SAP SE
    7. Sopra Steria
    8. Tata Consultancy Services Limited
    9. Temenos Headquarters SA
    10. Worldline SA

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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