Online Banking Market Growth by top key players – ACI Worldwide, Microsoft Corporation , Cor Financial Solutions Ltd.

According to a new report published by Allied Market Research, titled, Online Banking Market by Banking Type, and Solution Type,: Global Opportunity Analysis and Industry Forecast, 2017-2023, the online banking market size was valued at $7,305 million in 2016, and is estimated to reach $29,976 million by 2023, registering a CAGR of 22.6% from 2017 to 2023. In 2017, online retail banking dominated the overall online banking market.
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Europe is the market leader and accounts for nearly 31% share of the global market in 2017, closely followed by North America. In addition, Asia-Pacific is estimated to grow at the highest CAGR of 26.1% during the forecast period due to rise in internet users, and increase in consumer base due to higher population size.
The online banking market share is on an increase in the developing economies of Asia-Pacific due to higher penetration of internet, and increased smartphone usage. Threat to security and service issues associated with online banking hinder the market growth.
The key driver of the global online banking market is associated with higher interest rates given in online banking compared with traditional banks and ease of usage. Also growth in use of smart phones, mobile banking, and e-commerce further fuels the market growth. Furthermore, majority of global players are increasingly competing for market share by improvising their services and coming up with better interest rates.
Key Findings of the Online Banking Market:
• Europe leads the global online banking market, closely followed by the North America.
• Asia-Pacific is growing with the highest CAGR of 26.1%, mainly because its population size and growing economy.
• The retail banking type segment accounted for the highest market share with nearly 52% in 2016; however, the corporate banking type is anticipated to witness highest demand during the forecast period.
• The transactional service type is expected to show better growth rate as compared to specialty stores and footwear stores.
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Asia-Pacific is anticipated to dominate the market later in the analysis period, due to the increase in internet penetration, smartphone usage, and higher population size. Also, Asia-Pacific is expected to witness the highest growth rate, owing to the presence of emerging countries, such as China and Japan.
The key players profiled in this report include ACI Worldwide (U.S.), Microsoft Corporation (U.S.), Fiserv, Inc. (U.S.), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (UK), Oracle Corporation (U.S.), Temenos Group AG, Rockall Technologies (Ireland), EdgeVerve Systems Limited (India), and Capital Banking Solutions (U.S.).
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The global online banking market is segmented on the basis of banking type, service type, and geography. Based on banking type, it is classified into retail banking, corporate banking, and investment banking. Based on solution type, it is divided into payments, processing services, customer & channel management, risk Management, and others. Geographically, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Netherland, France, UK, Sweden, and rest of Europe), Asia-Pacific (South Korea, Australia, Singapore, China, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle-East, and Africa). Key players profiled in the report include ACI Worldwide (U.S.), Microsoft Corporation (U.S.), Fiserv, Inc. (U.S.), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (UK), Oracle Corporation (U.S.), Temenos Group AG (Switzerland), Rockall Technologies (Ireland), EdgeVerve Systems Limited (India), and Capital Banking Solutions (U.S.)
Key Benefits
• A comprehensive analysis of the current trends and future estimations is provided.
• The report elucidates key drivers, restraints, and opportunities and a detailed impact analysis from 2017 to 2023.
• Porter’s Five Forces model of the industry illustrates the potency of the buyers and suppliers in the market.
• A quantitative analysis of the current scenario and the forecast period highlights the financial competency of the market.
• The report provides a detailed analysis of the market with respect to banking type, service type, and geography.