Some of the major driving factors include the rising demand for smart mobile devices and digital banking services among consumers.
The global digital banking platform market was valued at USD 3.17 Bn in 2018 and is expected to reach USD 8.67 Bn by 2027 with a CAGR growth rate of 12.07% in the forecast period from 2019 to 2027
The major driving factors contributing to the digital banking platform market growth includes the growing digital transformation in the banking industry and rising demand for smart mobile devices and digital banking services among consumers.
The digital banking platform market is segmented on the basis of deployment and type. 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 the 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 deployment is experiencing a high CAGR.
The deployment of on-premise solutions is sometimes complex and expensive to build in-house. Not every small and medium-sized enterprise finds it feasible to invest in on-premise digital banking solutions. Hence the demand for the cloud-based model is anticipated to grow at a fast pace during the forecast period, especially among small and medium enterprise in developing regions. Also, the growing digital revolution across the globe is fuelling the adoption of cloud-based deployment in numerous industry.
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