The global digital banking platform market was valued at US$ 3.17 Bn in 2018 and is expected to reach US$ 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.
Compared to cloud service, on-premise is costlier as it requires IT infrastructure and installation of the software. Small and medium enterprise prefer cloud service rather than on-premise due to low budget and high cost of service. The large enterprise mostly adopts the on-premise deployment model as due to their high budgets, they can afford all the installation cost.
The on-premise model also provides more security than the cloud model; hence, most of the large organizations adopt on-premise as their deployment model to prevent online theft. On-premise models provides security of the corporate content. On-premise deployment type provides higher agility than the cloud deployment type.
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 fueling the adoption of cloud-based deployment in numerous industry.
The key players present in the digital banking platform market include
CREALOGIX Holding AG
EdgeVerve Systems Limited
Tata Consultancy Services Limited
Temenos Headquarters SA
Key Topics Covered:
1. Introduction 1.1 Scope of the Study 1.2 Report Guidance 1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. Digital Banking Platform- Market Landscape 4.1 Market Overview 4.2 Ecosystem Analysis 4.3 PEST Analysis
5. Digital Banking Platform Market - Key Industry Dynamics 5.1 Key Market Drivers 5.1.1 Digital transformation in banking industry is fuelling the demand for digital banking platforms 5.1.2 Rising demand for smart mobile devices and digital banking services among consumers 5.2 Key Market Restraints 5.2.1 Lack of cloud infrastructure and requirement of data localization in countries 5.2.2 Cybersecurity concerns related to cloud based banking solutions 5.3 Key Market Opportunities 5.3.1 Rising adoption of cloud-based solutions in the banking industry 5.4 Future Trends 5.4.1 Evolving ecosystems due to collaborations between traditional banks and fintech companies 5.5 Impact Analysis of Drivers and Restraints
6. Digital Banking Platform Market- Global Analysis 6.1 Global Digital Banking Platform Market Overview 6.2 Global Digital Banking Platform Market Forecast and Analysis 6.3 Market Positioning- Top Five Players
7. Digital Banking Platforms Market - By Deployment 7.1 Overview 7.2 Digital Banking Platforms Market Breakdown, by Deployment, 2018 & 2027 7.3 Cloud 7.4 On-Premise
8. Digital Banking Platforms Market - By Type 8.1 Overview 8.2 Digital Banking Platforms Market Breakdown, by Type, 2018 & 2027 8.3 Corporate Banking 8.4 Retail Banking
9. Global Digital Banking Platform Market- Geographical Analysis
10. Industry Landscape 10.1 Market Initiative 10.2 Merger and Acquisition 10.3 New Development