Published Date : 09 Dec 2022
The global e-banking market size accounted for USD 8.53 trillion in 2022 and is expected to hit around USD 11 trillion by 2030, growing at a CAGR of 5% from 2022 to 2030.
E-Banking may also be known as Internet banking, home banking or web banking, which uses the electronic payment system and allows financial institutions or the bank's customers to conduct varied financial transactions. The services offered at a physical branch like deposit transfer, and online bill payments, are all provided on the online banking platform. The use of mobile phones has made this platform grow. Mobiles provide a major customer engagement. There's a surge in the demand for E-banking services in many developing nations.
E-banking Market Report Scope
| Report Coverage | Details |
| Market Size In 2022 | USD 8.53 Trillion |
| Market Size By 2030 | USD 11 Trillion |
| Growth Rate from 2022 to 2030 | CAGR of 5% |
| Base Year | 2022 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | By Type, By Application, By Software |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, Middle East and Africa |
Report Highlights
On the basis of the banking type, the retail banking sector is expected to grow during the forecast period. The retail banking segment provides savings accounts, current accounts, fixed deposits and many other options The increase in the population is also expected to help in the growth of the retail banking sector. Online payment portals are driving the growth of the retail banking sector.
On the basis of application, the payments market is expected to grow during the forecast. The ease of access and the easy interface of the payment portals will lead to growth in the market. Various policies by governments in specific regions that promote the use of online payments or online transfers will lead to the growth of the market. The ease of access provided by the banks for online transactions shall lead to growth in the market.
Regional Snapshots
The North American market shall have great growth during the forecast period. It should have the largest revenue chunk of the overall market share during the forecast. The acceptance of varied and new technologies and an increased focus on innovation and development in banking services have resulted in growth in the North American region. Increased utilization of these banking tools in various countries like the US and Canada will help in the regional growth of the North American market. The European market is also expected to grow during the forecast. There shall be steady growth in the European markets as there is an increased awareness regarding these platforms and the benefits provided by the usage of such platforms. Increased Internet penetration in the Asia Pacific region will boom E-banking services. The growing use of smartphones and the availability of banking apps is also expected to drive the Asia Pacific market. In order to provide affordable access to financial services in the entire Asia Pacific region governments are adopting many policies and platforms.
Market Dynamics
Drivers
The E-banking industry provides easy access, optimum utilization, and reduce costs. There is a great acceptance of e-banking services by many nations across the globe. Mobile banking, SMS banking, and Internet banking are all helping in the growth of the market. In order to effectively handle the business, there's a great utilization of digital equipment. There is also increased demand in E-banking services that are cloud-based. Extensive use of smartphone devices will help in the expansion of the e-banking market in the forecast timeline. The acceptance of mobile payment services by various customers shall lead to the growth of this market. As there is the digitalization of payment activities, the efficiency of banking activities has improved. The demand for cashless transactions has also improved the market.
Restraints
The ability to access the accounts online anytime with the use of computers and Internet services could have interruptions. If the bank servers go down, are or if they're temporarily available there is a delay. Even though the banks are putting updated security protocols in place to protect and secure the sites the accounts can still be hacked, and the logins can be stolen. The amount of time used in online banking it's less as compared to waiting in line at a location branch but sometimes, due to the Internet connectivity or any other issues related to the bank application, it may not be that faster.
Opportunities
The E-banking sector will be able to garner more customers with time as there's no specific time for purchasing stuff through digital banking. There will be an increase in the use of these services and provide an excellent opportunity for the banks to generate more and more revenue.
Challenges
In availability of the Internet in various remote places and lack of awareness regarding banking services shall hinder the market growth. Various security threats that are posed by fraud activities online are a major challenge to the growth of the market.
Recent Developments
600-word line Android terminals are provided to MP Police Department to facilitate E collections via debit cards and credit cards by Bank of India. The Police Department had signed a Memorandum of association with the Bank of India.
Bank, Muscat which is a leading financial services provider in Oman has signed an agreement with Lulu Muscat Hypermarket LLC in order to provide state-of-the-art corporate online banking. It is one of the largest retail chains in Asia which is operating in various hypermarkets and shopping malls.
Key Players in the Report
Market Segmentation
By Type
By Application
By Software
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