$1,359.5 Mn Growth of Mobile Banking Market with CAGR of

WASHINGTON, May 09, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Mobile Banking Market finds that the rising number of unique mobile users is expediting market growth. Primarily driven by rising technological advancements, the total Global Mobile Banking Market is estimated to reach USD 1,359.5 Million by the year 2028.

The Global Mobile Banking Market revenue stood at a value USD 692.5 Million in the year 2021 and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 11.9%.

Furthermore, the increase in internet and smartphone penetration is also anticipated to augment the growth of the Mobile Banking Market, states Vantage Market Research, in a report, titled “Mobile Banking Market Size, Share & Trends Analysis Report by Type (Wireless Application Protocol (WAP), Standalone Mobile Application, SMS Banking, Unstructured Supplementary), by Service (Transactions, Account information, Investments, Support Services), by Platform (Android, IOS, Others), by Deployment Type (On-cloud, On-premises), by End User (Individual, Enterprise), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.

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Market Dynamics:

Increasing Smartphone Penetration to Fuel Global Mobile Banking Market

Mobile banking has grown significantly over the past few years since most of the financial institutions now offer some form of mobile services to their customers. As per the latest data from GSMA Intelligence, there are 5.31 billion unique mobile phone users in the world today and the overall number of unique mobile users grew by 95 million in the past 12 months around the world. The number of unique mobile users is increasing at a rate of 1.8% each year, and hundreds of millions of individuals have switched from feature phones to smartphones in the last year. Further, according to Ericsson, the number of mobile subscriptions with smartphones has reached 6.26 billion and the number of smartphones in use is growing at an annual rate of 5.7% with an average of close to 1 million new smartphones coming into use every day. As the number of smartphone users is growing, the number of mobile banking subscribers is also increasing, causing banks to shift their priority to client mobile transactions. Users prefer to perform transactions on their smartphones since it is easy and quick which is further offering banks an opportunity to gain competitive advantage over their competitors and better position them in the market. Further, M-banking also allows banks to map, record, and study their customers’ financial activities and behavior in order to provide personalized services and develop customer loyalty which is also expected to support the growth of the market in near future.

Key Insights & Findings from the Report:

  • According to our primary respondents’ research, the Mobile Banking market is predicted to grow at a CAGR of roughly 11.9% during the forecast period.
  • The Mobile Banking market was estimated to be worth roughly USD 692.5 Million in 2021 and is expected to reach USD 1,359.5 Million by 2028; based on primary research.
  • On the basis of region, Asia Pacific is projected to dominate the worldwide Mobile Banking market.

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Segmentation of the Global Mobile Banking Market:

  • Type
    • Wireless Application Protocol (WAP)
    • Standalone Mobile Application
    • SMS Banking
    • Unstructured Supplementary
    • Service Data (USSD)
    • Others
  • Service
    • Transactions
    • Account Information
    • Investments
    • Support Services
    • Others
  • Platform
  • Deployment Type
  • End User
  • Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/mobile-banking-market-1521

Increasing Technological Advancements to Augment Market Growth

The increasing technological advancements are anticipated to augment the growth of the Mobile Banking Market within the estimated period. The expectations of customers for mobile apps are increasingly changing across the board and the banking industry is simply incapable of keeping up. Billions of individuals who will use mobile banking apps will demand a quick and flawless experience. Many banks have improved their mobile offerings and customer experiences by leveraging technology. New challenger bank apps can now compete with huge, long-established banks using technology accessible today. Customers can receive push alerts from mobile apps the moment they make a purchase. In-depth facts such as time, date, and vendor are now included in real-time on users’ mobile bank statements. Challenger bank apps may even show consumers where their payments were made using their geolocation. Further, one can substantially improve their CX by fully utilizing the hardware in today’s smartphone devices. Touch ID is currently used for logging in and authentication in many mobile banking apps. Customers of Barclays can even send payments by voice using Siri. These features improve consumers’ ease of use and convenience and give them a better idea of their expenditure by utilizing current technology. This enhances the customer experience and encourages customers to use their mobile app to its full potential.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT & communication industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges such as disruptions in the supply chain. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic
    1. North America
    2. Europe
    3. Asia Pacific
    4. Latin America
    5. Middle East & Africa
  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
  3. Key Strategies Undertaken by Companies to Tackle COVID-19
  4. Long Term Dynamics
  5. Short Term Dynamics

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The report on Mobile Banking Market highlights:

  • Assessment of the Market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates, and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Regional Analysis:

North America to Dominate the Global Mobile Banking Market

North America has dominated the global Mobile Banking Market in 2021 and is likely to continue the same trend during the forecast period. The United States dominated North America in 2021. This is attributable to the emergence of new age FinTech technologies in the region. Furthermore, the increasing investments from banks to update their mobile banking application services to offer enhanced customer experience, and customized product offerings is also anticipated to fuel the growth of the market in the region. Additionally, increasing penetration of smart devices, such as smartphones and tablets is also expected to support regional growth of the market in the years to come.

List of Prominent Players in the Mobile Banking Market:

  • American Express Company
  • Bank of America Corporation
  • BNP Paribas S.A.
  • Citigroup Inc.
  • Crédit Agricole Group
  • HSBC Holdings PLC
  • JPMorgan Chase & Co.
  • Mitsubishi UFJ Financial Group Inc.
  • Société Générale S.A.
  • Wells Fargo & Company
  • Temenos Group AG
  • Capital Banking Solutions
  • Ally Financial Inc.
  • Infosys Limited
  • Strands Inc.

Browse market data Tables and Figures spread through 159 Pages and in-depth TOC on “Mobile Banking Market Size, Share & Trends Analysis Report by Type (Wireless Application Protocol (WAP), Standalone Mobile Application, SMS Banking, Unstructured Supplementary), by Service (Transactions, Account information, Investments, Support Services), by Platform (Android, IOS, Others), by Deployment Type (On-cloud, On-premises), by End User (Individual, Enterprise), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/mobile-banking-market-805000

Recent Developments:

October, 2021: Wells Fargo & Company announced a rebuilt mobile banking experience for consumer and small business customers, set to begin rolling out early next year, with an all-new virtual assistant “Fargo” to be added later in 2022. The enhanced digital capabilities are part of the company’s multi-year strategy to become digital-first and reinvent digital personal finance, supported by increased investments in next generation technology and strategic partnerships with leading tech companies.

August, 2020: Bank Mobile, a division of Customers Bank, and among America’s largest and fastest-growing mobile-first banks, announced an execution of an agreement with Google to introduce digital bank accounts, which will be available to its customers. By collaborating with Google, the company aims to provide millions of college students across America with an even better banking experience to help them manage, save and grow their money.

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?
  • Which are the top five players of the Mobile Banking Market?
  • How will the Mobile Banking Market change in the upcoming six years?
  • Which application and product will take a lion’s share of the Mobile Banking Market?
  • What is the Mobile Banking market drivers and restrictions?
  • What will be the CAGR and size of the Mobile Banking Market throughout the forecast period?            

This report titled “Mobile Banking Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2021
Historic Years 2016-2020
Forecast Years 2022-2028
Segments Covered • Type

   ° Wireless Application Protocol (WAP)

   ° Standalone Mobile Application

   ° SMS Banking

   ° Unstructured Supplementary

   ° Service Data (USSD)

   ° Others

• Service

   ° Transactions

   ° Account Information

   ° Investments

   ° Support Services

   ° Others

• Platform

   ° Android

   ° IOS

   ° Others

• Deployment Type

   ° On-Cloud

   ° On-Premises

• End User

   ° Individual

   ° Enterprise

• Region

   ° North America

   ° Europe

   ° Asia Pacific

   ° Latin America

   ° Middle East and Africa

Region & Counties Covered • North America

   ° U.S.

   ° Canada

   ° Mexico

• Europe

   ° U.K

   ° France

   ° Germany

   ° Italy

   ° Spain

   ° Rest Of Europe

• Asia Pacific

   ° China

   ° Japan

   ° India

   ° South Korea

   ° South East Asia

   ° Rest Of Asia Pacific

• Latin America

   ° Brazil

   ° Argentina

   ° Rest Of Latin America

• Middle East & Africa

   ° GCC Countries

   ° South Africa

   ° Rest Of Middle East & Africa

Companies Covered • American Express Company

• Bank of America Corporation

• BNP Paribas S.A.

• Citigroup Inc.

• Crédit Agricole Group

• HSBC Holdings PLC

• JPMorgan Chase & Co.

• Mitsubishi UFJ Financial Group Inc.

• Société Générale S.A.

• Wells Fargo & Company

• Temenos Group AG

• Capital Banking Solutions

• Ally Financial Inc.

• Infosys Limited

• Strands Inc.

Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

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