E-Banking Market to Reach $16.6 Trillion, Globally, by 2033 at 5.6% CAGR: Allied Market Research

Factors such as increase in smartphone usage & internet penetration, convenience and better rates of interest, and improvement in internet speed propel the growth of the market.

/EIN News/ -- Wilmington, Delaware, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "E-Banking Market by Service type (Online banking, Mobile banking, Telephone banking and Digital payment services), Application (Payments, Processing services, Risk management, Customer and channel management and Others), and End user (Individual customers, Small and medium enterprises and Large enterprises): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the e-banking market was valued at $9.3 trillion in 2023, and is estimated to reach $16.6 trillion by 2033, growing at a CAGR of 5.6% from 2024 to 2033. 

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Prime determinants of growth   

Key trends such as rapid technological advancements & digital transformation and increasing internet and smartphone penetration globally are expected to drive the growth of the market. In addition, advancements in data analytics and customer insights and growth in e-commerce and online marketplaces are expected to drive the growth of the market during the forecast period. However, device compatibility issues and security issues & privacy concerns are restraining the growth of the market. In addition increase in innovative banking services and rise in corporate investors poses significant restraints for the market growth.  

Report coverage & details:  

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$9.3 trillion
Market Size in 2033	$16.6 trillion
CAGR	5.6%
No. of Pages in Report	168
Segments Covered	Service Type, Application, End-user, and Region.
Drivers	Increase in smartphone usage & internet penetration, convenience and better rates of interest   Improvement in internet speed propels the growth of the market.   Rapid technological advancements & digital transformation   Advancements in data analytics and customer insights and growth in e-commerce and online marketplaces
Opportunities	Increase in innovative banking services   Growth in demand for convenient and accessible services
Restraint	Device compatibility issues and security issues & privacy concerns

Market Segment and Scope:   

The digital payment segment is expected to grow faster during the forecast period.  

By service type, the online banking segment held the highest market share in 2023 and is likely to retain its dominance during the forecast period. It offers a wide range of essential services, such as account management, transfers, and bill payments, all accessible from any device with an internet connection. This convenience has made online banking a core service for millions of users worldwide. However, the digital payment segment is projected to attain the highest growth from 2023 to 2033. This is attributed to the increasing adoption of cashless transactions, driven by the rise of mobile wallets, contactless payments, and e-commerce. The growing preference for fast, secure, and contact-free transactions is propelling this segment forward, especially with the rise of digital platforms and apps that make everyday payments more seamless.  

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The processing services segment is expected to grow faster during the forecast period.  

By application, the payment segment held the highest market share in 2023 and is likely to retain its dominance during the forecast period, owing to increase in use of smart phones and growth of e-commerce. However, the processing services segment is projected to attain the highest growth from 2023 to 2033. This is attributed to increasing reliance on automated processing for things like transactions, loans, and credit approvals. As more companies and banks look for efficient, error-free, and fast ways to manage their financial services, the demand for advanced processing solutions is growing rapidly.  

The individual segment is expected to grow faster during the forecast period.  

By end-user, the large enterprise segment held the highest market share in 2023 and is likely to retain its dominance during the forecast period, due to their significant financial resources and the need for comprehensive e-banking solutions to manage complex transactions, cash flow, and regulatory compliance. Large enterprises often require advanced features such as bulk payments, detailed reporting, and integration with existing financial systems, which make e-banking services essential for their operations. However, the individual segment is projected to attain the highest growth from 2023 to 2033, due to the increasing adoption of digital banking services among consumers. Factors such as the growing reliance on mobile devices, the rise of online shopping, and a greater emphasis on convenience in managing personal finances contribute to this trend.  

Asia-Pacific to maintain its dominance by 2033.  

Based on region, North America held the highest market share in terms of revenue in 2023 and is expected to dominate the market during the forecast period, owing to the region’s established financial infrastructure and high digital adoption rates. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. Owing to awareness regarding the various online platforms and the benefits provided by these platforms there's an increase in the use of e-banking.  

Players: -  

• JPMorgan Chase   

• Bank of America Corporation   

• HSBC, Wells Fargo   

• Citigroup   

• BNP Paribas   

• Barclays Plc   

• Deutsche Bank AG   

• ING Group   

• Santander UK Plc  

• Royal Bank of Canada   

• ICICI Bank   

• Standard Chartered   

• DBS Bank    

• Banco Bilbao Vizcaya Argentaria, S.A   

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The report provides a detailed analysis of these key players in the global E-banking market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.   

Recent Industry Developments  

• In June 2023, Infosys, a global leader in next-generation digital services and consulting, announced a strategic partnership with Danske Bank, a major Nordic bank, to speed up the bank's digital transformation initiatives. This joint effort will assist Danske Bank with accomplishing its essential needs towards better client encounters, functional greatness, and a modernized innovation landscape controlled by cutting-edge arrangements. As a feature of this joint effort, Infosys will likewise secure Danske Bank's IT centre in India, where over 1, 400 professionals are employed.  

• As of June 2022, ACI Worldwide is the global leader in mission-critical real-time payment software. ACI Worldwide announced that One Equity Partners ("OEP"), a middle market private equity firm, has acquired its online banking solutions. Known as ACI Computerized Business Banking, the main innovation stage gives answers to business and business banking clients through a programming interface. 

Key Benefits for Stakeholders 

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the e-banking market analysis from 2024 to 2033 to identify the prevailing e-banking market opportunities. 

• The market research is offered along with information related to key drivers, restraints, and opportunities. 

• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. 

• In-depth analysis of the e-banking market segmentation assists to determine the prevailing E-banking market opportunity. 

• Major countries in each region are mapped according to their revenue contribution to the global E-banking market size. 

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 

• The report includes the analysis of the regional as well as global e-banking market trends, key players, market segments, application areas, and E-banking market strategies. 

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