At 12.2% CAGR Mobile Banking Market to Generate $1.82 Billion by 2026

Mobile Banking Market

Mobile Banking Market

PORTLAND, OREGON, UNITED STATES, October 21, 2020 /EINPresswire.com/ — Allied Market Research published a report, titled, "Mobile Banking Market by Transaction (Consumer-to-consumer and Consumer-to-Business), and Platform (Android, iOS, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global mobile banking market garnered $715.3 million in 2018, and is estimated to reach $1.82 billion by 2026, growing at a CAGR of 12.2% from 2019 to 2026.

Prime determinants of growth

Technological advancements, surge in consumer acceptance, and significant increase in smartphone usage drive the growth of the global mobile banking market. However, rise in concerns related to security and privacy along with improper connectivity and network infrastructure restrain the market growth. On the other hand, integration of new technologies creates new opportunities in the market.

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Key Benefits for Stakeholders:

• The study provides an in-depth analysis of the global mobile banking market share with the current trends and future estimations to elucidate the imminent investment pockets.
• Comprehensive analysis of the factors that drive and restrict the mobile banking market size is provided in the report.
• Comprehensive quantitative mobile banking market analysis of the mobile banking industry from 2019 to 2026 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
• An extensive analysis of the key segments of the industry helps to understand the mobile banking market trends.
• Key players and their strategies are provided to understand the competitive outlook of the mobile banking market forecast.

Android segment to maintain its lead in terms of revenue during the forecast period

On the basis of platforms, the android segment held the highest market share in the global mobile banking market in 2018, accounting for nearly three-fourths of the total share, and will continue to maintain its lead in terms of revenue during the forecast period. This is attributed to the developing economies that are at the forefront in the adoption of android platform, which in turn, made banks to focus more on offering mobile banking services. However, the iOS segment is estimated to register the fastest CAGR of 12.7% from 2019 to 2026, owing to financial institutions being highly capable of meeting continuous requirements and demands of their customers through mobile applications.

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Consumer to business (C2B) segment to continue its dominant position by 2026

Based on transactions, the consumer to business (C2B) segment held nearly three-fourths of the total share of the global mobile banking market in 2018, and is estimated to continue its dominant position throughout the forecast period. Moreover, this segment is expected to register the highest CAGR of 12.4% from 2019 to 2026. This is due to customers' adoption for mobile banking on a daily basis for different purchases carried out online, payment of equated monthly installment (EMI), and other transactions. The research also analyzes the consumer to consumer (C2C) segment.

North America to maintain its dominance during the forecast period

Based on region, North America contributed to the highest market share in terms of revenue, contributing to nearly half of the global mobile banking market in 2018, and is expected to maintain its dominance during the forecast period. This is due to investment of banks in advanced technologies in a large scale along with enhanced product portfolio. However, Asia-Pacific is expected to register the highest growth rate with a CAGR of 16.0% from 2019 to 2026, owing to development of digital banking, rise in internet usage, and implementation of next generation mobile technologies.

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Leading market players

• 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

Key Market Segments:

By Transaction

• Consumer-to-consumer
• Consumer-to-business

By Platform

• Android
• iOS
• Others

By Region

• North America

o U.S.
o Canada
o Mexico

• Europe

o Germany
o France
o UK
o Rest of Europe

• Asia-Pacific

o Australia
o Japan
o India
o China
o Rest of Asia-Pacific

• LAMEA

o Latin America
o Middle East
o Africa
o Rest of LAMEA

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Source: EIN Presswire