Digital Banking Platform Market Size

Statistics for the 2023 & 2024 Digital Banking Platform market size, created by Mordor Intelligence™ Industry Reports. Digital Banking Platform size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Digital Banking Platform Industry

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Digital Banking Platform Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 10.14 Billion
Market Size (2029) USD 19.56 Billion
CAGR (2024 - 2029) 14.04 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Digital Banking Platform Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Digital Banking Platform Market Analysis

The Digital Banking Platform Market size is estimated at USD 10.14 billion in 2024, and is expected to reach USD 19.56 billion by 2029, growing at a CAGR of 14.04% during the forecast period (2024-2029).

The banking industry is going through a digital transformation quickly, and consumers want smart mobile devices and digital banking services. These are some of the main things that are driving the market's growth.

  • The majority of the banks prefer digital banking platforms due to the various benefits offered, such as reduced IT cost, fast time to market, open banking, out-of-the box yet configurable capabilities, omnichannel customer experience, and microservice architecture, to name a few. For example, in December 2022, Deloitte announced a collaboration with AWS to address a chronic difficulty in banking: the transition to digital-first systems that span the client interface to back office operations.
  • Though neo-banks are still a niche market, they are witnessing a higher growth rate in terms of market share and serving customers at around one-third of the cost of traditional banks. Fintechs are targeting lucrative niches in the value chain. The big tech players, with their large customer bases, pose a real threat, and a few incumbents are investing heavily in innovation, putting laggards in the shade.
  • However, issues such as integrating digital banking platforms with legacy systems, network outages, and security concerns can cause banks severe losses, and thus such factors might hamper the growth of the market.
  • As a result of the COVID-19 crisis, there was a rise in online banking activity, such as increased digital transactions, and a decline in trips to brick-and-mortar branches. The pandemic forced individual consumers as well as corporations that once resisted online banking to adopt digital banking apps as their new default. The pandemic resulted in increased convenience among consumers, which might grow demand in the long run. On the vendors part, the majority of the vendors have been concentrating on customer acquisition by providing services demanded by the challenging times.

Digital Banking Platform Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)