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The global mobile banking market was valued at USD 4 billion in 2022 and grew at a CAGR of 10% from 2023 to 2032. The market is expected to reach USD 10.37 billion by 2032. The increasing demand for mobile banking for more convenient banking services will drive the growth of the global mobile banking market.
The process of doing financial transactions using a mobile device is known as mobile banking. The mobile device can be a smartphone or tablet. A bank or other financial institution that offers mobile banking enables its clients to carry out financial transactions using a mobile device. It also enables users to access and manage one's bank accounts. Mobile banking apps offer a secure and convenient way for transactions given the biometric and two-factor authentication safety they offer. These applications are curated to have an Adaptable User Interface to improve customer satisfaction with easy navigation. Mobile banking also enables faster, real-time communication with banks without physically visiting establishments. Mobile banking simplifies transactions as they are one-click-away. Mobile banking is a simple, safe, convenient, secure and fast virtual banking experience. It also allows users to manage all their cards in one place. Mobile banking also enables users to open new accounts. These applications offer easy loan assessments, enrolments and disbursals. It also enabled the bank to improve customer relationships and enhance customer satisfaction. Customers can use mobile banking to obtain banking services from any location. Using mobile applications to process payments or even receive money from customers straight to their phone numbers allows businesses and business owners to save time. Users can benefit from time efficiency, the ability to manage funds, make transfers, and swift fraud detection using mobile banking. Users can access their accounts around the clock and receive reminders regarding loans, bill payments, and other matters using digital banking.
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The increasing demand for convenient, fast and round-the-clock products and services – consumers' increasingly busy lifestyles have increased the demand for convenient, easy, fast, secure and accessible products and services. This trend also stands true for the BFSI sector, as consumers are driving the demand for on-the-go banking services to enable round-the-cloud accessibility to their accounts and quick and easy transaction facilities. The growing competition and saturation in the BFSI sector have encouraged market players to develop innovative features to retain customers, fueling the market's growth. Mobile banking enables banks to improve service delivery and enhance customer satisfaction to expand their market share.
The rising incidents of fraud – with the increasing number of mobile banking users, the growth of fraudsters targeting consumers with new malware, scams and frauds is also on the rise. The virtual nature of these banking services and transactions increases the vulnerability and risk of consumers given the lack of awareness, knowledge and growing sophistication of fraudsters. These incidents alienate a significant population as they prefer to avoid mobile banking or technology-driven BFSI services, which will limit the market's growth.
The technological improvements – the fierce competition in the market has led to constant research and development to build better applications for consumers to improve their satisfaction and retain/expand the market share. Introducing better features, a safe and secure environment with unique authentication technologies, and user-friendly and creative interfaces is driving the market's growth and development. Integrating AI to offer quick grievance redressal and service delivery to consumers is an ideal example of technology driving the market's growth for the future.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global mobile banking market, with a 36% market revenue share in 2022.
The ever-improving fintech infrastructure has enabled the regional mobile banking market's growth. The key banking institutions of the region offer user-friendly, safe, secure and multi-faceted mobile banking applications to improve consumer experience. Similarly, the high level of digital literacy and familiarity with technology enables greater use of mobile banking in the region.
North America Region Mobile Banking Market Share in 2022 - 36%
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The type segment is divided into wireless application protocol (WAP), SMS banking, unstructured supplementary service data (USSD), standalone mobile application and others. The wireless application protocol (WAP) segment dominated the market, with a market share of around 39% in 2022. A technical standard called Wireless Application Protocol is used to access data over mobile wireless networks. A WAP browser is a web browser designed for mobile devices that support the protocol, including smartphones. WAP offers more mobility and flexibility by eliminating the necessity for physical cords. It makes network setup simpler. It is also simple to operate and offers quick, easy, and effective service access. It enables access to many services and the potential for individualised services.
The platform segment is divided into iOS, Android and others. The Android segment dominated the market, with a market share of around 48% in 2022. Smartphones and tablets with touchscreens are the primary target market for the Android mobile operating system. It is based on additional open-source software and a modified Linux kernel. With its open-source operating system, free ecosystem, and customizable or adapted Rom, users can choose the phones and apps they want. Android is easy to use and provides affordable app development. The programme is straightforward to use, free, and gives far more adaptability. As an app developer and user, you have more freedom when using Android. Furthermore, Android users receive preferential treatment from cellphone makers over iOS and other operating systems.
The deployment type segment is divided into on-premises and on-cloud. The on-cloud segment dominated the market, with a share of around 65% in 2022. A model for facilitating ubiquitous, practical, and on-demand network access to a shared resource pool is called cloud computing. Banking systems or sectors are increasingly deploying the cloud given its simple scalability without investing in expensive on-premises equipment and infrastructure. Resources and storage can be rapidly scaled up to suit business demands without requiring investments in physical infrastructure. It also helps financial organisations achieve significant goals like fraud detection and regulatory compliance. It offers tighter security and improved customer relationship management. The increased scalability and lower costs translate to savings and resource optimization, enhancing the organisation's productivity.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 4 Billion |
| Market size value in 2032 | USD 10.37 Billion |
| CAGR (2023 to 2032) | 10% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Type, Platform and Deployment Type |
As per The Brainy Insights, the size of the global mobile banking market was valued at USD 4 billion in 2022 to USD 10.37 billion by 2032.
Global mobile banking market is growing at a CAGR of 10% during the forecast period 2023-2032.
The market's growth will be influenced by the increasing demand for convenient, fast and round-the-clock products and services.
The rising incidents of frauds could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global mobile banking market based on below mentioned segments:
Global Mobile Banking Market by Type:
Global Mobile Banking Market by Platform:
Global Mobile Banking Market by Deployment Type:
Global Mobile Banking Market by Region:
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