Mobile Banking Market by Transactions (Consumer-to-consumer and Consumer-to-business), Platforms (Android, iOS, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The global mobile banking market was USD 1.13 billion in 2022 and is likely to reach USD 3.19 billion by 2031, expanding at a CAGR of 12.2% during 2023 – 2031. The growth of the market is attributed to the increasing adoption of mobile banking service owing to the user-friendly interface and convenience.
Mobile banking is a service offered by bank or financial institutions to provide financial transactions remotely with the help of mobile devices such as smartphone and tablet. It provides software application to offer mobile banking service. The participants of mobile banking system include telecom operators, financial institutions, money transfer agents and regulators, platform providers of mobile money, and payment processors.
The banking service assists in easy recording and analysis of financial transactions made by consumers or users. However, such banking service has to completely rely on the availability of the Internet on the mobile device.
In general, users have to download the banking application on their devices and submit their banking details using the application. Using the app on devices, customers can easily access to several services such as transfer funds to different third-party accounts, obtain information about the account transaction history at the instant, and check account balance.
Mobile banking eliminates the cost of handling transactions, reducing the requirement for customers to visit a bank for non-cash withdrawal and deposit transactions. Mobile banking does not handle transactions that involves cash. Several apps now provide remote deposit option, in which a customer can deposit the check to their financial institution in digital form by using device camera.
Some apps also allow copies of statements to get downloaded on the mobile device. A mobile banking app improves the flexibility, speed, ease of use, and security of financial transaction, as it integrates with the user in-built mobile device security mechanisms.
Market Trends, Drivers, Restraints, and Opportunities
-
Increasing adoption of smartphone devices for accessing banking is projected to fuel the market growth during the forecast period.
-
Ongoing technological developments in the banking industry to provide personalized customer service can boost the growth of market.
-
Lack of appropriate connectivity and unavailability of robust network infrastructure in developing countries present major challenges that can restrain the market growth.
-
Mobile applications are offering streamlined customer experience while reducing the chance of financial fraud by integrating advanced technology. This is expected to fuel the market expansion.
-
Wide adoption of technology such as chatbots, wireless application protocol, and block chain to increase the efficiency of financial transaction process or services are anticipated to create lucrative opportunities for the market expansion during the forecast period.
Scope of the Mobile Banking Market Report
The report on the global mobile banking market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Mobile Banking Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Transactions (Consumer-to-consumer and Consumer-to-business) and Platforms (Android, iOS, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Don River, Sybase, Union M-Banking, Vesta, Visa, eSery Global Ltd., Google, Harris Online, LUUP, Arvest, Comviva, C-SAM, Monitise, Obopay, SunTrust, Aepona, Absa, and PayPal. |
Global Mobile Banking Market Segment Insights
Consumer-to-business segment is expected to account for a large share
Based on transactions, the global mobile banking market is bifurcated into consumer-to-consumer and consumer-to-business. The consumer-to-business segment is expected to account for a large share of the market in the coming years owing to the rising awareness of the banking service among consumers and rising preference for easy payment services.
Moreover, the increasing use of online payment methods due to rapid establishment of e-commerce platforms as well as digital transformation of various financial services present major factors boosting the segment growth.
Android segment is projected to exhibit a robust CAGR
Based on platforms, the market is divided into Android, iOS, and others. The Android segment is projected to exhibit a robust CAGR during the forecast period owing to the rising number of Android-based smartphones.
Availability of low-cost phone and existing wide number of smartphone manufacturing companies in this platform are major drivers that help boost the segment growth. However, the iOS segment is expected to constitute a major market share in the coming years due to increasing use of iPhone and rapid introduction of new technology in the variant.
Asia Pacific is anticipated to hold a major share
In terms of regions, the global mobile banking market is categorized into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to hold a major share during the forecast period owing to rising establishment of manufacturing units in the region and favorable regulations from government bodies pertaining to the manufacturing consumer electronic items.
On the other hand, the market in Middle East & Africa is anticipated to expand at a significant rate owing to rising demand for the mobile service due to lack of proper or full-fledged banking services in the region. Presence of under-served or under-banked population in the region acts another key driving factor for the regional market expansion.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Mobile Banking Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Mobile Banking Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Mobile Banking Market - Supply Chain
4.5. Global Mobile Banking Market Forecast
4.5.1. Mobile Banking Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Mobile Banking Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Mobile Banking Market Absolute $ Opportunity
5. Global Mobile Banking Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Mobile Banking Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Mobile Banking Demand Share Forecast, 2019-2026
6. North America Mobile Banking Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Mobile Banking Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Mobile Banking Demand Share Forecast, 2019-2026
7. Latin America Mobile Banking Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Mobile Banking Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Mobile Banking Demand Share Forecast, 2019-2026
8. Europe Mobile Banking Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Mobile Banking Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Mobile Banking Demand Share Forecast, 2019-2026
9. Asia Pacific Mobile Banking Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Mobile Banking Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Mobile Banking Demand Share Forecast, 2019-2026
10. Middle East & Africa Mobile Banking Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Mobile Banking Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Mobile Banking Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Mobile Banking Market: Market Share Analysis
11.2. Mobile Banking Distributors and Customers
11.3. Mobile Banking Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. Don River
11.4.2. Sybase
11.4.3. Union M-Banking
11.4.4. Vesta
11.4.5. Visa
11.4.6. eSery Global Ltd
11.4.7. Google
11.4.8. Harris Online
11.4.9. LUUP
11.4.10. Arvest
11.4.11. Comviva