The global digital banking market is expected to grow by $2 billion, with a compounded growth rate of 4%. The retail banking sector is projected to expand by more than 4.1%, according to a recent study.
As noted in a release, the retail banking industry is on track to reach more than $6.3 billion by 2025. Businesses in this space must be prepared to conduct operations in a rapidly evolving market.
The US is expected to maintain its 4.8% growth rate. Germany is projected to add more than $104.1 million to the European Union’s share of the retail banking sector within the next 5 to 6 years. Over $92.6 million worth of estimated demand in the EU will come from other countries, the report noted.
Retail banking in Japan will be valued at $458.7 million by the end of the analysis period. China’s retail banking sector has the potential to grow at 3.7% during the next two years, which will add $337.1 million in terms of “addressable opportunity.”
Internal market dynamics and macroeconomic factors will influence the growth and development of the retail banking sector’s demand patterns in emerging Asia-Pacific economies, the release stated.
The main competitors in retail banking market include: ACI Worldwide, Inc.; Ally Financial Inc.; Backbase USA Inc.; Capital Banking Solutions; CR2; Digiliti Money, Inc.; Fiserv, Inc.; Infosys Ltd.; JPMorgan Chase and Co.; Kony, Inc.; Microsoft Corporation; Oracle Corporation; Tata Consultancy Services Ltd.; Technisys; Temenos Headquarters SA; TRG Mobilearth Inc.; Urban FT