Global Mobile Banking Market Size, Share, Growth Analysis, By Type(Balance Enquiry, Fund Transfers), By Application(Account Management, Transactional Services) - Industry Forecast 2024-2031

Global Mobile Banking Market size was valued at USD 7.72 billion in 2022 and is poised to grow from USD 8.62 billion in 2023 to USD 20.90 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024- 2031).

The global mobile banking sector has seen remarkable growth and change recently, becoming a crucial part of the banking industry worldwide. Market analysis shows that this growth is driven by the increasing use of smartphones and the growing demand for convenient banking services. As smartphones become more affordable and accessible, more people can access mobile banking, leading to a surge in users globally. One major factor behind this growth is the convenience mobile banking offers. It allows users to do a wide range of banking tasks anytime and anywhere without going to a physical bank branch. Users can check balances, transfer money, pay bills, and even apply for loans using their mobile devices, which has attracted many customers to mobile banking services and fueled market growth. Security and trust have been important concerns for mobile banking users, but advances in mobile technology and strong security measures have greatly improved the security of mobile banking apps. Biometric authentication methods like fingerprint scanning and facial recognition add an extra layer of security, giving users confidence to do financial transactions on their mobile devices. This has helped ease security worries and increase the adoption of mobile banking services.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Mobile Banking Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Mobile Banking Market Segmental Analysis

The global mobile banking market is segmented on the basis of type, application, and region. By type, the market is segmented into balance enquiry, fund transfers, mobile payments, and personal financial management. By application, the market is segmented into account management, transactional services, loan and credit services, and budgeting and expense tracking. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Mobile Banking Market

Mobile banking offers unmatched convenience and accessibility to customers, allowing them to carry out various financial transactions anytime and anywhere, without having to visit physical bank branches. This convenience has led to a higher adoption of mobile banking services among consumers, improving their overall banking experience.

Restraints in the Global Mobile Banking Market

Some people still prefer traditional banking methods and are hesitant to embrace digital platforms due to factors like limited technological familiarity or concerns about trust and security. This resistance to change, combined with a preference for in-person interactions, can slow down the widespread adoption of mobile banking services. Customers may be reluctant to move away from traditional banking channels.

Market Trends of the Global Mobile Banking Market

A significant trend in the global mobile banking market is the rising adoption of open banking. Open banking is a financial technology that permits third-party financial service providers to access customer banking data with their consent. This enables customers to share their banking data with a broader range of financial service providers, potentially granting them access to a wider array of financial products and services.