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Mobile Banking Market to Reach $7 billion, Globally, by 2032 at 16.8% CAGR: Allied Market Research
Growth in awareness about personal finance management, increase in demand for convenient banking services, and integration of advanced technologies contribute towards the growth of the market.
WILMINGTON, Del., Nov. 23, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Mobile Banking Market by Transaction (Consumer-to-consumer, and Consumer-to-business), and Platform (Android, iOS, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global mobile banking industry generated $1.5 billion in 2022, and is anticipated to generate $7 billion by 2032, witnessing a CAGR of 16.8% from 2023 to 2032.
(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)
100 – Tables
63 – Charts
319 – Pages
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Prime determinants of growth
The increase in demand for personalization on products & services and instant self-service assistance via mobile application propel the growth of the mobile banking market. However, lack of proper connectivity and unavailability of network infrastructure in developing countries for integrating mobile banking usage, are some of the factors that limit the mobile banking market growth. Conversely, utilization of chatbots, blockchain, and other services is expected to improve consumer engagements which fuel the growth of the market.
Report coverage & details:
|
Report Coverage |
Details  |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$1.5 billion |
|
Market Size in 2032 |
$7 billion |
|
CAGR |
16.8 % |
|
No. of Pages in Report |
319 |
|
Segments covered |
Transaction, Platform, and Region. |
|
Drivers |
Increased smartphone penetration Increase in demand for convenient banking services Growth in awareness about personal finance management |
|
Opportunities |
Integration of advanced technologies The emergence of fintech startups |
|
Restraints |
Rise in security and privacy concerns |
COVID-19 Scenario
- The pandemic accelerated the adoption of mobile banking services. As physical bank branches closed or operated with restrictions, consumers turned to their smartphones for their banking needs. The convenience and safety of mobile banking apps became more apparent, and people increasingly relied on them for everything from checking balances to making transactions. Moreover, the fear of handling physical cash and the need for contactless payments led to a surge in mobile wallet and contactless payment usage.
- Overall, Mobile banking apps integrated with mobile wallets and made it seamless for users to pay for goods and services without using cash or cards. Furthermore, the increase in digital transactions prompted the development of advanced cybersecurity measures and fraud prevention mechanisms within mobile banking apps, ensuring the safety of online transactions. Therefore, the COVID-19 pandemic had a positive impact on the mobile banking market.
The consumer-to-business segment to maintain its leadership status throughout the forecast period
By transaction, the consumer-to-business segment held the highest market share in 2022, accounting for more than three-fourth of the global mobile banking market revenue, owing to the fact that the customers are primarily using mobile banking for transferring money on a daily basis for various purchases made online, paying equated monthly instalment (EMI), and other such financial transactions in their day-to-day life. However, the consumer-to-consumer segment is projected to manifest the highest CAGR of 20.4% from 2023 to 2032. This is attributed to the widespread adoption of smartphones, the development of user-friendly applications, and a broader trend towards decentralization in the financial landscape.
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The Android segment to maintain its leadership status throughout the forecast period
By platform, the android segment held the highest market share in 2022, accounting for two-thirds of the global mobile banking market revenue and is estimated to maintain its leadership status throughout the forecast period. This is owing to the fact that developing economies are at the forefront in the usage of android platform, resulting in banks concentrating more on providing mobile banking services on this platform, becoming a major mobile banking market trend. However, the iOS segment is projected to manifest the highest CAGR of 20.2% from 2023 to 2032. This is due to the fact that iOS mobile banking apps are leveraging voice-activated AI, such as Siri, to offer users voice-assisted banking services, allowing them to perform transactions, check balances, and get information through voice commands.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global mobile banking revenue, owing to the fact that North American mobile banking apps are increasingly incorporating biometric authentication methods, such as fingerprint recognition and facial recognition. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.0% from 2023 to 2032, and is likely to dominate the market during the forecast period. This is due to then development of digital banking, increase in usage of internet, implementation of next generation payment technologies such as UPI, and a robust economy driving strong mobile banking industry growth in the region.
Leading Market Players: –
- American Express Company
- Bank of America Corporation
- BNP Paribas
- Capital One
- Citigroup Inc.
- JPMorgan Chase & Co.
- Mitsubishi UFJ Financial Group, Inc.
- UBS
- HSBC Holdings plc
- Wells Fargo & Company
The report provides a detailed analysis of these key players of the global mobile banking market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mobile banking market forecast from 2022 to 2032 to identify the prevailing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities of mobile banking market outlook.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the mobile banking market segmentation assists in determining the prevailing mobile banking market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global mobile banking market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
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Mobile Banking Market Report Highlights
Aspects Details Market
By Transaction
- Consumer-to-business
- Consumer-to-consumer
By Platform
- Android
- iOS
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Itlay, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Rest of Latin America, Rest of Middle East, Central African Republic)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
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Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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