Connect with us
Prague Gaming & TECH Summit 2024

Fintech PR

Mobile Banking Market to Reach $7 billion, Globally, by 2032 at 16.8% CAGR: Allied Market Research

Published

on

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

Request Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/233  

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.    

Request Customization: https://www.alliedmarketresearch.com/request-for-customization/233  

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.
  •  

Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/233

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)

Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):

Commercial Banking Market by Products (Commercial Lending, Treasury Management, Project Finance, Syndicated Loans, Capital Market, Others), by Application (Healthcare, Construction, Transportation and Logistics, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Open Banking Market by Financial Services (Banking & Capital Markets, Payments, Digital Currencies, Value Added Services), by Distribution Channel (Bank Channel, App market, Distributors, Aggregators): Global Opportunity Analysis and Industry Forecast, 2020-2031

Voice Banking Market by Component (Solution, Services), by Deployment Mode (On-Premise, Cloud), by Technology (Machine Learning, Deep Learning, Natural Language Processing, Others), by Application (Banks, NBFCs, Credit Unions, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031

Core Banking Software Market by Component (Solution, Service), by Deployment Model (On-premise, Cloud), by End User (Banks, Financial Institutions, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Online Banking Market Service Type (Payments, Processing Services, Customer & Channel Management, Wealth Management, and Others), and by Banking Type (Retail Banking, Corporate Banking, and Investment Banking): Global Opportunity Analysis and Industry Forecast, 2020-2027

Investment Banking & Trading Services Market by Service Type (Equity Underwriting & Debt Underwriting Services, Trading & Related Services, Financial Advisory, AND Others) and Industry Verticals (BFSI, Healthcare, Manufacturing, Energy & Utilities, IT & Telecom, Retail & Consumer Goods, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027

About Us:

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.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected] 

Allied Market Research Blog: https://blog.alliedmarketresearch.com
BFSI Blog

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg 

Cision View original content:https://www.prnewswire.co.uk/news-releases/mobile-banking-market-to-reach-7-billion-globally-by-2032-at-16-8-cagr-allied-market-research-301996234.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Fintech PR

Newmark Group Reports Fourth Quarter and Full Year 2023 Financial Results

Published

on

newmark-group-reports-fourth-quarter-and-full-year-2023-financial-results

Conference Call to Discuss Results Scheduled for 10:00 a.m. ET Today

NEW YORK, Feb. 22, 2024 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate service provider to large institutional investors, global corporations, and other owners and occupiers, today reported its financial results for the three months and year ended December 31, 2023.

A complete and full-text financial results press release, including information about today’s financial results conference call and Newmark’s dividend declaration, is accessible in the “Media” section at https://nmrk.com. It is also available directly at any of the following web pages:

https://ir.nmrk.com (PDF version of the full press release, PDF of a quarterly results investor presentation, and supplemental Excel financial tables)

https://ir.nmrk.com/investors/news-releases/financial-and-corporate-releases (Links to the PDF version of the full press release, PDF of a quarterly results investor presentation, and to Excel financial tables)

https://nmrk.com/media (PDF version of the full release only)

(Note: If clicking on the above links does not open a new web page, you may need to cut and paste the above URLs into your browser’s address bar.)

Today’s conference call is expected to contain forward-looking statements with respect to the Company’s financial outlook.

ABOUT NEWMARK
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT NEWMARK
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

Logo – https://mma.prnewswire.com/media/1057994/Newmark_Group_Inc_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/newmark-group-reports-fourth-quarter-and-full-year-2023-financial-results-302068804.html

Continue Reading

Fintech PR

Singularity Closes $2.2M in Latest Funding Round to Provide Institutions Confidential Access to DeFi

Published

on

singularity-closes-$2.2m-in-latest-funding-round-to-provide-institutions-confidential-access-to-defi

DENVER, Feb. 22, 2024 /PRNewswire/ — Singularity, founded in late 2022, has successfully concluded its second funding round at the end of 2023, with this round led by Gumi Cryptos Capital. The funding will support the development of its protocol, aimed at facilitating compliant access to DeFi as well as ensuring commercial confidentiality for all on-chain activities, with an emphasis on institutional users.

Notable participation from investors such as Nomura’s digital asset subsidiary Laser Digital, Eureka Partners, and previous round investors including Apollo Crypto, Digital Asset Capital Management, and Gandel Invest, underscores top tier institutional and Venture Capital firms’ confidence in Singularity’s vision. With this latest round, Singularity has raised close to US$4 million since its inception.

Singularity is leading the way in developing a KYC/KYB-compliant institutional DeFi access layer, providing access to leading protocols for on-chain institutional participants while prioritizing commercial confidentiality. Users can seamlessly access existing on-chain liquidity and conduct transactions within Singularity, all while benefiting from on-chain anonymity by utilizing advanced zero-knowledge technology.

The initial cohort of institutional users comprises a significant portion of Singularity’s investors, spanning liquid funds, asset managers, and venture capitalists. Singularity stands as one of the first DeFi infrastructure protocols leveraging Noir-based zero-knowledge circuits. Noir is a domain-specific language for SNARK proving systems developed by Aztec Labs. It serves as a universal language for zero-knowledge (ZK) circuits. Users can have confidence in the commercial confidentiality of their on-chain activity protected by state-of-the-art cryptography.

“We look forward to launching in the coming months with our early institutional users. We focused on designing and building in 2023, and, in what was a very difficult year for primary markets, our investors’ commitments validate the institutional need to transact on-chain without information leakages” said Jemma Xu, co-founder of Singularity, “We have an exciting product roadmap ahead with more integrations and multichain deployments. Our immediate focus is on growing our institutional user base.”     

“We are proud to support Singularity in their efforts to advance DeFi accessibility. Singularity addresses a crucial need in the market, providing institutional users with both the compliance and the commercial confidentiality necessary to participate in DeFi. We look forward to partnering with Singularity in this journey,” said Miko Matsumura, Managing Partner at Gumi Cryptos Capital.

“We are excited to support Singularity on its journey to bring private and compliant DeFi accessibility to institutions.” said Jez Mohideen, CEO of Laser Digital.

Users can both leverage the underlying existing on-chain liquidity and transact within the Singularity, obfuscating both wallet addresses and order details. At launch, Singularity will be integrated with some of the major DeFi protocols and will continue to grow its integrations to provide users with a diversity of on-chain strategies.

About Singularity:

Singularity, a protocol developed by PG Foundation, is a compliant institutional DeFi access layer that provides access to popular protocols for institutional on-chain participants with commercial confidentiality. Users will have their wallet addresses obfuscated whilst leveraging existing DeFi liquidity. Singularity uses the state-of-the-art UltraPLONK proof system with zero-knowledge circuits based on Noir.

Contact:

Email: [email protected] 
Website: thesingularity.network
Twitter: https://twitter.com/singularityzk
LinkedIn:
https://www.linkedin.com/company/singularityzk 

View original content:https://www.prnewswire.co.uk/news-releases/singularity-closes-2-2m-in-latest-funding-round-to-provide-institutions-confidential-access-to-defi-302067542.html

Continue Reading

Fintech PR

Kakao Brain Debuts ‘KARA-CXR’, a Web-Based Radiology Report Service Powered by Large-Scale AI

Published

on

kakao-brain-debuts-‘kara-cxr’,-a-web-based-radiology-report-service-powered-by-large-scale-ai

“AI Assistant for Radiologists”

  • Kakao Brain introduced last month a web-based radiology report Research Use Only (RUO) service powered by its large-scale artificial intelligence (AI), “KARA-CXR.”
  • Kakao Brain plans to expand the interactive functions supporting various imaging medical examinations through the advancement of large-scale multi-modal generation AI technology.

SEOUL, South Korea, Feb. 22, 2024 /PRNewswire/ — Kakao Brain has unveiled the research use only (RUO) web-based solution powered by “KARA-CXR” (short for “Kakao Brain AI for Radiology Assistant-CXR”), a large-scale AI algorithm that instantly generates preliminary radiology reports for doctor’s review when chest X-ray images are uploaded onto the web.

Through this user-friendly and seamless solution, medical researchers can experience various functions such as: receiving two types of AI interpretations of chest X-ray images together (a simple report and a detailed full report); ability to upload multiple DICOM files at once and receiving multiple reports simultaneously; and being able to share the AI interpretations within the research group or medical community. It also features compliant security measures that anonymize and protect any personal information contained in DICOM files.

Kakao Brain started developing ‘KARA-CXR’ in 2022, collaborating with 11 leading university hospitals and large medical institutions. Partners include: Ewha Womans University Medical Center (Seoul, Mok-dong), Ajou University Hospital, Soonchunhyang Medical Center (Cheonan, Gumi, Seoul), Chungnam National University Hospital, Chungbuk National University Hospital, Keimyung University Dongsan Medical Center, Inha University Hospital, Dongguk University Ilsan Hospital, among others. ‘KARA-CXR’ has analyzed over 16 million chest X-ray images and readings. KARA-CXR is built on Kakao Brain’s healthcare-specialized large-scale generative AI model, and the research team is preparing to publish the results in influential academic journals.

Kakao Brain is preparing to obtain the European Union certification and seek approval from the US FDA and Korean Ministry of Food and Drug Safety. Kakao Brain is committed to the expansion of AI-powered radiology solution to address the inefficiency in the existing interpretation and reporting process, a shortage of radiologists, and to unburden healthcare professionals from the increasing workload. As an RUO tool, KARA-CXR is currently available for research use only and is not intended to diagnose, treat, cure, or prevent any disease.

Kim Il-doo, CEO of Kakao Brain, stated, “As KARA-CXR was developed using high-quality data and the latest technology involving large-scale learning and generative AI, I hope that it will eventually play a great role in enhancing the workflow for the radiologists, not to mention improving the efficiency of chest x-ray image interpretation.” He also added, “We are planning to go beyond generating AI interpretations of chest X-rays by expanding the algorithms to include interactive functions that support a variety of medical imaging tests, by utilizing the advanced large-scale multi-modal generative AI technology.”

Kakao Brain is a Korea-based global AI technology company. Founded in 2017, Kakao Brain aims to develop AI technology that will change people’s lifestyle and embraces the challenge of asking the ‘Unthinkable Question’ to spark innovation, allowing everyone to live better lives. Kakao Brain has developed numerous innovative AI technologies and services designed to enhance people’s quality of life through continuous technological innovation. These include the large-scale language model KoGPT and the image generation model Karlo. Additionally, Kakao Brain contributes to the development of the AI technology community by releasing ‘Coyo,’ a dataset consisting of approximately 740 million images and text. More information about Kakao Brain can be found on their official website: https://KakaoBrain.com/.

View original content:https://www.prnewswire.co.uk/news-releases/kakao-brain-debuts-kara-cxr-a-web-based-radiology-report-service-powered-by-large-scale-ai-302068283.html

Continue Reading

Trending