The global Virtual Banking market is extremely competitive and comprise various global and regional players who accounted for robust market share in 2020. Some of the key companies operating in the global Virtual Banking market include: Bank of America, Wells Fargo, Citigroup, Barclays Plc, Morgan Stanley, JPMorgan Chase, HSBC Group, Starling Bank, Revolut, Monzo Bank Ltd., Hello Bank, Valyuz UAB, Bank of China, Industrial and Commercial Bank of China Limited, China Construction Bank Corporation and China Merchants Bank. These market players are various strategies such as mergers and acquisitions, collaborations, joint ventures, collaborations, partnerships and research and development investments to strengthen their market position and expand their product base.
The global virtual banking market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors providing impetus to market revenue growth are rapid digitization of the banking financial services industry, growing adoption of cloud-based banking solutions by financial institutions, and rising number of virtual banking platforms worldwide.
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Rapidly growing commercial and industrial sectors, rising concerns about data breaching in multinational companies, corporates, hospitals, rising demand for ICT services in various sectors such as healthcare and pharmaceuticals, IT, financial services and hospitals are some of the key factors boosting growth of the global Virtual Banking market revenue growth. In addition, increasing RD investments and rising focus on developing more secure products are supporting market growth.
Geographically, North America is expected to account for robust revenue share between 2021 and 2028 owing to factors such as rising concerns about data leakage and security, presence of key players and increasing adoption of advanced solutions.
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Virtual Banking Market segmentation
Component Outlook (Revenue, USD Billion; 2018-2028)
- Platforms
- Services
- Professional Services
- Managed Services
Banking Mode Outlook (Revenue, USD Billion; 2018-2028)
- Internet Banking
- Mobile Banking
Deployment Type Outlook (Revenue, USD Billion; 2018-2028)
- On-premises
- Cloud
Banking Type Outlook (Revenue, USD Billion; 2018-2028)
- Retail Banking
- Corporate Banking
- Investment Banking
- Others
Service Type Outlook (Revenue, USD Billion; 2018-2028)
- Payments
- Processing Services
- Customer Channel Management
- Wealth Management
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key objectives of the report:
- Details about revenue growth, market size, drivers, opportunities, constraints
- Historical and forecast revenue of the key segments, products, applications and detailed analysis of the regions in the market
- Production capacity, revenue, pricing structure, market share, and CAGR.
- To offer insights about current market position, forecast estimation, competitive landscape and research and development activities
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