The integration of new technologies creates more opportunities in the market
The global mobile banking market is expected to reach $1.82 billion by 2026, growing at a compound annual growth rate (CAGR) of 12.2% from 2019 to 2026.
Allied Market Research reveals that technological improvements, a surge in consumer acceptance and a significant boost in smartphone usage are the key factors of growth. Although, an increase in security and privacy concerns along with improper connectivity and network infrastructure confine the market growth.
Customers use mobile banking on a daily basis for online purchases, payments of equated monthly installment (EMI), and other transactions. This way, the consumer to business (C2B) is estimated to register the highest CAGR of 12.4% from 2019 to 2026.
According to the fact that the Android segment held nearly 3/4 of the total share, it will continue to lead in terms of revenue during the forecast period. As to the iOS segment, it is estimated to register the fastest CAGR of 12.7% from 2019 to 2026.
Study unveils that North America contributed to nearly half of the global mobile banking market in 2018, and is expected to maintain its dominance by 2026. At the same time, Asia-Pacific is believed to register the highest growth rate with a CAGR of 16.0% during the forecast period due to the development of digital banking.