The global digital banking platform market was valued at US$ 3.17 Bn in 2018 and is expected to reach US$ 8.67 Bn by 2027 with a CAGR growth rate of 12.07% in the forecast period from 2019 to 2027.
The major driving factors contributing to the digital banking platform market growth includes the growing digital transformation in the banking industry and rising demand for smart mobile devices and digital banking services among consumers.
The digital banking platform market is segmented on the basis of deployment and type. Based on type, the digital banking platform market is segmented into corporate banking and retail banking. On the basis of deployment, the digital banking platform market is segmented into the cloud and on-premise. Retail banking contributed a substantial share in the global digital banking platform market.
The digital revolution across the globe has changed the banking landscape as well as customer behavior and expectations. New ecosystem players such as fintechs, open banking, payment services directive, and SWIFT standards are emerging in the global banking industry with innovative technology solutions. In 2018, on-premise was the leading segment by deployment type; however, cloud-based deployment is experiencing a high CAGR.
Compared to cloud service, on-premise is costlier as it requires IT infrastructure and installation of the software. Small and medium enterprise prefer cloud service rather than on-premise due to low budget and high cost of service. The large enterprise mostly adopts the on-premise deployment model as due to their high budgets, they can afford all the installation cost.
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