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Global Mobile Banking Market Report and Forecast 2024-2032
Market Report I 2024-05-01 I 173 Pages I EMR Inc.
Global Mobile Banking Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global mobile banking market is projected to grow at a CAGR of 19.10% between 2024 and 2032. Aided by the rising adoption of smartphones and the inclusion of advanced features in smartphones, the market is expected to grow significantly by 2032.
Mobile banking, a service that allows consumers to conduct financial transactions remotely using a mobile device, has become increasingly popular in recent years. This service encompasses a wide range of activities, including fund transfers, bill payments, account management, and investment services, all accessible through dedicated banking apps or mobile web browsers. The convenience of conducting banking operations anytime and anywhere has not only attracted a vast pool of users but also significantly enhanced customer satisfaction and loyalty, fuelling the mobile banking market expansion.
Several key factors contribute to the expansive mobile banking market growth. Firstly, the widespread adoption of smartphones and internet services across the globe has laid the foundation for mobile banking's success. The integration of advanced technologies such as blockchain, artificial intelligence (AI), and machine learning (ML) in mobile banking apps has further enhanced security, personalised banking experiences, and introduced innovative features, such as voice-activated transactions and predictive analytics.
Moreover, the COVID-19 pandemic has accelerated the transition towards digital banking solutions, as lockdown measures and social distancing norms have prompted consumers and financial institutions to rapidly adopt and expand mobile banking services. This shift is expected to have a long-lasting impact on consumer behaviour, with a significant portion of the population likely to continue using mobile banking services even after the pandemic.
Another significant driver aiding the mobile banking market expansion is the growing focus on financial inclusion. Mobile banking has proven to be an effective tool in reaching unbanked and underbanked populations, particularly in emerging economies. By offering accessible and affordable banking services, mobile banking plays a crucial role in integrating these segments into the formal financial system, thus promoting economic growth, and reducing inequality.
The global mobile banking market encompasses a diverse range of regional markets, each with unique characteristics and growth drivers. North America, led by the United States, is a mature market, characterised by high smartphone penetration and a well-established financial sector. The region is expected to continue its growth, driven by technological innovation and the integration of financial services with other digital ecosystems.
Market Segmentation
The market can be divided based on type, service, platform, mode of deployment, and region.
Market Breakup by Type
- SMS banking
- Wireless Application Protocol (WAP)
- Unstructured Supplementary Service Data (USSD)
Market Breakup by Service
- Transaction
- Account Information
- Investments
- Support Services
- Others
Market Breakup by Platform
- Android
- IOS
- Others
Market Breakup by Mode of Deployment
- Cloud
- On-premises
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global mobile banking market. Some of the major players explored in the report by Expert Market Research are as follows:
- Bank of America Corporation
- American Express Company
- JPMorgan Chase & Co.
- Barclays PLC
- Citigroup Inc.
- BNP Paribas SA
- Standard Chartered Group
- Mitsubishi UFJ Financial Group Inc.
- Wells Fargo & Co.
- HSBC Holdings plc
- Credit Agricole SA
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Mobile Banking Market Analysis
8.1 Key Industry Highlights
8.2 Global Mobile Banking Historical Market (2018-2023)
8.3 Global Mobile Banking Market Forecast (2024-2032)
8.4 Global Mobile Banking Market by Type
8.4.1 SMS Banking
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Wireless Application Protocol (WAP)
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Unstructured Supplementary Service Data (USSD)
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Mobile Banking Market by Service
8.5.1 Transaction
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Account Information
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Investments
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Support Services
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Mobile Banking Market by Platform
8.6.1 Android
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 IOS
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Others
8.7 Global Mobile Banking Market by Mode of Deployment
8.7.1 Cloud
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 On-premises
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Mobile Banking Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Mobile Banking Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Mobile Banking Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Mobile Banking Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Mobile Banking Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Mobile Banking Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profile
15.2.1 Bank of America Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 American Express Company
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 JPMorgan Chase & Co.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Barclays PLC
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Citigroup Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 BNP Paribas SA
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Standard Chartered Group
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Mitsubishi UFJ Financial Group Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Wells Fargo & Co.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 HSBC Holdings plc
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Credit Agricole SA
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Mobile Banking Market: Key Industry Highlights, 2018 and 2032
2. Global Mobile Banking Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Mobile Banking Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Mobile Banking Historical Market: Breakup by Service (USD Million), 2018-2023
5. Global Mobile Banking Market Forecast: Breakup by Service (USD Million), 2024-2032
6. Global Mobile Banking Historical Market: Breakup by Platform (USD Million), 2018-2023
7. Global Mobile Banking Market Forecast: Breakup by Platform (USD Million), 2024-2032
8. Global Mobile Banking Historical Market: Breakup by Mode of Deployment (USD Million), 2018-2023
9. Global Mobile Banking Market Forecast: Breakup by Mode of Deployment (USD Million), 2024-2032
10. Global Mobile Banking Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Mobile Banking Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Mobile Banking Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Mobile Banking Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Mobile Banking Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Mobile Banking Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Mobile Banking Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Mobile Banking Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Mobile Banking Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Mobile Banking Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Mobile Banking Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Mobile Banking Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Mobile Banking Market Structure
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