Smart Banking Market

According to a research report "Smart Banking Market - Global Forecast to 2027" published by MarketsandMarkets, the global smart banking market size is projected to grow from USD XX.X million in 2022 to USD XX.X million by 2027, at a compound annual growth rate (CAGR) of XX.X% during the forecast period. The major factors driving the growth of the smart banking market include the shift toward adoption of advanced technologies and video banking.

Based on application, the commercial bank segment to have the highest growth rate during the forecast period

Commercial banks are essential to the economy on both a national and international scale. Commercial banks are important because they operate as a reliable and secure location where people and businesses can keep their funds, eliminating the need for those parties to maintain sizable sums of money on their homes or places of business. Commercial banks are used internationally as a means of transferring money from one nation to another, doing away with the necessity to bring cash with you when you travel. Banks employ the funds deposited by customers into their savings accounts to lend to different companies and people in order to promote economic growth.

Based on type, the cloud-based segment is expected to hold the highest market size during the forecast period

The cloud segment is expected to hold the highest market share during the forecast period. The cloud based smart banking services allows develop a strategy, utilize managed services, or further modernize and secure applications and infrastructure. Cloud based smart banking allows banks to improve customer insights, increase profits, test their products, deliver relevant and diverse offerings, and expand their service portfolio. It also helps to conveniently organize and store data, which makes it easier to analyse it and generate valuable insights.

APAC is expected to grow at a higher CAGR during the forecast period

The Asia Pacific is expected to hold the highest CAGR in the smart banking market during the forecast period. The number of fintech startups has increased in the APAC countries, which has caused a disruption within the ecosystem of smart banking. However, traditional banking companies are launching digital transformation initiatives to keep up with this quick pace of innovations.

For the banking sector, India, China, Bangladesh, and several other APAC nations represent a sizable untapped opportunity. This has demonstrated to be a catalyst for the expansion of financial companies in the area. Therefore, adopting measures for the digitalization of their services is what motivates bankers. The use of smart banking is growing in the area along with the number of mobile devices and their users. Key and innovative vendors in smart banking market are IBM (US), Huawei (China), Virtusa (US), Sinodata (China), Hundsun (China), Sunyard (China), Parsa Technologies (India), KingTeller Tech (China), ebankIT (Portugal), PayStand (US), Backbase (Netherlands), Elliptic (UK), GoodLeap (US), Betterment (US), AlphaSense (US), Copper Banking (US), Personetics (US), Thought Machine (UK), TymeBank (South Africa), Chengdu Santai Electronics (China), and Info- Vision Research Systems (Philippines).

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