Mobile Banking Market Report and Forecast 2024-2032

According to the report, 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 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 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