Digital Banking

Digital banking market to reach $30.1B by 2026

Image via Istock.com

March 11, 2022

The global digital banking market will reach $30.1 billion by 2026 up from $18.1 billion in 2022, according to a study by Global Industry Analysts Inc. The market will grow at a compound annual growth rate of 15.7 percent during the forecasted period as well, according to a press release.

Primary drivers of the market include:

• Increasing adoption of cryptocurrencies and payment solutions like Square, PayPal and Apple Pay.
• Growth of contactless card payments.
• Reduction in value-added tax rates on card payments.
• Costs of handling cash.

The U.S. currently holds 28.78 percent of the market share, and China will grow to hold a 19.9 percent market share by 2026.