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Global Digital Banking Strategic Market Report 2023: Market to Reach $53.5 Billion by 2030 from $18 Billion in 2022 – Rise in eCommerce and mCommerce Strengthens the Business Case for Digital Banking

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Dublin, April 24, 2023 (GLOBE NEWSWIRE) — The “Digital Banking: Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.

Global Digital Banking Market to Reach $53.5 Billion by 2030

In the changed post COVID-19 business landscape, the global market for Digital Banking estimated at US$18.1 Billion in the year 2022, is projected to reach a revised size of US$53.5 Billion by 2030, growing at a CAGR of 14.5% over the analysis period 2022-2030.

Retail Banking, one of the segments analyzed in the report, is projected to record a 13.2% CAGR and reach US$21.9 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Corporate Banking segment is readjusted to a revised 16.9% CAGR for the next 8-year period.

The U.S. Market is Estimated at $5.2 Billion, While China is Forecast to Grow at 18.2% CAGR

The Digital Banking market in the U.S. is estimated at US$5.2 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$9.3 Billion by the year 2030 trailing a CAGR of 18.2% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.2% and 12.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 13.4% CAGR.

Looking Ahead to 2023

As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession.

Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New for 2023?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies – Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Key Attributes:

Report Attribute Details
No. of Pages 487
Forecast Period 2022 – 2030
Estimated Market Value (USD) in 2022 $18.1 Billion
Forecasted Market Value (USD) by 2030 $53.5 Billion
Compound Annual Growth Rate 14.5%
Regions Covered Global

MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Internet Infrastructure Provides the Cornerstone for the Growth of Digital Banking
  • Global Efforts to Go Cashless Provides Policy Led Support for the Evolution of Digital Banking
  • Spurred by the Pandemic & Its Low Touch Norm, Rapid Progress Towards a Cashless Society Provides Opportunities On a Platter for Digital Banking Technologies & Services
  • These are Times When Questions Abound & Answers Are Few
  • So How Fast Or Slow Are We Moving?
  • How Fast the World is Vaccinated Will Determine How Soon the Pandemic Will End
  • As India Burns Amid a Lethal Double & Triple Mutation Driven Second Wave, Its Clear That Equity is Not a Part of Global Policy on Tackling COVID
  • What We Know So Far – “Vaccine Efficiency Against New Strains is Decreasing”
  • Progress on Vaccinations, Why Should Businesses Care?
  • Digital Banking: Definition, Overview, Importance & Benefits
  • Recent Market Activity
  • Innovations

MARKET TRENDS & DRIVERS

  • Digital Lifestyles & the Ensuing Rise in FTTH Connections Encourage Internet Banking Habits
  • More Homes With Fiber Internet Increases the Odds of Digital Banking Adoption
  • Spectacular Rise in eCommerce and mCommerce Strengthens the Business Case for Digital Banking
  • Pandemic Fast Forwards eCommerce Growth
  • Mobile Wallets & Payments Goes Mainstream as Mobile Banking Gains Popularity
  • Mobile Banking: A Primer
  • Share of Mobile Payments Becomes Bigger
  • Developments in Mobile Wallets Encourage Increase in Mobile Payments
  • Mobile Money Flourishes in Developing Countries
  • The Rise of the On-Demand Economy & Customer Self-Service Tilts Digital Banking Technologies into the Mass Adoption Stage
  • Robust Developments in Biometrics to Counter Fraud to Infuse Confidence in Digital Banking
  • Here’s How Biometrics Role in Banking and Financial Institutions is Getting Bigger
  • Regulatory Mandates Promote Adoption Biometrics Technology in Banking Sector
  • Growing Ubiquity of Electronic Bill Presentment & Payment (EBPP) Systems Forces Customers to Move Towards Electronic Modes of Payment
  • Growing Focus on Environmental Sustainability to Benefit Digital Banking
  • Role of Artificial Intelligence in Banking Gets Bigger
  • Blockchain Emerges to Disrupt the Banking Industry
  • Online Banking Fraud Could Become History With Blockchain
  • Mind Bending Losses Accruing Due to Online Banking Fraud Pushes Up the Urgency to Explore the Unrivalled Security Benefits Offered by Blockchain
  • Blockchain-based Payments Processing: An Active Area of Interest for Banks
  • Big Data Explosion, a Fallout of Digitalization of Banking Activities
  • Is Quantum Computing Ripe for the Banking Industry?

FOCUS ON SELECT PLAYERS (Total 222 Featured)

  • Appway AG
  • Backbase
  • EdgeVerve Systems Limited
  • Fidor Solutions AG
  • Fiserv, Inc.
  • NETinfo PLC
  • NF Innova
  • Oracle Corporation
  • SAP AG
  • Tata Consultancy Services Limited
  • Technisys
  • Temenos Group AG

For more information about this report visit https://www.researchandmarkets.com/r/sysz7s

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Artificial Intelligence

oToBrite Develops a Compact All-Weather Vision-AI Driver Monitoring System for the Commercial Vehicle Market

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HSINCHU, May 9, 2024 /PRNewswire/ — oToBrite, a leading provider of vision-AI ADAS solutions, has successfully developed a compact all-weather vision-AI Driver Monitoring System (DMS). With a high-sensitivity automotive-grade global shutter image sensor, the system achieves outstanding Quantum Efficiency (QE), providing clear image quality day and night. With oToBrite’s proprietary secondary optical system, the overall combination effectively enhances the accuracy and reliability of the vision-AI algorithm in all weather conditions. The DMS has already been successfully delivered to heavy commercial vehicle manufacturers, mitigating the potential risks of traffic accidents.

oToBrite’s vision-AI DMS utilizes self-developed AI 3D facial landmark technology to identify over 100 driver IDs and recognize driving behaviors, including smoking, phone use, distraction, fatigue. The system remains effective even when drivers wear Level 3 sunglasses or coated glasses, without compromising the detection and recognition capabilities of vision-AI.
The vision-AI DMS features a 940nm infrared and high-QE sensor, coupled with oToBrite’s proprietary optical design, ensuring clear images in strong light conditions (>120K lux) or during nighttime driving. Additionally, oToBrite’s vision-AI technology optimizes facial image quality, ensuring accurate AI recognition whether driving against sunlight, backlight, or through tunnels.
Miniaturization is a significant trend in driver monitoring applications. oToBrite further emphasizes that, compared to many systems on the market requiring multiple LEDs for sufficient illumination, the DMS only needs one LED to meet the system’s image quality requirements. In terms of hardware technology, oToBrite’s secondary optical system adjusts the LED light source to any angle to meet light distribution needs. Concentrating the light source can double the illumination, producing more reliable images for AI recognition. This also reduces optical component usage, enhances image clarity, and saves installation space and system costs.
According to the 2023 market research report by Gii, the DMS market reached $1.3 billion in 2022, with an expected Compound Annual Growth Rate (CAGR) of 8.3% by 2028, reaching $20.8 billion. Currently, several countries are drafting or have implemented regulations, and driven by regulatory demand, oToBrite’s compact all-weather vision-AI DMS has begun mass production, contributing to achieving Vision Zero. Read more: http://www.otobrite.com/en/block/index/99
About oToBrite 
oToBrite is a leading vison-AI ADAS/AD solutions provider. Based in Hsinchu Science Park, oToBrite has IATF 16949-certified clean room factory and many years of experience as an automotive Tier-1 supplier. Through comprehensive research and development capabilities, oToBrite provides vision-AI algorithms, ECU/domain controllers and automotive-grade/special purpose cameras.
Photo – https://mma.prnewswire.com/media/2406494/News_DMS0507.jpg

View original content:https://www.prnewswire.co.uk/news-releases/otobrite-develops-a-compact-all-weather-vision-ai-driver-monitoring-system-for-the-commercial-vehicle-market-302140971.html

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Artificial Intelligence

OMRON Selects IPfolio from Clarivate

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IP solution maximizes operational efficiency for leading automation company
LONDON, May 9, 2024 /PRNewswire/ — Clarivate Plc (NYSE: CLVT), a leading global provider of transformative intelligence, announced today that OMRON has selected IPfolio™, an intellectual property management software from Clarivate to transform their IP operations. This solution will enable OMRON, a leading automation company to make smarter decisions and plan strategically using IP data and analytical insights.

With IPfolio’s help, OMRON will be able to better manage its IP assets and keep up with the rising number of filings and data volumes, while eliminating manual processes. The IP team at OMRON can enhance their analysis and collaboration with stakeholders by using insightful data visualizations. This can lead to increased productivity, deeper insights, and faster decision-making with confidence.
Gordon Samson, President, Intellectual Property, Clarivate, said, “Our IP Management Software integrates data and services to empower our clients to remove friction, enhance collaboration and make better informed decisions. We are confident that IPfolio will help OMRON simplify the process of managing IP assets across the entire lifecycle.”
About ClarivateClarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com
Media Contact:Jack Wan, External Communications [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/omron-selects-ipfolio-from-clarivate-302139322.html

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Artificial Intelligence

First-of-Its-kind Institute of Neurotechnology & Law Launches in the UK

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Most people don’t know that, due to recent groundbreaking scientific advances, existing technology can read thoughts, implant dreams, scan memory, tell if a subject is in love, and hack brains for PIN codes.
LONDON, May 9, 2024 /PRNewswire/ — Announcing the establishment of the Institute of Neurotechnology and Law (INL) – the first organisation of its kind in the world, crafted in response to the swift advancements in neurotechnology and the emerging concerns over human rights and privacy.

The world is about to change. Yet whilst AI steals the headlines, recent extraordinary advancements in neurotechnology have gone largely under the radar.
That is why we have set up the Institute of Neurotechnology and Law.
“We are at a critical juncture in the evolution of neurotechnology. The possibilities for improving human life are immense, yet so are the risks to privacy and autonomy,” stated Founder Harry Lambert. “The Institute of Neurotechnology and Law is dedicated to ensuring these technologies enable human flourishing without compromising our moral and ethical principles.”
The institute has already garnered significant attention, attracting some of the world’s foremost experts in neurotechnology, neuroscience, ethics, and law. These distinguished panellists will collaborate to address the pressing issues at the intersection of technology and human rights, aiming to influence policy both domestically and internationally.
For more information about the Institute of Neurotechnology and Law, upcoming events, and membership details, please visit www.neurotechlaw.com.
Media Contact: [email protected]. 07982678044

View original content:https://www.prnewswire.co.uk/news-releases/first-of-its-kind-institute-of-neurotechnology–law-launches-in-the-uk-302140545.html

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