Mobile Banking Market Report 2025 (Global Edition)

Global Mobile Banking Market Report 2025 Market Size Split by Solution Outlook: (Customer Management, Mobile Banking Features, Mobile Payment Features), by Technology Outlook: (Wireless Application Pr...

Mobile Banking Market Report Description

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Competitive Landscape of the Mobile Banking Market

The mobile banking market is highly competitive, with key players such as JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup dominating in North America and major international banks like HSBC and Barclays leading in Europe. Fintech companies, including Square and Revolut, are increasingly gaining market share with innovative digital banking solutions. The market is driven by technological advancements in mobile apps, enhanced security features, and a growing preference for convenient, on-the-go banking services. Competition is intensifying with new entrants offering low-cost alternatives.

In November 2023, ZTE and Telkomsel continued their crucial collaboration to implement innovative 5G technology in the maritime industry. As a result of this collaboration, Gorontalo's fishing yield increased by 11%. (Source: https://www.zte.com.cn/global/about/news/continuation-of-telkomsel-and-zte-strategic-collaboration-in-innovative-maritime-sector-5g-implementation-increases-fishing-yield-in-gorontalo-by-11percent.html) In October 2023, Backbase announced a strategic partnership with Atomicto to enable financial institutions to provide clients with consistent direct deposit modifications during account creation and effectively confirm pay and job subtleties during credit processes. (Source: https://www.backbase.com/press/backbase-and-atomic-partner-to-deliver-direct-deposit)

Top Companies Market Share in Mobile Banking Industry: (In no particular order of Rank)

• Ant Group (China)
• PayPal Holdings Inc. (US)
• Alipay (China)
• Tencent Holdings Ltd. (China)
• Square Inc. (US)
• JPMorgan Chase & Co. (US)
• Bank of America Corporation (US)
• Wells Fargo & Company (US)
• Citigroup Inc. (US)
• BBVA (Spain)
• HSBC Holdings plc (UK)
• Barclays PLC (UK)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Mobile Banking Market

Which Region Dominates the Mobile Banking Market in 2024?

According to Cognitive Market Research, North America currently dominates the Mobile Banking market, and the region is expected to have significant growth during the projected period. This is due to high smartphone penetration, advanced digital infrastructure, and widespread adoption of mobile payment solutions. Additionally, strong regulatory support, innovation from leading financial institutions, and the growing preference for convenient, secure banking contribute to its market leadership.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). The increasing adoption of smartphones and the expansion of fintech technologies in countries like India and China. The region's rapid digital transformation and the rising demand for mobile banking solutions are key factors contributing to this surge.

The current report Scope analyzes Mobile Banking Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Mobile Banking

According to Cognitive Market Research, the global Mobile Banking market size was estimated at USD 1624.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 649.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Mobile Banking market with a market size of USD 512.69 million in 2024 and is projected to grow at a CAGR of 15.2% during the forecast period. The US market's High adoption of digital banking services.
• The Canada Mobile Banking market had a market share of USD 77.98 million in 2024 and is projected to grow at a CAGR of 16.2% during the forecast period. Canada's mobile banking growth is driven by digital adoption and convenience.
• The Mexico Mobile Banking market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 59.13 million in 2024.

Europe Mobile Banking

According to Cognitive Market Research, the global Mobile Banking market size was estimated at USD 1624.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 487.35 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.7% from 2024 to 2031.

• The United Kingdom Mobile Banking market had a market share of USD 81.87 million in 2024 and is projected to grow at a CAGR of 16.5% during the forecast period. In the UK, Mobile Banking sales witnessed an upswing due to the Strong adoption of digital banking services.
• The France Mobile Banking market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 44.84 million in 2024.
• According to Cognitive Market Research, the German Mobile Banking market size was valued at USD 96.50 million in 2024 and is projected to grow at a CAGR of 15.9% during the forecast period. In Germany, Mobile Banking surged due to strong digital adoption.
• The Italy Mobile Banking market is projected to witness growth at a CAGR of 15.1% during the forecast period, with a market size of USD 41.91 million in 2024.
• The Russia Mobile Banking market is projected to witness growth at a CAGR of 14.7% during the forecast period, with a market size of USD 75.54 million in 2024.
• The Spain Mobile Banking market is projected to witness growth at a CAGR of 14.8% during the forecast period with a market size of USD 39.96 million in 2024
• The Luxembourg Mobile Banking market is projected to witness growth at a CAGR of 15.8% during the forecast period, with a market size of USD 15.11 million in 2024.
• The Portugal Mobile Banking market is projected to witness growth at a CAGR of 15.5% during the forecast period, with a market size of USD 10.23 million in 2024.
• The Greece Mobile Banking market is projected to witness growth at a CAGR of 16.0% during the forecast period, with a market size of USD 5.85 million in 2024.
• The Rest of Europe's Mobile Banking market is projected to witness growth at a CAGR of 14.4% during the forecast period, with a market size of USD 75.54 million in 2024.

Asia Pacific Mobile Banking

According to Cognitive Market Research, the global Mobile Banking market size was estimated at USD 1624.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 373.64 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Mobile Banking market size was valued at USD 168.14 million in 2024 and is projected to grow at a CAGR of 18.7% during the forecast period. Mobile Banking surged in China due to vast digital adoption and tech-savvy population.
• The Japan Mobile Banking market is projected to witness growth at a CAGR of 17.7% during the forecast period, with a market size of USD 51.56 million in 2024.
• The India Mobile Banking market had a market share of USD 44.84 million in 2024 and is projected to grow at a CAGR of 21.0% during the forecast period. India's rapid digital adoption boosts mobile banking growth .
• The South Korean Mobile Banking market is projected to witness growth at a CAGR of 18.3% during the forecast period, with a market size of USD 37.36 million in 2024.
• The Australian Mobile Banking market is projected to witness growth at a CAGR of 18.9% during the forecast period, with a market size of USD 19.43 million in 2024.
• The South East Asia Mobile Banking market is projected to witness growth at a CAGR of 20.2% during the forecast period, with a market size of USD 25.78 million in 2024.
• The Rest of Asia Pacific Mobile Banking market is projected to witness growth at a CAGR of 19.0% during the forecast period, with a market size of USD 26.53 million in 2024.

South America Mobile Banking

According to Cognitive Market Research, the global Mobile Banking market size was estimated at USD 1624.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 81.23 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Mobile Banking market size was valued at USD 34.76 million in 2024 and is projected to grow at a CAGR of 17.2% during the forecast period. Mobile Banking flourished in Brazil due to the Strong adoption of digital banking services.
• Argentina's Mobile Banking market had a market share of USD 13.65 million in 2024 and is projected to grow at a CAGR of 17.5% during the forecast period. Argentina's Growing digital adoption and financial inclusion.
• Colombia Mobile Banking market is projected to witness growth at a CAGR of 16.4% during the forecast period, with a market size of USD 7.23 million in 2024.
• Peru Mobile Banking market is projected to witness growth at a CAGR of 16.8% during the forecast period, with a market size of USD 6.66 million in 2024.
• Chile's Mobile Banking market is projected to witness growth at a CAGR of 16.9% during the forecast period, with a market size of USD 5.85 million in 2024.
• The Rest of Latin America's Mobile Banking market is projected to witness growth at a CAGR of 15.7% during the forecast period, with a market size of USD 13.08 million in 2024.

Middle East Mobile Banking

According to Cognitive Market Research, the global Mobile Banking market size was estimated at USD 1624.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 32.49 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.9% from 2024 to 2031.

• The GCC Countries Mobile Banking market is projected to witness growth at a CAGR of 17.7% during the forecast period, with a market size of USD 13.91 million in 2024. Mobile Banking sales flourish due to Strong adoption of digital banking.
• The Egypt Mobile Banking market is projected to witness growth at a CAGR of 17.2% during the forecast period, with a market size of USD 3.41 million in 2024.
• The South Africa Mobile Banking market is projected to witness growth at a CAGR of 17.9% during the forecast period, with a market size of USD 5.13 million in 2024. Mobile Banking sales flourished in South Africa due to increasing smartphone penetration and digital adoption.
• The Turkey Mobile Banking market is projected to witness growth at a CAGR of 16.4% during the forecast period, with a market size of USD 2.79 million in 2024.
• The Nigeria Mobile Banking market is projected to witness growth at a CAGR of 16.0% during the forecast period, with a market size of USD 3.41 million in 2024.
• The Rest of the MEA Mobile Banking market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 3.83 million in 2024.

Mobile Banking Market Analysis

How are Segments Performing in the Global Mobile Banking Market?

Mobile Banking Market Solution Segment Analysis

According to Cognitive Market Research, Mobile banking features, such as real-time payments, account management, mobile wallets, and enhanced security protocols, are driving the fastest growth in the mobile banking market. These features provide customers with greater convenience, faster transactions, and personalized services. The integration of artificial intelligence for customer support and data security measures further enhances user experience, making mobile banking increasingly popular. The growing adoption of smartphones, along with the demand for digital financial solutions, has significantly boosted the market's expansion.

Customer management holds the largest share in the mobile banking market due to its critical role in enhancing customer experience and satisfaction. By offering personalized services, efficient support, and seamless communication, customer management fosters loyalty and retention. Mobile banking solutions incorporate advanced customer relationship management (CRM) tools, enabling banks to understand user preferences, address concerns swiftly, and provide tailored offerings. This results in improved customer engagement, making customer management a key driver in the market's growth and dominance.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Mobile Banking Industry. Request a Free Sample PDF!

Mobile Banking Market Technology Segment Analysis

According to Cognitive Market Research, Standalone mobile applications are driving the fastest growth in the mobile banking market due to their user-friendly interfaces, enhanced security features, and direct access to a wide range of banking services. These apps provide customers with seamless experiences, including account management, transfers, and real-time notifications, all from their smartphones. The increasing smartphone penetration and consumer preference for convenience are key factors behind the rapid adoption of standalone mobile applications, which is further accelerating the growth of mobile banking.

In the Mobile Banking Market Wireless Application Protocol (WAP) holds the largest share in the mobile banking market by enabling seamless, secure, and fast access to banking services over mobile networks. It allows users to perform financial transactions, check account balances, and transfer funds through mobile devices, even on lower-speed networks. WAP’s simplicity, compatibility with various mobile phones, and cost-effectiveness contribute to its widespread adoption, particularly in emerging markets where mobile internet access is more common than traditional banking infrastructure.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Mobile Banking Deployment Type Outlook: Segment Analysis

Mobile Banking Market Deployment Type Segment Analysis

According to Cognitive Market Research, On-premise solutions is experiencing the fastest growth in the mobile banking market due to their ability to offer banks enhanced security, control, and customization. These systems allow financial institutions to maintain full oversight over their operations and data, which is crucial for regulatory compliance and risk management. Additionally, on-premise mobile banking platforms enable faster response times, localized features, and reduced dependency on external servers, making them a preferred choice for many banks seeking robust, secure mobile banking solutions.

In the Mobile Banking market, the rapidly growing sector is On-cloud solutions dominate the Mobile Banking market due to their scalability, cost-effectiveness, and enhanced security features. Cloud-based platforms allow banks to offer seamless services, faster transactions, and better user experiences with reduced infrastructure costs. The ability to easily update systems and integrate new technologies further boosts their appeal. Additionally, cloud platforms enable banks to ensure higher availability, real-time data processing, and support for mobile apps, making them the preferred choice for both banks and consumers in the mobile banking sector.

• On Cloud
• On-Premise

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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