“The ‘Global India Digital Banking Platform Market Report,’ published by Report Ocean, offers a comprehensive analysis of the product and service industry, covering historical trends and future prospects from 2023 to 2031. This report is a valuable resource for businesses seeking to develop effective strategies for the upcoming years, providing insights into organizational performance and the previous year’s market trends.
India Digital Banking Platform Market Set to Shine Bright: Forecast to Grow at a CAGR of 9.8% by 2028
The India digital banking platform market is experiencing rapid growth with a high Compound Annual Growth Rate (CAGR). This growth can be attributed to swift digitization, increased adoption of advanced technologies, and the rising acceptance of these platforms by small and medium-sized enterprises (SMEs).
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A recent study conducted by the strategic consulting and market research firm, Report Ocean, revealed that the India digital banking platform market was valued at USD 776.7 million in 2021. According to the study, the market is projected to grow at a CAGR of 9.8%, reaching an estimated revenue of around USD 1,485.5 million by the end of 2028. This growth in the India digital banking platform market is attributed to rapid digitization, the adoption of advanced technologies such as cloud computing, the Internet of Things (IoT), Artificial Intelligence, and more. Government initiatives, including Digital India, have also played a crucial role in expanding internet accessibility among citizens, thereby expanding the consumer base for the digital banking platform market. However, data security concerns and the risk of cyberattacks and fraudulent activities may pose constraints for India’s digital banking platform market.
Rising Adoption of Digital Banking Platforms Among SMEs Drives Market Growth
The India digital banking platform market is experiencing significant growth due to the increasing number of SMEs in the country. These businesses are adopting advanced technologies, such as cloud computing and digital banking platforms, to enhance their efficiency. Digital banking platforms offer various benefits, such as facilitating automatic payments for utility bills, improving transaction accessibility and flexibility, and enhancing security. As a result, the adoption of digital banking platforms is on the rise among SMEs, contributing to the overall growth of the India digital banking platform market.
Growing Mobile Banking Sector Boosts India Digital Banking Platform Market
The India digital banking platform market includes two key banking modes: online banking and mobile banking. Mobile banking holds the largest market share due to the increasing prevalence of smartphones in India. Millennial customers, who seek instant gratification, demand one-click solutions for payments and other banking services, driving the growth of mobile banking. Mobile banking provides various services, including instant fund transfers, bill payments, access to transaction history, and more, making it especially beneficial for small and medium-sized businesses. The growing popularity of mobile banking is favoring the growth of India’s digital banking platform market.
India Digital Banking Platform Market – By Deployment Type
The India digital banking platform market is divided into two deployment types: on-premises and cloud. Cloud deployments currently dominate the market due to their enhanced efficiency, rapid data access, and robust traffic monitoring capabilities. Cloud deployment also allows companies to expand beyond their physical capacity while meeting their financial objectives. Furthermore, cloud-based deployment facilitates faster issue tracking and resolution, reducing the risk of reputation damage due to service disruptions.
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India Digital Banking Platform Market – Regional Insights
The India digital banking platform market is regionally segmented into North India, South India, East India, and West India. The western region of India is the leading market for digital banking platforms. However, North India is expected to emerge as a potential market with a high CAGR during the forecast period. The growth is driven by the emergence of Fintech companies and increasing internet access, providing significant growth opportunities and positively impacting the India digital banking platform market.
Impact of COVID-19 on India Digital Banking Platform Market
The India digital banking platform market experienced significant growth following the COVID-19 pandemic. The government’s nationwide lockdown measures limited customer access to traditional banking services, pushing both customers and businesses toward digital banking platforms. This shift significantly boosted the market’s growth.
Thus, the COVID-19 pandemic, while challenging, acted as a catalyst for digitalization in India. It accelerated the adoption of advanced technologies, including cloud computing and machine learning, driving the digital banking platform market’s growth. These factors are expected to propel India’s digital banking platform market in the forecast period.
Market Overview Market Size & Forecast by Value, 2018-2028 Market Size and Forecast, By Segment
By Component Platforms Services Professional Services Consulting Implementation Support and Maintenance Managed Services
By Banking Type Retail Banking Corporate Banking Investment Banking
By Banking Mode Online Banking Mobile Banking
By Deployment Type On-Premises Cloud
By Region North India, South India, East India, West India
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India Digital Banking Platform Market – Competitive Landscape
Key players in the India digital banking platform market include EdgeVerve Finacle, Oracle FLEXCUBE Core Banking, Tata Consultancy Services BaNCS, Wipro Core Banking As-a-Service, SAP Banking and Financial Services, Temenos T24 Transact, C-Edge Technologies Ltd., NCR Corporation Digital Banking Solutions, Finastra Fusion Core Banking Software, Fiserv Banking Platform, and other prominent players.
The market is highly competitive and fragmented due to the presence of established technology giants and digital banking services startups. Startups, through increased investment and niche technology offerings, are challenging industry leaders. These companies consistently embrace advanced technologies such as artificial intelligence (AI) and the Internet of Things (IoT) to analyze consumer behavior and expand their market reach. Additionally, competitive strategies such as partnerships, mergers, acquisitions, joint ventures, and more are common in this market.”
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