India Digital Banking Market is expected to grow at a CAGR of over 22% during 2019-2024 owing to growing technological advancements, increasing internet penetration, and a growing number of smartphone users in India. Digital banking has made banking faster, easier, more convenient, and more efficient which drives the growth of the digital banking market in the country.
Important Factors of India’s Digital Banking Market
Growing population in India, brick-and-mortar banks would not be able to provide services to their increasing customer base that’s why customers are moving towards digital banking systems and banks are pushing their customers for digital banking systems since digital banking systems can serve large customers and can manage large customer databases. Based on product type, the market has been categorized into PC and Mobile. In 2018, the PC segment dominated the market owing to increasing internet penetration among consumers and the mobile segment is anticipated to dominate the market during the forecast period.
Moreover, growing technological advancements in digital banking systems and emerging technologies like Artificial Intelligence, IoT, etc. have changed the way how banks provide services to their customers. In India, more and more banks are opting for smaller branches and pushing their customers for mobile and internet channels, this has increased the bank’s efficiency. Furthermore, the digital India program, a flagship program of the government of India to transform India into a digitally empowered economy and country, will further drive the India Digital Banking Market during the forecast period.
Years considered for this report for Indian Digital Banking Market
- Historical Year: 2014-2017
- Base Year: 2018
- Estimated: 2019
- Forecast: 2020-2024
The objective of the Study India Digital Banking Market
- To define, classify and forecast the India Digital Banking market based on type, end-user, region, and company.
- To analyze and forecast the India Digital Banking market size.
- To scrutinize the detailed market segmentation and forecast the market size, in terms of value, based on end-use sectors and regions, namely, North, South, East, and West.
- To identify the supporting factors and challenges for the Indian Digital Banking market.
- To strategically profile leading players operating in the Indian Digital Banking market.
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Some of the leading players in the India Digital Banking Market
- SAP
- Infosys
- Innofis
- D3 Banking Technology
- Alkami
- Misys
- Q2 banking
- API
- TCS
- Accenture, etc.
To perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of Digital Banking companies and service providers operating in India. Subsequently, TechSci Research conducted primary research surveys, which include primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. TechSci Research analyzed product offerings, services, and regional presence of all major Digital Banking companies across India.
TechSci Research calculated the market size for India Digital Banking market using a bottom-up technique, wherein sales value data of different accounting companies was recorded as well as a forecast for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical sales data of Digital Banking companies to arrive at the overall market size.
Key Target Audience of the Indian Digital Banking Market
- Digital Banking Companies
- End users of Digital Banking such as the Retail Sector, SMEs, Corporate Digital Banking, etc.
- Research & development organizations and consulting firms
- Associations, organizations, forums, and alliances related to the payment ecosystem and payment security
- Government bodies such as regulating authorities and policymakers
The study is useful in providing answers to several critical questions that are important for the industry stakeholders, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope for India Digital Banking Market
In this report, Indian Digital Banking Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Market, By Type of Product:
- PC
- Mobile
- Market, By End User:
- Retail Digital Banking
- SME Digital Banking
- Corporate Digital Banking
- Market, by Region:
- North Region
- South Region
- West Region
- East Region