Increasing adoption of cloud-based platforms and rising adoption of smartphones and tablets to drive India’s digital banking platforms market through 2024. According to TechSci Research report, “India Digital Banking Platforms MarketBy Banking Type, By Deployment Mode, By Banking Mode, Competition, Forecast & Opportunities, 2024”, India digital banking platforms market is expected to grow at a formidable rate during the forecast period on account of increasing penetration of internet in most of the places coupled with the rising number of online consumers.
Important Elements of India Digital Banking Platforms Market
In addition, digital banking platforms are reliable and safe to use which is further fueling its demand across the country. Moreover, growing investments by private and public capital holders in research and development activities are anticipated to improve the service, which would propel the growth of India’s digital banking platforms market through 2024.
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India digital banking platforms market can be segmented based on banking type, deployment mode, banking mode, and region. Considering the banking mode, the market can be segmented into online banking and mobile banking. Among them, the mobile banking segment is anticipated to grow at a higher CAGR during the forecast period as it provides a secure mobile banking experience to retail as well as corporate banks.
Along with that, it also offers a responsive user interface and supports the customers in their entire banking journey, right from onboarding to transactional banking requests, on their mobile devices. Owing to changing customers’ preferences towards mobile banking, banks are increasingly adopting mobile banking platforms. In terms of deployment mode, the on-premises deployment is expected to dominate the market in the next 5 years as it provides organizations with the ownership of their private individual data and the digital rights associated with the data of private individuals, thus aiding the growth of India’s digital banking platforms market.
Major competitors in India Digital Banking Platforms Market
- EdgeVerve
- TCS
- Intellect Design Arena
- ieDigital
- Oracle
- SAP
- Accenture
- IBM India Private Limited
- Finastra
- FIS, among others, is the leading player operating in India’s digital banking platforms market.
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“India’s digital banking platforms market is expected to grow substantially during the forecast period which can be attributed to the growing demand for consumer electronics products like laptops, smartphones, and computers. With the help of these devices, a user can perform most of the banking activities, thereby endorsing the digital banking platform market in the country,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.
“India Digital Banking Platforms Market By Banking Type, By Deployment Mode, By Banking Mode, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India’s digital banking platforms market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India’s digital banking platforms market.
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