The Indian digital banking market is estimated to grow at a significant growth rate of around 11.5% over the forecast period to hit over $1.4 billion in 2025 from nearly $680 million in 2018. India is one of the major contributors to the digital banking market owing to technological advancement and the growing use of AI-based banking solutions across multiple business sectors. Moreover, the growing use of smartphones for online purchases and the availability of banking services through apps to save consumers time is likely to drive the growth of the digital banking market in the country. According to the Internet Society, in 2016, the total number of internet users was estimated at 451 million and is expected to reach 604 million by 2020. Increasing internet penetration is significantly contributing to increasing digitalization and growing cohesive government policies such as “Digital India” in the country, hence contributes to the market growth.
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The Indian digital banking market is segmented on the basis of type and solution. Based on type, the market is classified into corporate banking, investment banking, and retail banking. Retail banking held the largest share in 2018 and is expected to maintain its dominance during the forecast period. Retail banking involves a wide range of services, including saving accounts, personal loans, mortgages, certificates of deposit (CDs) and investment and fund management. Rising demand for internet banking among individuals to manage their accounts and conduct financial transactions is primarily contributing to the growth of the segment. Based on solution, the market is classified into processing services, payment solutions, customer and channel management, and risk management.
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Indian Digital Banking Market Segmentation
• Corporate Banking
• Investment Banking
• Retail Banking
• Processing Services
• Customer and Channel Management
• Risk Management
• ACI Worldwide, Inc.,
• Appway AG
• Atos SE
• Backbase BV
• Capital Banking Solutions
• CERALOGIX AB
• EdgeVerve Systems Ltd.
• Etronika UAB
• Fidor Solutions AG
• Fiserv, Inc.
• Intellect Design Arena Ltd.
• Microsoft Corp.
• NCR Corp.
• Oracle Corp.
• SAB Group
• SAP SE
• Sopra Steria Group
• Tata Consultancy Services Ltd.
• Temenos SA
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