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India Digital Banking Platform Market Size, Outlook, Key Players, Share, Revenue and Forecast 2031

01-10-2023 02:18 PM CET | IT, New Media & Software

Press release from: Report Ocean

India Digital Banking Platform Market Size, Outlook, Key

India Digital Banking Platform Market Set to Shine Bright: Forecast to Grow at the CAGR of 9.8% by 2028

India digital banking platform market is growing at a high CAGR because of the rapid digitization and growing adoption of advanced technologies and rising adoption of these platforms among small and medium-sized enterprises

A recent study conducted by the strategic consulting and market research firm: Report Ocean revealed that the India digital banking platform market was worth USD 776.7 million in the year 2021. According to the study, the market is estimated to grow at a CAGR of 9.8%, earning revenue of around USD 1,485.5 million by the end of 2028. The growth of the India digital banking platform market can be attributed to rapid digitization and growing adoption of advanced technologies such as cloud computing, the Internet of Things (Internet of Things), Artificial Intelligence, and so on. Additionally, government initiatives, such as Digital India, are also playing a crucial role in boosting internet accessibility among its citizens, expanding the consumer base for the digital banking platform market. However, high data-security concerns and risks of cyberattacks and fraudulent activities may act as a restricting factor for Indias digital banking platform market.

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Rising Adoption of Digital Banking Platform Among SMEs is Driving Market Growth

The growing number of small and medium-sized enterprises in India and the growing adoption of advanced technologies, such as cloud computing and business efficiency tools, such as digital banking platforms, are among the major factors driving the market growth. These platforms increase business efficiency in various ways, such as facilitating automatic payments for regular utility bills, enabling better accessibility and flexibility while managing transactions, as well as better security. As a result, digital banking platform adoption is soaring among SMEs in the country, boosting the overall growth of the India digital banking platform market.

Growing Mobile Banking Sector is Driving the Growth of India Digital Banking Platform Market

Based on banking modes, India digital banking platform market is grouped into online banking and mobile banking. The mobile banking segment accounts for the largest market share because of the increasing number of smartphones in India. The Millennial customers, who prefer instant gratification, demand one-click solutions for everything, including payments and other banking services, which is driving the growth of mobile banking across the country. Mobile banking provides a variety of services such as instant transfer of funds, bill payment, access to transaction history, etc., which prove to be very beneficial, especially for small and medium-sized businesses. Thus, the increasing popularity of mobile banking is favoring the growth of Indias digital banking platform market.

India Digital Banking Platform Market - By Deployment Type

Based on deployment types, the India digital banking platform market is grouped into on-premises and cloud segments. By far, cloud deployments account for the biggest market shares due to improved efficiency, faster data access, and better traffic monitoring in the cloud. Cloud deployment also allows companies to expand beyond their physical capacity while meeting their financial goals. Furthermore, cloud-based deployment allows for faster tracking and rectification of issues, reducing the risk of reputation damage caused by service disruptions.

India Digital Banking Platform Market - Regional Insights

Geographically, the India digital banking platform market is segmented into North India, South India, East India, and West India. Among these, the Western region of India dominates the India digital banking platform market. However, North India will likely emerge as the potential market with a high CAGR during the forecast period. The growth of the market is being driven by the emergence of Fintech companies. Furthermore, increasing internet access is also providing lucrative growth opportunities to the market, thereby positively impacting the India digital banking platform market.

Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR489

Impact of COVID-19 on India Digital Banking Platform Market

The India digital banking platform market witnessed tremendous growth after the COVID-19 pandemic outbreak. As the government imposed a nationwide lockdown to mitigate virus spread across the country, it restricted the accessibility of customers to banking services, hindering their activities. As a result, both customers and businesses rapidly shifted towards digital banking platforms, which significantly boosted the market growth.

Thus, the COVID-19 pandemic has been a blessing in disguise for the India digital banking platform market as it gave the much-needed push of digitization in the country, propelling the adoption of advanced technologies, such as cloud computing and machine learning. These factors are projected to drive India digital banking platform market in the forecast period.

India Digital Banking Platform Market - Competitive Landscape

The leading players in the India digital banking platform market are 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.

Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR489

Market Segment:

By Component (Platforms, 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)
The market is highly fragmented and competitive due to the presence of multiple technology giants as well as digital banking services startups. Due to increased investment and niche technology offerings, startups are giving industry giants a tough time. These companies consistently embrace advanced technologies, such as artificial intelligence (AI) and the Internet of Things (IoT) to analyse consumer behavior and expand their market reach. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

Request full Report : https://reportocean.com/industry-verticals/sample-request?report_id=MR489

About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.

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Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 - UNITED STATES
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Website:https://www.reportocean.com

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