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. 

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.

Furthermore, the market is characterized by the presence of several players including Tata Consultancy Services Ltd., EdgeVerve Systems Ltd., Intellect Design Arena, Ltd., Microsoft Corp., Oracle Corp., Fiserv Inc., FIS Global and many others. These players adopt various strategies in order to compete in the global industry. Mergers and acquisitions, product launch, geographical expansion, and partnerships and collaborations are some of the strategies adopted by the players. 

Research Methodology

The market study of the Indian Digital Banking market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog

The report provides an in-depth analysis of the market size and growth opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for making better business decisions.

Market Segmentation:

1. Indian Digital Banking Market Research and Analysis by Type
2. Indian Digital Banking Market Research and Analysis by Solution

The Report covers:

• Comprehensive research methodology of the Indian Digital Banking market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Indian Digital Banking market.
• Insights about market determinants which are stimulating the Indian Digital Banking market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.