India Banking Market valued at USD 450 Bn in 2023; propelled by digital transformation and financial inclusion initiatives.

The India Private Banking Market is segmented based on the banking sector (Retail Banking, Commercial Banking, Investment Banking, and others). The report offers market size and forecasts for the India Private Banking Market in value (USD Million) for all the above segments.

At the end of financial year 2021, foreign banks (RRB) in India had a market share of over 37 percent in terms of number of banks. Public sector banks stood at about 10 percent. Nevertheless, public sector banks were leading by far in terms of total assets in the country.

Technological advancements in the India Private Banking industry are shaping the future market landscape. The report evaluates innovation-driven growth and how emerging technologies are transforming industry practices, offering a comprehensive outlook on future opportunities and market potential.

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Merchant Banking Services Market Size 2024-2028

The merchant banking services market size is forecast to increase by USD 18.68 billion at a CAGR of 4.83% between 2023 and 2028.

The market is experiencing significant growth, driven by the increasing number of mergers and acquisitions (M&A) deals worldwide. This trend is particularly prominent In the Asia-Pacific region, where the growing number of unicorn startups presents ample opportunities for merchant banking services. However, this market is not without challenges. Data security concerns are at the forefront, as financial institutions and corporations increasingly rely on digital platforms for transactions and information exchange. Merchant banking services must adapt to these evolving needs by investing in cybersecurity measures and ensuring regulatory compliance. The financial services sector's digital transformation, driven by fintech and artificial intelligence (AI), further boosts market growth.
Merchant banking services are integral to financial institutions, high-net-worth individuals, investment firms, insurance companies, hedge funds, pension funds, global corporates, and charity organizations. Companies seeking to capitalize on market opportunities and navigate challenges effectively should focus on providing value-added services, such as strategic advice, risk management, and innovative financial solutions. By staying abreast of regulatory changes and market trends, merchant banking institutions can differentiate themselves and build long-term relationships with clients.

What will be the Size of the Merchant Banking Services Market during the forecast period?

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The market encompasses a range of financial intermediary services provided to businesses, including asset management, corporate advice, credit syndication, loan syndication, portfolio management, and non-resident investment advice. This market caters to various entities, from small and medium enterprises to startups and multinational corporations. Mergers, acquisitions, business restructuring, and initial public offerings (IPOs) frequently necessitate the involvement of merchant banking services. The market's size is substantial, with continuous growth driven by increasing globalization, foreign direct investment, and the expanding role of financial services in international markets. Capital markets and investment climates play a significant role in market dynamics, influencing the demand for merchant banking services.
High-net-worth individuals and investment firms also contribute to the market's growth, as they seek expert advice and tailored financial solutions. Merchant banking services extend beyond traditional banking institutions, with non-banking players increasingly participating In the market. This competition intensifies the focus on innovation, customized offerings, and value-added services to maintain a competitive edge. Overall, the market is a dynamic and evolving landscape, shaped by the needs of businesses and the ever-changing financial services industry.

How is this Merchant Banking Services Industry segmented?

The merchant banking services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Business
  Individuals


Geography

  APAC

    China
    India


  Europe

    France
    UK


  North America

    US


  South America



  Middle East and Africa

By End-user Insights

The business segment is estimated to witness significant growth during the forecast period.

Merchant banking services cater to large corporate organizations, institutional investors, and small to medium-sized enterprises (SMEs). These financial institutions specialize in trade financing, fundraising, and loan services for business clients. Merchant banks significantly focus on bolstering the economic strength of businesses through various financial solutions. Notably, they exclusively serve business organizations and do not extend services to the general public. Key functions of merchant banking services include portfolio management, which entails the effective management of securities such as bonds, preferred shares, and stocks. Merchant banks offer advisory services to investors to help them make informed investment decisions.

Additionally, mergers and acquisitions, business restructuring, credit syndication, asset management, corporate advice, and loan syndication are other essential services provided by merchant banks. These services play a crucial role In the financial landscape, facilitating international markets, capital markets, investment climates, and foreign direct investment. With the advent of digital transformation technology, fintech providers have entered the market, o

The Report Covers APAC Banking Market and It is Segmented by Component (Platform and Service (Professional Service and Managed Service)), by Type (API-Based BaaS and Cloud-Based BaaS), by Enterprise Size (Large Enterprise and Small & Medium Enterprise), by End-User (Banks, NBFC/Fintech Corporations and Others) and by Country (China, India, Japan, South Korea, Indonesia, Vietnam, Malaysia, Australia and New Zealand, and Rest of Asia-Pacific). The Report Offers Market Size and Forecasts for the Asia Pacific Banking As-A-Services Market in Value (USD) for all the Above Segments.

The India Payments Market Report is Segmented by Mode of Payment (Point-Of-Sale [Card Payments, Digital Wallet, Cash, and Others] and Online Sale [Card Payments, Digital Wallet, and Others]) and End-User Industry (Retail, Entertainment, Healthcare, Hospitality, and Other End-User Industries). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

It was estimated that in 2021 the big data and analytics spending of the banking industry would reach more than 18 percent. The banking industry with the help of big data analytics, artificial intelligence, and machine learning, has been improving its speed of decision making. Following the banking industry was the telecom industry, with a spending market share of around 14 percent.

The Pradhan Mantri Jan-Dhan Yojana distributed over 58 billion Indian rupees in deposits to beneficiaries through major private sector banks as of August 2023 in India. HDFC Bank Ltd had the highest deposits of over 20 billion Indian rupees, even though ICICI Bank Ltd had the highest number of beneficiaries during the measured time period.

The Pradhan Mantri Jan-Dhan Yojana was a financial inclusion program which was applicable citizens between 18 and 65 years old. It aimed to expand and make affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. Launched in August 2014, the scheme was criticized by the opposition as an effort to please voters that has created unnecessary work-burden on public-sector banks. It claimed that the poor deserved food more than bank accounts and financial security.

Digital Banking Platforms Market Outlook

The digital banking platforms market has been witnessing substantial growth, with the global market size reaching approximately USD 18 billion in 2023, projected to escalate to an impressive USD 45.5 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 11.2% during the forecast period. This growth trajectory is fueled by the increasing demand for seamless and personalized banking experiences, driven by rapid technological advancements and the widespread adoption of smartphones and internet services worldwide. As financial institutions strive to enhance user experience and operational efficiency, the digital banking platforms market is set to witness a significant upsurge.

One of the major growth factors propelling the digital banking platforms market is the escalating demand for personalized banking experiences. Today's consumers expect banking services to be as convenient and effortless as other digital interactions they engage in daily. This has compelled banks to adopt digital platforms that can provide real-time, tailored services. Enhanced data analytics and artificial intelligence capabilities have enabled banks to gain insights into customer preferences and behavior, allowing them to offer personalized recommendations and services. Additionally, the integration of digital banking platforms with customer relationship management (CRM) systems further enhances customer engagement and satisfaction, driving the market forward.

Another significant growth driver for the digital banking platforms market is the increasing emphasis on operational efficiency and cost reduction. With traditional banking models facing challenges such as high operational costs and manual processes, digital banking platforms provide a solution by automating routine tasks and streamlining operations. This not only reduces costs but also minimizes errors and enhances overall efficiency. The cloud-based deployment of these platforms further contributes to cost savings by reducing the need for extensive IT infrastructure. Consequently, financial institutions are increasingly adopting digital banking platforms to optimize their operations and remain competitive in a rapidly evolving landscape.

Furthermore, the rise of fintech companies and digital disruptors has intensified competition within the banking sector, prompting traditional banks to embrace digital transformation. Fintech companies have set new standards for speed, convenience, and innovation in financial services, compelling traditional banks to catch up by adopting digital banking platforms. This has led to increased collaborations between banks and fintech firms to leverage each other's strengths and offer superior services to customers. The ability of digital banking platforms to integrate with a wide range of technologies and services has fueled their adoption, enabling banks to enhance their offerings and maintain a competitive edge.

Regionally, the digital banking platforms market presents diverse growth opportunities across various geographies. North America currently holds a significant share of the market, driven by the presence of major financial institutions and a tech-savvy population. However, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period, owing to the rapid adoption of digital banking services in countries like China and India. Government initiatives promoting digitalization and financial inclusion, coupled with the increasing smartphone penetration in these countries, are major factors contributing to the market's growth in the region. Europe and Latin America also present promising growth prospects, driven by the increasing adoption of digital banking platforms and the modernization of banking infrastructure.

Component Analysis

The digital banking platforms market can be segmented by component into platforms and services. The platforms segment comprises various types of digital solutions offered by technology vendors to facilitate online banking transactions. These platforms provide a comprehensive suite of tools for banks to manage customer interactions, transactions, and data analytics. They offer functionalities such as online account opening, mobile banking, and digital payment solutions, among others. The demand for these platforms is primarily driven by the need for banks to offer a seamless and integrated banking experience, catering to the evolving expectations of tech-savvy consumers.

The services segment encompasses a range of services provided by vendors to support the implement

The Report Covers Trade Finance Companies in India and the Market is Segmented by Service Provider (Banks, Trade Finance Companies, Insurance Companies, and Others) and by Application (Domestic and International). The Market Size and Forecasts for India Trade Finance Market are Provided in Terms of Value (USD) for all the Above Segments.

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Core Banking Software Market Size 2025-2029

The core banking software market size is forecast to increase by USD 56.39 billion at a CAGR of 30.8% between 2024 and 2029.

The market is witnessing significant growth due to technological advancements, with the adoption of cloud-based solutions becoming increasingly popular. These solutions offer scalability, cost-effectiveness, and enhanced flexibility for financial institutions. Another trend driving market growth is the modernization and integration of legacy systems with existing infrastructure. In the realm of fintech, network security remains a top priority, with multi-factor authentication, artificial intelligence, machine learning, and big data playing crucial roles in ensuring security. Open banking and information services are also gaining traction, with chatbots and generative artificial intelligence enhancing customer experience. As the financial sector continues to evolve, core banking software will remain a key component, enabling wealth management, led by continuous innovation and integration of advanced technologies.

What will be the Size of the Core Banking Software Market during the forecast period?

Request Free SampleThe market encompasses solutions designed to support the mission-critical banking functions of financial institutions. These systems facilitate a range of transactions, from basic account management to complex lending and borrowing operations. Market dynamics are driven by evolving customer needs, with an increasing emphasis on omnichannel banking access, including online and mobile channels. Banks require centralized, integrated systems to manage multiple branches and streamline turnaround times. Technology requirements include support for high transaction volumes, cloud-based solutions, and AI-integration. Core banking software enables banking organizations to offer a comprehensive suite of services, from deposit and loan management to compliance and risk mitigation.The market continues to grow, driven by the need for efficient, flexible, and scalable solutions to meet the demands of modern banking firms.

How is this Core Banking Software Industry segmented?

The core banking software industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. DeploymentOn-premisesCloudEnd-userBanksFinancial institutionsGeographyNorth AmericaCanadaUSEuropeGermanyUKFranceItalyAPACChinaIndiaJapanSouth AmericaBrazilMiddle East and Africa

By Deployment Insights

The on-premises segment is estimated to witness significant growth during the forecast period.The global Core Banking Software (CBS) market has predominantly relied on on-premise deployment through 2024, catering to specific market demands and regulatory requirements such as GDPR and PCI-DSS. Large financial institutions with complex infrastructure benefit from on-premise solutions due to enhanced control, security, and customization options. Concerns regarding data protection and compliance drive organizations towards on-premise CBS. Despite the escalating popularity of cloud-based alternatives, on-premise deployment remains the market leader, offering financial institutions worldwide a reliable and flexible solution. Key features of CBS include real-time processing, transaction monitoring, loan accounting, and loan management processes. Integration, software deployment, project management, and technology requirements are essential considerations.The CBS market incorporates fintech technologies like AI, Big Data, and visualization capabilities to improve operational efficiency and customer engagement. Security features, such as network security and protection against unencrypted data, application vulnerabilities, mobile malware, and credit unions, corporate banks, and financial institutions' cyber-attacks, are crucial. CBS solutions are available in various deployment models, including SaaS/hosted and licensed, catering to the needs of large banks, community banks, retail banking, treasury, wealth management, and digital businesses. The focus on digitized operations, banking service quality, turnover times, customer needs, and omnichannel banking access continues to drive the market forward.

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The On-premises segment was valued at USD 6.41 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 36% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The

The assets of banks in India amounted to about three trillion U.S. dollars in financial year 2024. During this period, public sector banks accounted for the highest share of assets compared to private and foreign sector banks.

The global Financial Advisory Services market is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) exceeding 6% from 2025 to 2033. This expansion is driven by several key factors. Firstly, increasing regulatory complexity across various sectors necessitates expert financial guidance for businesses, particularly large enterprises navigating intricate legal and compliance landscapes. Secondly, the rising prevalence of mergers and acquisitions (M&A) activity fuels demand for transaction advisory services. Furthermore, the burgeoning need for effective risk management strategies, particularly within the BFSI (Banking, Financial Services, and Insurance) and IT & Telecom sectors, is contributing significantly to market growth. The market is segmented by service type (Corporate Finance, Accounting Advisory, Tax Advisory, Transaction Services, Risk Management), organization size (Large Enterprises, SMEs), and industry vertical (BFSI, IT & Telecom, Manufacturing, Retail & E-commerce, Public Sector, Healthcare). The competitive landscape is highly consolidated, with major players like Bank of America, BCG, Goldman Sachs, Deloitte, EY, KPMG, PwC, and Wells Fargo holding significant market share. However, the market also presents opportunities for specialized boutique firms catering to niche industries or offering highly specialized services. Growth within specific segments varies. For example, the demand for risk management advisory is expected to grow at a faster pace than other segments due to increasing geopolitical uncertainty and cybersecurity threats. Similarly, the SME segment is anticipated to witness considerable growth due to the increasing need for professional financial guidance among smaller businesses seeking to expand or navigate challenging economic conditions. Geographic expansion is also a prominent market trend, with Asia-Pacific and particularly India showing significant potential for future growth driven by economic development and increasing corporate activity. While challenges remain, including economic fluctuations and competitive pressures, the long-term outlook for the Financial Advisory Services market remains positive, indicating consistent growth and substantial market potential throughout the forecast period. This comprehensive report provides an in-depth analysis of the global Financial Advisory Services market, covering the period from 2019 to 2033. The study utilizes 2025 as its base year, with estimations for 2025 and forecasts extending to 2033. This report is a crucial resource for businesses, investors, and stakeholders seeking a thorough understanding of this dynamic market, encompassing key trends, growth drivers, challenges, and future prospects. High-search-volume keywords like financial advisory services, corporate finance, tax advisory, risk management, mergers and acquisitions (M&A), and financial consulting are integrated throughout for optimal search engine visibility. Recent developments include: February 2023: Morgan Stanley Investment Management announced that it had received approval from the China Securities Regulatory Commission (CSRC) to take a full controlling stake in Morgan Stanley Huaxin Funds, marking a key strategic advancement for the company's broader footprint in China., February 2023, Global management consulting firm Boston Consulting Group has made a high-profile hire in Germany, welcoming Axel Weber - the former president of the country's central bank and UBS chairman, to its ranks and appointing a senior advisor.. Notable trends are: Majority of Revenues generated from United states.

The lendingtech sector in India is anticipated to reach over one trillion U.S. dollars in 2030, growing at a compound annual growth rate (CAGR) of 22 percent during 2022 and 2030. The overall fintech market is estimated to grow to about 2.1 trillion dollars.

The business analytics in fintech market is projected to grow from USD 674.52 million in 2025 to USD 5,617.48 million by 2033, at a CAGR of 22.1% during the forecast period 2025-2033. The increasing adoption of fintech solutions by financial institutions and the growing need for data-driven insights to improve decision-making are the primary factors driving the growth of the market. The increasing adoption of cloud-based deployment models, the proliferation of big data and analytics technologies, and the rising number of fintech startups are also expected to contribute to the growth of the market. North America is expected to hold the largest market share during the forecast period. The presence of a large number of fintech companies, the increasing adoption of digital banking services, and the favorable regulatory environment in the region are the major factors contributing to the growth of the market in North America. The Asia Pacific region is expected to witness the highest growth rate during the forecast period. The growing adoption of fintech solutions in emerging economies such as China, India, and Southeast Asia is expected to drive the growth of the market in the region. The increasing demand for data analytics solutions to improve customer experience, manage risk, and enhance operational efficiency are also expected to contribute to the growth of the market in the Asia Pacific region. Key drivers for this market are: Fraud detection. Risk management. Customer segmentation. Recommendation engines. Personalized financial services.. Potential restraints include: Increasing adoption of AI cloud computing data management growing need for customer insights regulatory compliance.

The India ATM market size was valued at USD 1.82 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 3.45 Billion by 2033, exhibiting a CAGR of 6.80% during 2025-2033. The India ATM market is driven by persistent cash reliance, especially in rural areas with limited digital payment infrastructure. Government financial inclusion initiatives and expanding banking penetration enhance demand. Technological advancements in biometric ATMs and cash recyclers enhance efficiency, while urbanization increases transaction volumes. Regulatory support for white-label ATMs and the need for 24/7 banking services are further expanding the India ATM market share, despite rising digital payment adoption.

IMARC Group provides an analysis of the key trends in each segment of the ATM market, along with forecasts at the country and regional levels from 2025-2033. The market has been categorized based on solution, screen size, application, and ATM type.

India enterprise data management market size reached USD 3.2 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 11.4 Billion by 2033, exhibiting a growth rate (CAGR) of 14.16% during 2025-2033. The increasing prevalence of digital transformation initiatives, which often involve integrating data from various sources to gain insights, improve decision-making, and enhance overall operational efficiency, is driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on component, deployment, enterprise size, and industries.

India's Car Loan Market Report is Segmented by Type (new Car and Used Car), by Car Type (SUV, Hatchback, and Sedan), by Provider Type (OEM (original Equipment Manufacturer), Bank, Non-Banking Financial Company (NBFC)), and by Tenure (less Than 3 Years, 3-5 Years, and More Than 5 Years). The Report Offers Market Size and Forecasts for the India Car Loan Market in Value (USD) for all the Above Segments.

The India CPaaS market size was valued at USD 1.11 Billion in 2024. The industry is expected to grow at a CAGR of 25.90% during the forecast period of 2025-2034 to reach a valuation of USD 11.11 Billion by 2034.

The rapid digital transformation across several industries, mainly in retail and banking is fostering the India CPaaS market development. Over 40% of all the payments done in India were digital as of 2023, with UPI accounting for a lion's share. Also, the rapid growth of smartphone and internet penetration is significantly boosting the demand for CPaaS solutions for facilitating real-time and mobile-friendly customer interactions. According to industry reports, the internet user base of India is expected to surpass 900 million by 2025.

The increasing adoption of 5G technology for enabling low-latency, high-quality video and voice communications for applications, such as healthcare and finance is boosting the India CPaaS market growth. In October 2022, India rolled out its first 5G network, marking a significantly rapid 5G network deployment nationwide. Operators’ 5G NPS continue to score positively compared to 4G, driven by improved performance. Reliance Jio and Airtel scored positively in their 5G NPS in Q4 2023, with similar NPS of 7.4 and 7.5, respectively.

The major shift to hybrid and remote work environments, prompting companies to seek robust, cloud-based communication tools is driving the India CPaaS market development. According to industry reports, 44% of Indian organisations adopted a hybrid work model as of March 2024. CPaaS platforms enable integration of video conferencing, voice calls, and messaging within enterprise apps for supporting internal communication and collaboration.

With consumers increasingly desiring instant resolutions to queries, CPaaS have grown popular for enabling businesses to embed live chat, click-to-call, and automated support bots directly into their platforms to ensure real-time service. This capability is crucial for sectors like BFSI, healthcare, and retail as response time impacts customer satisfaction. In June 2023, cloud communications platform Infobip introduced CPaaS X to help tackle pain points during onboarding and managing a high volume of clients.