インドのバンキング・アズ・ア・サービス（BaaS）市場の評価：コンポーネント別、タイプ別、企業規模別、エンドユーザー別、地域別、機会、予測、2018年～2032年

インドのバンキング・アズ・ア・サービス（BaaS）の市場規模は、2025～2032年の予測期間中に20.56％のCAGRで拡大し、2024年の3億2,091万米ドルから2032年には14億3,222万米ドルに成長すると予測されています。新興企業や既存企業を含むフィンテック分野の急速な発展が、さまざまなBaaSソリューションの需要を高めていることなどが、市場の成長を促進しています。Digital IndiaやJan Dhan Yojanaといった政府主導のイニシアチブは、デジタルバンキングと金融包摂を促進し、BaaSのリーチを拡大しています。インターネットやスマートフォンの普及により、デジタルバンキングの利用者は拡大しています。これには、最も遅れた農村部へのアクセスも含まれます。BaaSは、デジタルプラットフォーム上で必要なサービスを提供することで、銀行口座を持たない人々や銀行口座を利用しない人々のギャップをカバーします。APIやクラウドコンピューティングの技術的な向上により、ノンバンクとの統合が可能なプラットフォームの容量がさらに拡大し、業務の効率化が促進されています。

BaaSはコスト効率に優れているため、大規模なインフラ構築に多額の投資をしなくても、金融機関にとって手頃な価格で利用できます。これに加え、優れた顧客体験やインド準備銀行などの規制当局による強力なサポートが、BaaS市場の成長要因を生み出しています。さらに、若年人口の多さやフィンテック分野への巨額の投資など、インドを代表する経済成長要因がBaaSの発展を加速させています。

当レポートでは、インドのバンキング・アズ・ア・サービス（BaaS）市場について調査し、市場の概要とともに、コンポーネント別、タイプ別、企業規模別、エンドユーザー別、地域別動向、および市場に参入する企業のプロファイルなどを提供しています。

目次

第1章 プロジェクトの範囲と定義

第2章 調査手法

第3章 エグゼクティブサマリー

第4章 顧客の声

第5章 インドのバンキング・アズ・ア・サービス（BaaS）市場の見通し、2018年～2032年

• 市場規模の分析と予測
• 市場シェア分析と予測
• 市場マップ分析、2024年
  • コンポーネント別
  • タイプ別
  • 企業規模別
  • エンドユーザー別
  • 地域別

第6章 需要供給分析

第7章 バリューチェーン分析

第8章 ポーターのファイブフォース分析

第9章 PESTLE分析

第10章 ソフトウェア価格分析

第11章 市場力学

第12章 市場の動向と発展

第13章 ケーススタディ

第14章 競合情勢

• 市場リーダー上位5社の競合マトリックス
• 上位5社のSWOT分析
• 主要企業上位10社の情勢
  • BrokenTusk Technologies Pvt. Ltd (Setu)
  • Finezza Information Technologies Private Limited
  • Pine Labs Private Limited
  • NTT DATA Group Corporation (Atom Technologies)
  • Sopra Banking Software Solutions India Private Limited
  • Perfios Software Solutions Pvt. Ltd.
  • Better World Technology Pvt. Ltd. (Zeta)
  • Tata Consultancy Services Limited
  • Wipro Limited
  • Finacus Solutions Private Limited

第15章 戦略的提言

第16章 お問い合わせと免責事項

List of Tables

• Table 1. Pricing Analysis of Products from Key Players
• Table 2. Competition Matrix of Top 5 Market Leaders
• Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1. India Banking-as-a-Service (BaaS) Market, By Value, In USD Million, FY2018-FY2032F
• Figure 2. India Banking-as-a-Service (BaaS) Market Share (%), By Component, FY2018-FY2032F
• Figure 3. India Banking-as-a-Service (BaaS) Market Share (%), By Type, FY2018-FY2032F
• Figure 4. India Banking-as-a-Service (BaaS) Market Share (%), By Enterprise Size, FY2018-FY2032F
• Figure 5. India Banking-as-a-Service (BaaS) Market Share (%), By End-user, FY2018-FY2032F
• Figure 6. India Banking-as-a-Service (BaaS) Market Share (%), By Region, FY2018-FY2032F
• Figure 7. By Component Map-Market Size (USD Million) & Growth Rate (%), FY2024
• Figure 8. By Type Map-Market Size (USD Million) & Growth Rate (%), FY2024
• Figure 9. By Enterprise Size Map-Market Size (USD Million) & Growth Rate (%), FY2024
• Figure 10. By End-user Map-Market Size (USD Million) & Growth Rate (%), FY2024
• Figure 11. By Region Map-Market Size (USD Million) & Growth Rate (%), FY2024

India banking-as-a-service (BaaS) market is projected to witness a CAGR of 20.56% during the forecast period FY2025-FY2032, growing from USD 320.91 million in FY2024 to USD 1432.22 million in FY2032. Factors including the fast development of the fintech segment, including rising startups and established players, that add to the demand for different BaaS solutions are driving the growth of the market. Government-driven initiatives, such as Digital India and Jan Dhan Yojana, promote digital banking and financial inclusion, hence increasing the reach for BaaS. The adoption of the internet and smartphones has proliferated, hence increasing the usage of digital banking in the wider population. This includes access to most backward rural areas. BaaS covers gaps in unbanked and underbanked services by offering the required services on a digital platform. Technological improvements in APIs and cloud computing are further expanding the capacity of the platforms for non-bank integrations, therefore driving more efficiency in operations.

Cost efficiency allows BaaS to be affordable for financial institutions without the need for heavy investment in building an extensive infrastructure. This, along with superior customer experiences and strong regulatory support by entities, such as Reserve Bank of India, creates growth aspect for the BaaS market. Besides, leading economic growth factors, such as a large young population and huge investment in the fintech sector, speed up BaaS development in India.

A BaaS platform is a cloud-based solution that offers a pre-set backend infrastructure to developers, including database management, user authentication, and APIs. It enables banks to focus on functionality and usability, while letting the BaaS platform take care of scalability, security, and server-side operations. More than 820 million active internet users are there in India, out of which 442 million are from rural parts of the country. Internet penetration has grown by eight percent year-on-year in 2023.

Enhanced Financial Inclusion to Drive Market Growth

The increase in financial inclusions has acted as a strong driver for the growth of India banking-as-a-service (Baas) market. BaaS platforms offer crucial extensions toward reaching banking services to unbanked and underbanked populations traditionally unserved by conventional banking systems. BaaS thus enables essential banking functions to reach out through electronic channels and allows financial services to reach out to more economically disadvantaged and far-flung areas. Increased access to bridge some of these critical gaps in financial participation enable more people to participate in the formal economy and, subsequently, achieve value from a wide range of banking products, such as savings accounts, loans, and insurance. As these excluded persons get access to digital banking solutions, demand for innovative financial products and services increases to meet a variety of needs.

Thus, it suggests that the increasing adoption of BaaS solutions increases financial inclusions, thereby driving market growth. In the forecast period, it will create an all-inclusive and much-energized financial space that will contribute to stabilizing the economy by ensuring growth while stimulating innovations in digital banking technologies. In February 2023, Eko India Financial Services (Eko), a technology-driven platform for financial transactions, secured USD 3.6 million from EXXORA, the family office of Sriram Natarajan, as part of its USD 9 million Series B funding round.

Rapid Development in Fintech Industry to Accelerate the Market Growth

One of the major factors driving the growth of the BaaS market in India is the rapid growth of the fintech industry. With several innovative startups arising, coupled with large financial technology companies, the demand for BaaS solutions has increased. These are changing the way traditional models of banking work by embedding advanced digital services such as frictionless payments, real-time advanced analytics, and highly personalized financial products. Meanwhile, fintechs continue to utilize BaaS platforms for end-to-end optimization of operations, efficient scaling of services, and novel ways of delighting their customers. Fintech in India constitutes a seriously thriving industry that chases the leadership position in the global market, with an approximate value of USD 90 billion and 26 fintech unicorns. Particularly, the number of registered fintech startups in the country increased fivefold in three years, from 2,100 in 2021 to 10,200 in 2024.

There is a certain form of symbiosis whereby rapid development is happening in the BaaS market as fintech companies themselves use it quickly, bringing online new features and support for more complex functionality without the need to create their backend. Indeed, the integration of BaaS solutions into fintech innovations contributes to increasing the scale and reach of financial services, therefore driving the growth of the BaaS market. In this dynamic growth, the evolution of financial services in India continues unabated toward an ecosystem that is increasingly versatile, accessible, and technologically advanced.

Cloud-based BaaS to Dominate the India Banking-as-a-Service (BaaS) Market Share

The cloud-based segment is leading the share of India banking-as-a-service market due to several advantages coupled with the increased adoption. Cloud-based BaaS offers scalable and flexible infrastructure for financial institutions and fintechs to quickly deploy, scale, and meet market demands without requiring extensive on-premises hardware. It reduces the cost and complexity that come with maintaining physical servers and infrastructure while enhancing the ability to operate efficiently and with agility. In 2023, Eloka from Eko, a disruptive SaaS platform aimed at addressing the unique challenges of micro-entrepreneurs. For the first time, on one interface, Eloka integrates the whole gamut of capabilities required around financial management, inventory tracking, and customer engagement.

The capabilities of BaaS solutions are further enhanced by the ability to leverage advanced technologies such as artificial intelligence, machine learning, and big data analytics through cloud platforms for more sophisticated and personalized financial services. Besides, cloud-based BaaS solutions offer strong security measures and compliance features that are significantly imperative in the financial sector. Therefore, the cloud-based BaaS sector in India is going to continue to be the fastest-growing and most opted sector in the market, forcing strong growth and innovation.

Southern Region Dominates India Banking-as-a-Service (BaaS) Market Share

The key factors contributing to the leading position of the southern region in India BaaS market include a high concentration of financial institutions, technology companies, and dynamic fintech startups, especially in cities such as Bangalore, Hyderabad, and Chennai. These cities have strong technology ecosystems, which are very crucial in supporting innovation of financial services, thus fueling the growth of the adoption of BaaS solutions. This in turn provides fertile ground for technological advancement and growth of businesses in Bangalore, besides Hyderabad, which is fast emerging as the new IT and financial services hub. Chennai complements this ecosystem with its robust IT infrastructure and a growing financial services sector.

The dominant position of South can be attributed to its well-established IT infrastructure and skilled workforce, helping in easy integration and expansion of BaaS offerings. The combination of technology prowess, financial services expertise, and conducive infrastructure makes South a concentrated region for BaaS market growth in India, raising the bar for innovation and service delivery in the sector. In May 2024, Wipro-Global technology services and consulting company led an announcement of its intent to collaborate with Microsoft to introduce a set of new cognitive assistants for financial services built on top of generative artificial intelligence. The suite features Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination.

Future Market Scenario (FY2025 - FY2032F)

Increased democratization of access to financial services, along with increased internet connectivity and the expansion of 5G technology, is expected to make the BaaS solution more accessible in some of the remote regions.

BaaS providers are expected to integrate green finance solutions and promoting green practices toward global trends and regulatory pressures toward environmental responsibility.

Big data and predictive analytics will make these platforms reliable for more customized solutions, anticipating the needs of customers, and providing an overall better user experience.

Key Players Landscape and Outlook

The competition in India BaaS market is dynamic, fast-paced, and multi-dimensional, with an eclectic mix of traditional financial houses, innovative startups in the realm of fintech, and global technology providers. The established banks are increasingly integrating BaaS solutions in the process of modernizing their digital infrastructure and smoothing out operations. Such a propensity for partnership with fintech firms often offers a wide range of new technologies and increased exposure to emerging customer segments. Great disruption in this space is being brought by fintech startups, offering niche solutions focused on financial inclusions, personalization, and frictionless digital experiences. The rich diversity of this market is defined by global technology suppliers that provide vital cloud infrastructure necessary to scale and provide flexibility to BaaS platforms. The landscape continues to be shaped by strategic partnerships and regulatory frameworks. For instance, regulatory bodies set guidelines that ensure compliance while fostering innovation. Aggregating all the aforementioned factors, the BaaS market is highly competitive and evolving in India at a pace of growth that is rather fast and continuous in technological advancement.

In 2023, Yes Bank announced that it had partnered with banking-as-a-service startup, Falcon. The alliance with Falcon will enable Yes Bank to provide customers with tailor-made financial solutions, by leveraging Falcon's wide suite of products backed by competitive technological infrastructure.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customer

• 4.1. Product and Market Intelligence
• 4.2. Performance Metrics
• 4.3. Factors Considered in Purchase Decisions
  • 4.3.1. Cost Efficiency
  • 4.3.2. Scalability and Flexibility
  • 4.3.3. Local Compliance
  • 4.3.4. Security and Data Privacy
  • 4.3.5. Integration Capabilities
  • 4.3.6. Service Reliability
  • 4.3.7. Vendor Reputation
• 4.4. Customer Support
• 4.5. Consideration of Privacy and Regulations

5. India Banking-as-a-Service (BaaS) Market Outlook, FY2018-FY2032F

• 5.1. Market Size Analysis & Forecast
  • 5.1.1. By Value
• 5.2. Market Share Analysis & Forecast
  • 5.2.1. By Component
    • 5.2.1.1. Platform
    • 5.2.1.2. Service
  • 5.2.2. By Type
    • 5.2.2.1. API-based BaaS
    • 5.2.2.2. Cloud-based BaaS
  • 5.2.3. By Enterprise Size
    • 5.2.3.1. Large Enterprises
    • 5.2.3.2. Small and Medium Enterprises
  • 5.2.4. By End-user
    • 5.2.4.1. Banks
    • 5.2.4.2. Financial Institutions
    • 5.2.4.3. Nonbank Financial Companies (NBFCs)
    • 5.2.4.4. Others
  • 5.2.5. By Region
    • 5.2.5.1. North
    • 5.2.5.2. East
    • 5.2.5.3. West and Central
    • 5.2.5.4. South
  • 5.2.6. By Company Market Share Analysis (Top 5 Companies and Others - By Value, FY2024)
• 5.3. Market Map Analysis, FY2024
  • 5.3.1. By Component
  • 5.3.2. By Type
  • 5.3.3. By Enterprise Size
  • 5.3.4. By End-user
  • 5.3.5. By Region

6. Demand Supply Analysis

7. Value Chain Analysis

8. Porter's Five Forces Analysis

9. PESTLE Analysis

10. Software Pricing Analysis

11. Market Dynamics

• 11.1. Market Drivers
• 11.2. Market Challenges

12. Market Trends and Developments

13. Case Studies

14. Competitive Landscape

• 14.1. Competition Matrix of Top 5 Market Leaders
• 14.2. SWOT Analysis for Top 5 Players
• 14.3. Key Players Landscape for Top 10 Market Players
  • 14.3.1. BrokenTusk Technologies Pvt. Ltd (Setu)
    • 14.3.1.1. Company Details
    • 14.3.1.2. Key Management Personnel
    • 14.3.1.3. Products and Services
    • 14.3.1.4. Financials (As Reported)
    • 14.3.1.5. Key Market Focus and Geographical Presence
    • 14.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 14.3.2. Finezza Information Technologies Private Limited
  • 14.3.3. Pine Labs Private Limited
  • 14.3.4. NTT DATA Group Corporation (Atom Technologies)
  • 14.3.5. Sopra Banking Software Solutions India Private Limited
  • 14.3.6. Perfios Software Solutions Pvt. Ltd.
  • 14.3.7. Better World Technology Pvt. Ltd. (Zeta)
  • 14.3.8. Tata Consultancy Services Limited
  • 14.3.9. Wipro Limited
  • 14.3.10. Finacus Solutions Private Limited

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

15. Strategic Recommendations

16. About Us and Disclaimer