Press Release Description
Digital Revolution Projected to Surge Asia-Pacific Core Banking Market Growth During 2020-25
Digital transformation in Asia-pacific region has resulted into core replacement and upgradation. The intensifying digital revolution to meet customer’s expectations, emergence of diverse modes of payments, mergers among banks, and surging inclination toward further innovation in technology are expected to drive the regional core banking market. Others payment players, e-commerce disruptors, and Neo-banks are considered the biggest threats to banks which acts as a constraint to core banking market growth.
According to the MarkNtel Advisors’ research report titled “Asia Pacific Core Banking Market Analysis, 2020” the market size of Asia Pacific core banking is estimated to grow at a considerable CAGR in the forecast period. In 2019, China and India held the major market share due to exponential rise in digitalization, stringent regulations to curb black money, rising cases of money laundering, etc. Moreover, the banks are more inclined toward enhancing customer experience and build competitive differentiation to gain majority of customer accounts.
According to MarkNtel Advisors, the cloud-based deployment is anticipated to account for the highest share in the upcoming years. The increasing penetration of mobile banking along with introduction of advanced features via digital banking is forecast to boost cloud-based deployment.
Moreover, the rising volume of data is encouraging banks to invest in their IT infrastructure by opting for cloud technology by transferring the data to virtual environment and reducing carbon footing. Bank cloud service offers core functions such as customer management and deposits, settlement, as well as dealing with foreign currency and loans.
Fintech Vendor Adoption Toward Cloud Technology
According to MarkNtel Advisors, the key players with a considerable share in the industry are TCS, FIS, Infosys, Oracle, Finastra, Temenos, Backspace, etc. With the changing trends toward the higher adoption of cloud-based technology, the vendors are started offering cloud services to banks and deploying core banking on cloud.
“Asia-Pacific Core Banking Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting market growth, hotspots and growth opportunities available for Core Banking providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Component (Service, Software)
2. By Deployment (Cloud, On-Premise)
3. By Type of Banking (Retail, Private, Corporate, Universal, Wholesale, Others)
4. By Application (Tier 1- Upto USD10 billion, Tier 2 USD10-30 billion, Tier 3 USD30-100 billion, Tier 4 USD100-250 billion, Tier 5 USD250 and above)
5. By Country (India, Japan, China, Singapore, Australia, Singapore, Others)
6. By Competitors (FIS, TCS, Oracle, Temenos, Unisys, Infosys, Finastra, Backspace, etc.)
Key questions answered in the study:
1. What are the current and future trends in Asia Pacific Core Banking market?
2. How the market has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for Asia Pacific Core Banking market?
5. What are the customer orientation, purchase behavior, and expectations from the Core Banking provider across various regions?
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