Asia Pacific Third-party Banking Software Market Size, Share & Industry Trends Analysis Report By Deployment, By Application (Risk Management, Business Intelligence and Information Security), By End-use, By Product, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Third-party Banking Software Market would witness market growth of 8.9% CAGR during the forecast period (2022-2028).
The growing need for the banking industry to be more productive and operationally efficient is what is driving the market for third-party banking software worldwide. The market is expanding as a result of rising consumer demand for standardized banking activities as well as increased use of customer-centric core banking. The expansion of this market is, however, constrained by worries about information security and the significant costs associated with switching from traditional to new automated systems.
In addition, customers' growing adoption of online and mobile banking, their high level of propensity to access their account information and conduct financial transactions via laptops, smartphones, and tablets, and emerging trends like patch management are anticipated to create several growth opportunities for this market. A back-end system that handles financial transactions for all of a bank's branches is known as core banking. In essence, the system handles credit, loan, and deposit procedures.
Creating new accounts, managing loans, calculating interest rates, processing banking transactions, and customer service management functions are all essential basic banking services. Technology has made transactions safer, more efficient, and less onerous through the creation of core banking systems. These systems were developed to give current and potential customers greater control over their account activities. As these transactions can be conducted remotely from any location in the world, core banking systems play a crucial role in modern banking.
The demand for banking third-party banking software in this region will increase due to the rising security and privacy concerns in developing nations like China and India, where cybersecurity is a key concern. Enterprises strongly advise adopting this software to expand the regional market due to the rising cases of hacks, fraud, and data misuse. Additionally, the demand for this software in the local market will increase as banking and financial organizations become more aware of its advantages.
The China market dominated the Asia Pacific Third-party Banking Software Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,497.9 million by 2028.The Japan market is estimated to grow a CAGR of 8.2% during (2022 - 2028). Additionally, The India market would experience a CAGR of 9.5% during (2022 - 2028).
Based on Deployment, the market is segmented into On-Premise and Cloud. Based on Application, the market is segmented into Risk Management, Business Intelligence and Information Security. Based on End-use, the market is segmented into Retail Banks and Commercial Banks. Based on Product, the market is segmented into Core Banking Software, Wealth Management Software, Omnichannel Banking Software, Business Intelligence Software and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Tata Consultancy Services Ltd., Infosys Limited, Accenture PLC, Capgemini SE, Fidelity Information Services (FIS), Inc., and Fiserv, Inc.
Scope of the Study
Market Segments Covered in the Report:
- Risk Management
- Business Intelligence
- Information Security
- Retail Banks
- Commercial Banks
- Core Banking Software
- Wealth Management Software
- Omnichannel Banking Software
- Business Intelligence Software
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- SAP SE
- Tata Consultancy Services Ltd.
- Infosys Limited
- Accenture PLC
- Capgemini SE
- Fidelity Information Services (FIS), Inc.
- Fiserv, Inc.
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