DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Digital banking platform Market to 2027 - Regional Analysis and Forecasts by Deployment; Type" report has been added to ResearchAndMarkets.com's offering.
Asia-Pacific digital banking platform market in is expected to grow from US$ 732.3 Mn in 2018 to US$ 2,423.8 Mn by the year 2027. This represents a CAGR of 11% from the year 2018 to 2027.
The demand of smartphones and other consumer devices is witnessing immense growth in both developed and developing countries majorly due to technology advancements and digital services that are offered by various industries. In the current scenario, consumer devices are being widely used by consumers for availing various digital services.
Consumer devices such as smartphones, tablets, PCs, etc. have become an integral part of today's consumers' lives. The rising disposable income level and increasing demand for better services from customers are some of the factors that are driving the adoption of smart devices. The increasing demand of smartphones will drive the number of digital banking customers in the near future, which in turn boost the growth of digital banking platform market.
The evolving architectures and advanced features of today's cloud platforms are boosting the adoption of cloud based solutions in each and every industry vertical including banking and financial sector. Presently, cloud based digital banking platform solutions are being adopted by various banks due to low initial investments and fast updates offered by these solutions; and this trend in digital banking platform market is anticipated to grow during the forecast period of 2019 to 2027.
With investment in cloud based digital banking platform solutions, banks are anticipated to reduce their operational costs, enhance customer experience, thus increasing the productivity and revenues. Each bank requires a customized digital banking solution based on their specific requirements and using cloud based solutions for these specific needs is considered as the best business model for most banks worldwide. The increased digitization across the BFSI sector is expected to create lucrative business opportunities in the digital banking platform market.
The Asia-Pacific digital banking platform market is fragmented with the presence of several companies and the competitive dynamics in the market is expected to change during the upcoming years. Additionally, the government of various countries are taking initiatives to promote the digital banking. For instance, the Hong Kong Monetary Authority granted eight digital banking licenses in the region in 2019 under its smart banking initiatives. Therefore, government initiatives are expected to drive the growth of digital banking platform market in the region.
The Asia-Pacific digital banking platform market by deployment type is segmented into on-premise and cloud. The cloud-based uses virtual technology to host the applications of enterprises offsite. Thus, it is largely adopted by small and medium enterprises. Deployment of cloud reduces capital-related expenses, the feature of data backup daily is available, and also the businesses are allowed to pay only for the resources they use. The cloud deployment market is primarily driven by the growing adoption of cloud technology across the industry verticals and the increasing need for amended operations in the business.
The growing trend of digital banking platforms is positively impacting the cloud market. The government of numerous countries is taking initiatives to promote digital banking platforms which is expected to positively influence digital banking platform market. Companies are offering cloud services to digital banking platform providers to provide smooth transactions. Cloud service provides fast & reliable transactions, secure payments, and responsive customer support. Thus, the growing popularity of cloud based solutions is also expected to support the growth of digital banking platform market.
Some of the players present in digital banking platform market Appway AG, CREALOGIX Holding AG, EdgeVerve Systems Limited, Fiserv, Inc., Oracle Corporation, SAP SE, Sopra Steria, Tata Consultancy Services, Limited (TCS), Temenos Headquarters SA, Worldline among others.
Key Topics Covered
1.1 Scope of the Study
1.2 Report Guidance
1.3 Market Segmentation
1.3.1 Asia-Pacific Digital Banking Platform Market - By Type
1.3.2 Asia-Pacific Digital Banking Platform Market - By Deployment
1.3.3 Asia-Pacific Digital Banking Platform Market - By Geography
2. Key Takeaways
3. Research Methodology
3.2 Secondary Research
3.3 Primary Research
4. Asia-Pacific Digital Banking Platform- Market Landscape
4.1 Market Overview
4.2 Ecosystem Analysis
4.3 PEST Analysis
4.3.1 Asia Pacific PEST Analysis
5. Digital Banking Platform Market - Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Increasing penetration of digitization across banking industry is fuelling the demand for digital banking platforms
5.1.2 Increasing popularity of digital banking services among customers
5.2 Key Market Restraints
5.2.1 Lack of cloud infrastructure and requirement of data localization in countries
5.3 Key Market Opportunities
5.3.1 Growing adoption of cloud based solutions
5.4 Future Trends
5.4.1 Increasing partnerships between traditional banks and fintech companies
5.5 Impact Analysis of Drivers and Restraints
6. Asia-Pacific Digital Banking Platform Market - Analysis
6.1 Asia-Pacific Digital Banking Platform Market Overview
6.2 Asia-Pacific Digital Banking Platform Market Forecast and Analysis
7. Asia-Pacific Digital Banking Platforms Market - By Deployment
7.2 Asia-Pacific Digital Banking Platforms Market Breakdown, by Deployment, 2018 & 2027
8. Asia-Pacific Digital Banking Platforms Market - By Type
8.2 Digital Banking Platforms Market Breakdown, by Type, 2018 & 2027
8.3 Corporate Banking
8.4 Retail Banking
9. Asia-Pacific Digital Banking Platform Market - Country Analysis
10. Industry Landscape
10.1 Market Initiative
10.2 Merger and Acquisition
10.3 New Development
11. Company Profiles
11.1 Appway AG
11.2 CREALOGIX Holding AG
11.3 EdgeVerve Systems Limited
11.4 Fiserv Inc.
11.5 Oracle Corporation
11.6 SAP SE
11.7 Sopra Steria
11.8 Tata Consultancy Services Limited
11.9 Temenos Headquarters S.A.
11.10 Worldline S.A.
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