Asia Pacific Digital banking platform Market Growth and Forecast by 2027

Asia-Pacific digital banking platform market 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 14.4% from the year 2018 to 2027.

Digital transformation or digitization of businesses refers to the integration of digital technology in various business processes, organizational activities and business models. End-to-end business process optimization, increased operational efficiency, improved customer experience, and reduced costs are few of the factors driving the digital transformation in banking industry. The increasing digital transformation revolution in banking industry presents a massive opportunity for digital banking platform providers as they enable banks to launch digital services faster and enhance customer experience. In addition to this, the proliferation of smart devices, easy availability of internet, advancement of IoT, and artificial intelligence have been increasing exponentially which is further leading to the increasing need of mobile/digital-first strategy among banks. The paradigm shift of banks from traditional channels to digital and automated channels results in multiple benefits ranging from improved efficiency to reduced cost and increased revenue opportunities. In addition to this, the rising technological advancements in cloud computing and storage technology, the power of cloud based digital banking platforms has increased multi-fold during the past few years. This has further created opportunities for players operating in digital banking platform market. Hence, the rising trend of digital transformation in the banking industry is expected to fuel the adoption of digital banking platforms among banks, during the forecast period from 2019 to 2027.

Currently, China is dominating in the Asia-Pacific digital banking platform market owing to the high rate of adoption of new technologies in the region. Factors such as growing digitization across BFSI sector and rising demand for mobile banking solutions are contributing substantially towards the growth of digital banking platform market in Asia-Pacific. The figure given below highlights the revenue share of rest of Asia-Pacific in the Asia-Pacific digital banking platform market in the forecast period:

ASIA-PACIFIC DIGITAL BANKING PLATFORM MARKET - SEGMENTATION

Asia-Pacific Digital Banking Platform Market by Type

• Corporate Banking
• Retail Banking

Asia-Pacific Digital Banking Platform Market by Deployment Type

• On-Premise
• Cloud

Asia-Pacific Digital Banking Platform Market by Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific

Companies Mentioned

• 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 SA

Asia Pacific Digital banking platform Report Scope