Solutions Segment to Dominate Asia Pacific Retail Core Banking Systems Market during 2019–2027
According to The Insight Partners market research study on “Asia Pacific Retail Core Banking Systems Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Offering and Deployment Type,” is expected to reach US$ 3420.8 million by 2027 from US$ 1449.7 million in 2019. The market is estimated to grow at a CAGR of 11.6% from 2020 to 2027. The report provides trends prevailing in the Asia Pacific retail core banking systems market along with the drivers and restraints pertaining to the market growth. Rising customer demand for enhanced banking services and intensifying competition in retail banking industry are the major factor driving the growth of the Asia Pacific retail core banking systems market. However, concerns related to cybersecurity hinder the growth of Asia Pacific retail core banking systems market.
The Asia Pacific retail core banking systems market is segmented into offering, deployment type, and country. Based on deployment, the market is segmented into cloud and on premise. In 2019, the on-premise segment held the largest share Asia Pacific retail core banking systems market. Similarly, based on offering the Asia Pacific retail core banking systems market is bifurcated into solutions and services. The services segment is expected to the fastest growing segment over the forecast period.
The governments of Asia Pacific countries took all possible steps to reduce the effects of the coronavirus pandemic by announcing lockdown. The temporary shutdown of companies had resulted in increased adoption of digital channels of communication among the customers and organizations. However, during the Q1 and Q2 2020, several companies were temporarily shut, which create a supply disruption among the retail core banking systems vendors and banks. Thus, the market was slightly impacted. With the release of lockdown, the market again started showing signs of growth.
Avaloq, Fiserv, Inc., Infosys Ltd., Oracle Corporation, SAP SE, Sopra Steria, Tata Consultancy Services Limited, Temenos Headquarters SA, Intellect Design Arena Ltd, and FIS are among the leading companies in the Asia Pacific retail core banking systems market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. In October 2020, Temenos AG launched Temenos Transact Data Hub. It is a real-time SaaS (Software-as-a-Service) platform for core banking.
The report segments the Asia Pacific retail core banking systems market as follows:
Asia Pacific Retail Core Banking Systems Market – By Offering
- Solutions
- Services
Asia Pacific Retail Core Banking Systems Market – By Deployment Type
- Cloud
- On-Premise
Asia Pacific Retail Core Banking Systems Market – By Country
- China
- India
- Japan
- South Korea
- Australia
- Rest of APAC
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