February 16, 2021
According to the research report titled ‘Asia Pacific Core Banking Market Analysis, 2020’ available with Market Study Report LLC, Asia-Pacific core banking market is anticipated to grow at a compound annual growth rate of 2.5% during the analysis timeframe of 2020 to 2025.
Industry analysts claim that rapid digital transformation of the industry vertical coupled with strategic alliances and collaborations of banks with IT solution providers are augmenting the expansion of the Asia-Pacific core banking market size.
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For the record, core banking refers to the back-end service collectively provided by a group of networked bank branches in which the customers can access their accounts as well as perform basic transactions across various branches.
The report states that escalating demand for the replacement, overhaul, and replacement of the existing banking systems, ongoing technological advancements, rising disposable incomes, and increasing adoption of digital banking services are positively swaying the Asia-Pacific core banking market dynamics.
With regards to type of banking, the overall market is segmented into wholesale, universal, corporate, private, and retail among others.
Based on deployment type, the cloud segment is expected to emerge as a major revenue generator for the industry through 2025, owing to increasing adoption for management of large volumes of data and inclination towards virtual environments for reducing overall carbon footprint.
Speaking of the country-level analysis, India and China accounted for a majority of the Asia-Pacific core banking market share in 2019 and are expected to grow significantly through 2025. Rising adoption of advanced digital technologies by banking establishments are fostering the expansion of the market in the countries.
Top organizations which boast of an authoritative status in Asia-Pacific core banking market include Tata Consultancy Services (TCS), Infosys Limited, HCL Technologies, Oracle Corporation, Temenos AG, Unisys Corporation, Backspace, Fiserv, Inc, FIS, and Finastra among others.