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In order to gain a competitive edge in this market, many banking firms in the APEJ region are investing a significant amount on technology infrastructure. Technavio’s market analysts predict a substantial rise in IT spending in the banking sector of the APEJ region. Analysts estimate the market to surpass revenues worth $74 billion in the region by 2019.
The region holds a major share of the global banking transaction revenue, which accounted for over $300 billion in 2014. As the market has grown more open and de-regulated, risk mitigation has gained primary importance for the leading banks of APEJ. There are various opportunities in IT in the banking sector that market vendors are looking to capitalize. These opportunities range from cash management, customer-centric core banking, mobile banking, and internet banking.
The retail banking segment has undergone tremendous change as IT helps banks maintain a strong position in the market and helps in market consolidation. The growth of retail banking IT spending in the APEJ region has been led by the international expansion of regional banks, and services offered online.
The research report predicts an increase in the spending pattern in the emerging markets of Indonesia, Thailand, Malaysia, Philippines, India, and China.
The hardware segment dominates the Bank IT spending market in the APEJ region. The hardware IT spending market in the banking industry is mature in the APEJ region and is growing at a much slower pace than the software and services segments. The rise in the number of mid and small-sized banks in the APEJ region is a factor in the growth of bank IT spending on hardware. Development of mobile banking, payment gateway, and investment banking-related projects are driving the other two segments.
The adoption of various IT products and services by banking industries is being encouraged and promoted by countries in APEJ.
Over the past decade, many banks have entered the APEJ region. Currently, there are more than 270 banks in APEJ region. China is the major contributor for this region since it accounts for more than 120 banks across the country. The presence of several new vendors that are looking to leverage on the market opportunity presented by the APEJ region and it is expected to shape the competetive scenario of the market during the forecast period.
Other prominent vendors in the market include 3i Infotech, Accenture, Acer, Aegis , Atom Technologies, Capgemini, CGI, Cisco, CMS, Cognizant, CSC , Dell, Diebold, Fidelity National Information Services (FIS), Firstsource, Fiserv, Genpact, HCL, Hitachi, iGATE Global Solutions, Infosys, Intel, JP Morgan, KPIT Technologies , L&T, Logica, Maverick Technologies, Microsoft, MindTree, Misys, Mphasis, Netapp, Newgen, Nucleus Software, Polaris Software Lab, Ramco Systems, Bosch, SAP, Syntel, Tally, Tech Mahindra, Temenos, Teradata, Unisys, Vmware, Wipro, and WNS.
Key questions answered in the report
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by end-users
PART 07: Market segmentation by type
PART 08: Technology necessities in banking industry
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
PART 15: Key vendor analysis
PART 16: Appendix
PART 17: Explore Technavio
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