This industry research reports details market forecast through 2019 and segmentation by end-users (retail banking, corporate banking, and others). The research report also outlines the market with revenue projections based on IT spending on hardware, software, and services for the banking sector in the APEJ region. Leading vendors detailed by the report include Fujitsu, HP, IBM, Oracle, and TCS
Technavio has released updated information on the IT spending market, with the publication of its new market research report, banking IT spending market in APEJ. The banking IT spending market in APEJ is expected to grow at a CAGR of around 9% between 2015 and 2019, mainly driven by the digital transformation in banking institutions and increasing concerns about cyber security. The majority of the investments in IT-based solutions comes from brokerage firms, investment houses, commercial banks, insurance companies, and exchanges and banks across APEJ.
“Several APEJ banks are deploying data analytics tools to improve customer satisfaction, aiming to achieve customer retention, lead generation, cross-selling, and customer service. Banking firms are adopting real-time analytics to complement the decision-making process to obtain the 360-degree view of the customer accounts. Banks are increasingly investing in cloud technologies to provide real-time solutions to their customers,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.
Banking firms in APEJ are rapidly adopting IT risk management technologies to address market risks, operational risks, counterparty credit risks, and liquidity risks in order to gain competitive edge. They are investing on various advanced technologies involving IT risk management products and solutions to deal with marketplace volatility and organizational complexity. Implementation of data analytics and predictive modelling into banking infrastructure will reduce frauds, optimize claims outcomes, and mitigate bottom-line risks.
The leading vendors in the banking IT spending market in APEJ include Fujitsu, HP, IBM, Oracle, and TCS. The market is growing with the presence of several new vendors. The competition among the major vendors is growing because of continuous innovation and introduction of quality products. Private Banks operating in APEJ are increasingly focusing on mergers and joint ventures.
A more detailed analysis is available in the Technavio report, Banking IT Spending in APEJ: Market Research Report 2015-2019.
We can customize this reports by other regions and specific segments upon request.
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- Global Bank IT Spending Market 2014-2018
- Banking IT Spending Market in the US 2014-2018
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