TechNavio recognizes the following companies as the key players in the Banking IT Spending Market in the APAC Region: Fujitsu Ltd., Hewlett-Packard Co., IBM Corp., and Oracle Corp.
Commenting on the report, an analyst from TechNavio’s team said: “The increasing adoption of smartphones in the region has led many Japanese and Korean banks to shift their focus to mobile contactless payments. Because of a large number of cell phone users in countries such as China and India, mobile banking has become the second biggest segment after online banking in the Banking IT Spending market in the APAC region. By providing banking solutions through smartphones, banks can enhance customer interaction and improve brand loyalty. Moreover, many regional IT vendors are offering innovative solutions for this segment. Therefore, smartphone banking is an emerging trend that is expected to contribute to the growth of the Banking IT spending market in the APAC region.”
According to the report, one of the major drivers is the high demand for customer-centric core banking. The increase in product innovations, especially as a result of mergers and acquisitions among banks has led to a rapid increase in the number of customers availing banking services in the APAC region. This gives rise to a need for taking continuous measures to earn customer loyalty and reduce customer response time. Hence, banks in the emerging countries have increased their IT spending to improve their services and ensure customer satisfaction.
Further, the report states that one of the major challenges is the threat to local vendors from foreign players. Since international banking firms are expanding their businesses in order to grab the opportunity in emerging markets, they are imposing serious threat to local vendors. The local vendors of the APAC region have to compete with them in order to sustain their businesses.
The report also includes a discussion of the other vendors operating in this market. The other vendors in the market are Dell Inc., Fidelity National Information Services, Fiserv Inc., Misys plc, Polaris Software Lab Ltd., Temenos Group AG, SAP A.G., Silver Axis Ltd., and Tata Consultancy Services Financial Services.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/banking-it-spending-market-apac-region-2…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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TechNavio Announces the Publication of its Research Report -Banking IT Spending Market in the APAC Region 2012-2016
