What is Banking ERP Software?
Banking ERP Software or Enterprise Resource Planning software allows banks to digitise their operations and to adopt cloud computing solutions. The data stored on cloud is later processed and analysed for better providing better services to the clients. Financial institutions be it Banks or Fintechs require zero error probability, and high workflow efficiency to processes funds at fast rates, this all operations can be achieved through ERP Software. Although, defining the required objectives is key to attaining the best performance through Banking ERP Software. The global ERP software has high potential especially with improved connectivity solutions. Geographically, Asia Pacific is emerging as major market along with North America and Europe.
The market study is broken down, by Application (Customer Relationship Management, Payment Management, Staff Operations Management and Others) and major geographies with country level break-up.
Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM Corporation (United States), Oracle Corporation (United States), SAP SE (Germany), NetSuite Inc. (United States), Microsoft Corporation (United States), EBANQ (Spain), Infor Inc. (United States), Sage Group PLC (United Kingdom), Epicor Software Corporation (United States) and Priority Software (Israel) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are IQMS Inc. (United States), Plex Systems Inc. (United States) and Megasol Technologies (Sweden).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Banking ERP Software market by Type, Application and Region.
On the basis of geography, the market of Banking ERP Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Type, the sub-segment i.e. Cloud Based will boost the Banking ERP Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organisation Size , the sub-segment i.e. Large Enterprises will boost the Banking ERP Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In 2020, Koch Industries, Inc., American multination chemical company has announced acquisition of Infor which is a multinational New York based company specialising in ERP software development. The acquisition is a win win for the companies, as Infor’s expertise in critical operations software can add up to Koch’s digital capabilities as well as Infor can benefit from Koch’s financial resources and other expertise in further expanding its market.
In 2021, Priority Software, Israel based one of the market leaders in developing ERP solutions has announced acquisition of Optimize Group which is a Belgium based provider of end to end ICT solutions. Optimize will continue to work as an independent entity under Priority Software. Although the acquisition will enable Priority to expand its footprints further in Europe.
Market Trend
- Surge in Demand for Integration of Artificial Intelligence Solutions
Market Drivers
- Increase in Adoption of Cloud Computing
- Rising Internet Penetration across World
Opportunities
- Neo Banks and Fintech’s are Rising Trend thus Providing Exciting Opportunity for Growth
Restraints
- Rising Number of Cyber Related Attacks on Banks and Other Financial Institutions Infrastructure
Challenges
- Lack of Required Skilled Workforce
Key Target Audience
Banking ERP Software Providers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Analysts and Strategic Business Planners and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.