Japan Digital Banking Market is estimated to grow at a significant growth rate of around 8.6% over the forecast period to hit over $3.4 billion in 2025 from nearly $2.0 billion in 2018. Japan is one of the largest Asian economy. The advent of increasing application of the IoT, big data and AI aids in developing advance solution and finding new business opportunities that contribute to the growth of the market. At present, the digital transactions are less accepted by the public in the country as compared to other developed economies. Due to which, the government is focusing on promoting digital transactions in the country.
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As per the government’s ’Cashless Vision’ report, the cashless payment ratio was 20% in 2016 which is expected to increase to 40% by 2025. For this, the government has rolled out a nine-month points program in October 2019 to encourage small retailers to accept digital payment. Shoppers will get 5% of the purchase on performing digital transactions from small and medium-sized stores and 2% from major chains. As per the Economy, Trade and Industry Ministry of Japan, more than 577,000 stores had applied for participating in the government’s reward point program. Due to this, the digital banking market is expected to increase in the country during the forecast period.
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The Japan digital banking market is segmented on the basis of type and solution. Based on type, the market is classified into corporate banking, investment banking, and retail banking. Retail banking held the largest share in 2018 and is expected to maintain its dominance during the forecast period. Retail banking involves a wide range of services, including saving accounts, personal loans, mortgages, certificates of deposit (CDs) and investment and fund management. Rising demand for internet banking among individuals to manage their accounts and conduct financial transactions is primarily contributing to the growth of the segment. Based on solution, the market is classified into processing services, payment solutions, customer and channel management, and risk management.
Furthermore, the market is characterized by the presence of several players including Tata Consultancy Services Ltd., Microsoft Corp., Oracle Corp., Fiserv Inc., FIS Global and many others. These players adopt various strategies in order to compete in the global industry. Mergers and acquisitions, product launch, geographical expansion, and partnerships and collaborations are some of the strategies adopted by the players.
Market Segmentation
Japan Digital Banking Market by Type
- Corporate Banking
- Investment Banking
- Retail Banking
Japan Digital Banking Market by Solution
- Processing Services
- Payment
- Customer and Channel Management
- Risk Management
Company Profiles
- ACI Worldwide, Inc.,
- Appway AG
- Atos SE
- Backbase BV
- CERALOGIX AB
- Finastra
- Fiserv, Inc.
- Intellect Design Arena Ltd.
- Microsoft Corp.
- NCR Corp.
- Oracle Corp.
- SAP SE
- Tata Consultancy Services Ltd.
- Temenos SA
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