Market Overview
The global cash management system market is predicted to touch USD 40.10 billion at a 14.15% CAGR during the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Cash Management System Market Drivers
Need for Automated Cloud-Based Solutions in Banking to Boost Market Growth
The surge in need for automated cloud-based solutions in banking is predicted to boost market growth over the forecast period. The cloud-based management system can be integrated easily into existing ERP systems that assist banks to manage payments and money flow through a network. This enables banks in scaling money management systems in addressing the needs of corporate customers by offering real-time access transactions.
Opportunities
Integration of AI and ML in Financial Sector to offer Robust Growth Opportunities
The integration of artificial intelligence & machine learning techniques in the financial sector is likely to offer robust growth opportunities for the market in the forecast period. ML and AI platforms are assisting businesses to offer the most accurate money flow forecasts. They are widely used by enterprises because these solutions integrate with bank management systems, enterprise resource planning systems, and accounting systems seamlessly.
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Restraints
Data Theft and Cyberattacks may act as Market Restraints
Data theft and cyberattacks are likely to act as market restraints over the forecast period. Cyber-attackers are targeting interbank transfer processes, ATM management, e-banking, and card processing for data theft which is obstructing cash management system market growth thus creating challenges to secure financial transactions data.
Challenges
Dependence on Legacy Systems to act as Market Challenge
The dependence on legacy systems is likely to act as a major cash management system market challenge over the forecast period.
COVID-19 Analysis
While various countries are adopting various approaches to tackle the pandemic, working with businesses during times of uncertainty and stress, cash flow management must be at the forefront of resilience planning. Digital banking has turned more crucial now in order to assist to manage cash flow, risk, payables, receivables, and more. Organizations which focus on liquidity and cash flow now will definitely have a better scope to survive the pandemic.
Segmental Analysis
By Component
The solution segment is predicted to lead the cash management system market over the forecast period for the streamlining of money management processes and growing need for fund transfer process automation. Cash management solutions help businesses to simplify complex money transfer processes along with reducing manual workload.
By Product Type
By product type, the global cash management system market is segmented into purchasing card, check clearing, retail and wholesale lockbox, information reporting, wire transfer, demand deposit account (DDA), and electronic data interchange (EDI)/automated clearing house (ACH).
By Deployment Model
The on-premise deployment segment will dominate the cash management system market over the forecast period as this method allows businesses in having control over their business data as well as offers proprietorship over cloud deployment.
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By Organization Size
The large enterprise segment will spearhead the market over the forecast period for the increased adoption of cash management systems in larger banks to manage payments precisely along with basic account transactions.
By End User
The bank segment will have the lions share in the market over the forecast period for the increased use of money management systems to reduce the time needed for the transaction process and also assist to increase the bank’s high net profit.
Detailed Regional Analysis
North America to Sway Cash Management System Market
North America is predicted to sway the cash management system market over the forecast period. Increasing demand by different fields, increasing adoption of cloud-based automated solutions, increase in cashless transactions, increasing investments made by the banking sector, high implication of cash management software, and the growing need for cash management systems to maximize automation of high volume financial transactions by large enterprises across the globe are adding to the global cash management system market growth in the region.
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Competitive Analysis
Eminent players profiled in the global cash management system market report include NTT Data Corporation (Japan), Glory Global Solution (UK), Alvara Cash Management Group AG (Germany), SAGE Intacct (US), Ardent Leisure Management Limited (Australia), CMS.COM (India), Nucleus Software Exports Ltd (India), Sopra Banking Software SA (France), Oracle Corporation (US), Giesecke+Devrient GmBH (Germany), National Cash Management Systems (NCMS) (US), AurionPro Solution (India), Acumatica, Inc. (US), in times (Germany), and Evry (Norway).
Industry Updates
April 2021- Mitsubishi UFJ Financial Group, Inc. and SECURITY BANK Corp. have expanded their partnership to offer their clients access to cash management services.
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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