NEW YORK, Jan. 11, 2024 /PRNewswire/ — The third-party banking software market by type (core banking software, omnichannel banking software, business intelligence software, and wealth management software), deployment (on-premises and cloud), and geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2024-2028″ report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the third-party banking software market between 2023 and 2028 is USD 12.31 billion.
Technavio has announced its latest market research report titled Global Third-party Banking Software Market 2024-2028
Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
The need for enhanced efficiency in banking operations is the key factor driving market growth. This growth factors from various catalysts, notably the demand for innovative solutions such as Core Banking Systems, Internet Banking Solutions, Mobile Banking Platforms, Cloud-based Banking Services, API Banking Platforms, Data Analytics and big data, Account Management Software, Transaction Monitoring Systems, Loan Origination and Servicing, Treasury Management Systems, Banking-as-a-Service (BaaS), and Open Banking Solutions. These advancements align with the industry’s pursuit of streamlined processes and enhanced customer experiences.
Market Trend
The growth of the Third-Party Banking Software Market is influenced by the proliferation of digital wallets, a significant trend boosting market expansion. This trend intersects with key components such as Payment Processing Systems, Anti-Money Laundering (AML) Software, Cross-Channel Banking Solutions, Banking ERP Systems, Personal Financial Management Tools, Wealth Management Systems, Biometric Security in Banking, ATM Management Software, Blockchain Technology, and Artificial Intelligence (AI) in Banking. The surge in digital wallets and payments highlights a shifting paradigm towards convenient, secure, and versatile payment methodologies in the banking domain.
Market Challenge
Issues related to data privacy and security is a significant challenge restricting market growth. This challenge necessitates robust Cybersecurity Solutions, Risk Management Software, Customer Relationship Management (CRM) tools, Fraud Detection Systems, Chatbots and Virtual Assistants in Banking. Addressing this issue also requires compliance with Regulatory Compliance Software, rigorous Financial Analysis and Reporting, and advanced Financial Planning Software to fortify data protection measures and maintain trust amid evolving threats.
Learn about additional key drivers, trends, and challenges available with Technavio. Read a Free Sample PDF Report Now
The third-party banking software market is segmented by type (core banking software, omnichannel banking software, business intelligence software, and wealth management software), deployment (on-premises and cloud), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by the core banking software segment will be significant during the forecast period. Due to an increase in retail banking penetration, the core banking software segment is expected to expand. One of the main factors that drive growth in consumer banking is initiatives taken by governments from countries like India to encourage people to set up a bank account.
North America is estimated to contribute 32% to the growth of the global market during the forecast period.
View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the third-party banking software market:
AAZZUR Ltd., American Express Co., ATOM FINANCE INC., Avaloq Group Ltd., Backbase B.V., Banco Bilbao Vizcaya Argentaria SA, Bank of America Corp., Capgemini Service SAS, Capital Banking Solutions, Fidelity National Information Services Inc., Finastra, Fiserv Inc., HCL Technologies Ltd., Infosys Ltd., Intellect Design Arena Ltd., InvestCloud Inc., JPMorgan Chase and Co., Mambu B.V., MicroStrategy Inc., Oracle Corp., Q2 Holdings Inc., Quinenco S.A., SAP SE, SoFi Technologies Inc., Sopra Steria Group SA, Tata Consultancy Services Ltd., Temenos AG, The Goldman Sachs Group Inc., Unisys Corp., Virtusa Corp., Wipro Ltd., ZKAPITOL Technologies Ltd., and Nucleus Software Exports Ltd.
Related Reports:
The core banking software market size is estimated to grow by USD 20,638.03 million at a CAGR of 19.9% between 2022 and 2027.
The loan servicing software market size is estimated to grow by USD 2,130.07 million at a CAGR of 10.72% between 2022 and 2027.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Deployment
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio