Allied Market Research published a report, titled, “Banking Software Market by Component (Software, and Services), Deployment Mode (On-premise, and Cloud), and End User (Banks and Financial Institution): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global Banking software Market was valued at $11,735.92 million in 2022 and is estimated to reach $69,872.19 million by 2032, exhibiting a CAGR of 19.8% from 2023 to 2032.
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Prime determinants of growth
Increase in demand for digital banking solutions and the surge in adoption of cloud-based solutions is boosting the growth of the global banking software market. in addition, increase in use of mobile banking the positively impacts growth of the banking software market. However, security issues and privacy concerns and high implementation cost is hampering the banking software market growth. On the contrary, increase in the adoption of Artificial Intelligence based banking system is expected to offer remunerative opportunities for expansion of the banking software market during the forecast period.
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The service segment to maintain its leadership status throughout the forecast period.
Based on the component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the global banking software market revenue, as it provides personalized services, accelerates throughput, and reduces operational costs. However, the service segment is projected to manifest the highest CAGR of 21.9% from 2023 to 2032, owing to these services reduce management concerns efficiently with personalized assistance and optimized performance development.
The on-premise segment to maintain its leadership status throughout the forecast period
Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for more than three-fifths of the global banking software market revenue, owing to its huge adoption as it takes the complete responsibility of integration of the software and solving any issue related to security. However, the cloud segment is projected to manifest the highest CAGR of 21.7% from 2023 to 2032, due to huge adoptions as it takes the complete responsibility of integration of the software and solving any issue related to security.
The banks segment to maintain its lead position during the forecast period
Based on end users, the banks segment accounted for the largest share in 2022, contributing to more than three-fourths of the global banking software market revenue, owing to increase in automation and digitalization for better management. However, the financial institution segment is expected to portray the largest CAGR of 24.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, owing to increasing demand for technologies that help financial institutions to reduce manual work and increase operational efficiency.
North America maintains its dominance by 2022
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global banking software market revenue, owing to presence of most successful banking software businesses in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 22.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increasing government initiatives in the banking industry and an increasing number of mobile and internet users in developing nations such as India and China are accounted development of private and rural banking.
Leading Market Players: –
- Oracle Corporation,
- SAP SE,
- Tata Consultancy Services Limited,
- Finastra International Limited,
- IBM Corporation,
- EdgeVerve Systems Limited,
- Fidelity National Information Services Inc,
- Fiserv Inc,
- Microsoft Corporation,
- Salesforce.com, Inc.,
The report provides a detailed analysis of these key players of the global Banking software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Banking Software Market Key Segments:
By Deployment Mode
- On-premise
- Cloud
By End User
- Banks
- Financial Institution
By Component
- Solution
- Service
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