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Financial Services Software Market Is Estimated to Reach a Market Value of US$ 282.71 Billion By Growing at 9.2% CAGR by 2031
Financial Services Software Market
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Surge in the demand for digital channels for banking, enhanced customer services, increase in popularity of workforce optimization solutions, and rise in the adoption of financial services software by various companies to monitor and mitigate risks into mainstream decision-making are expected to drive the growth of the global financial services software market. On the other hand, high cost of deployment is expected to hinder the growth to some extent. However, increase in investment in big data, mobility, and cloud technologies by the fintech companies are expected to create ample opportunities for the industry.
COVID-19 Scenario
The outbreak of COVID-19 has had a positive impact on the growth of the global financial services software market, owing to the presence of lockdowns in various countries across the globe.
Lockdowns resulted in the increased demand for financial software services as customers increasingly adopted financial service and financial products to save time and cost.
In addition, rise in digital innovations in the financial services sector empowered the financial services software market.
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The report offers a detailed segmentation on the global financial services software market based on component, software type, deployment model, enterprise size and region.
Based on component, the software segment held the largest market share in 2021, garnering nearly two-third of the global market. The service segment, on the other hand, is predicted to cite the fastest CAGR of 10.8% during the forecast period.
Based on deployment model, the on premise segment held the majority market share in 2021, holding more than half of the global market. The cloud segment, on the other hand, is predicted to cite the fastest CAGR of 10.3% during the forecast period.
Based on region, the market across North America held the lion's share in 2021, holding more than one-third of the global market. The Asia-Pacific region, on the other hand, is expected to exhibit the fastest CAGR of 12.3% during the forecast period.
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Key players in the industry
Fiserv, Inc.
IBM Corporation
Infosys
Oracle Corporation
SAP SE
TCS
finastra
FIS
Key Benefits for Stakeholders
The study provides an in-depth analysis of the global financial services software market forecast along with current & future trends to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on global financial services software market outlook is provided in the report.
The Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The financial services software market analysis from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Component
Software
Service
By Software Type
Customer Experience
Enterprise IT
Audit, Risk and Compliance Management
BI and Analytics Applications
Business Transaction Processing
By Deployment Model
On Premise
Cloud
By Enterprise Size
Large Enterprises
SMEs
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