Press release
Financial Services Software Market 2024-2033: Competitor Assessment, Industry Size And Major Players
Financial Services Software Market
The financial services software market size is expected to see strong growth in the next few years. It will grow to $225.08 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to cross-border payment solutions, expansion of robo-advisory services, growth in subscription-based pricing models, wider adoption of smart contracts, increasing use of biometrics. Major trends in the forecast period include hyper-automation, digital currencies, green finance solution, multi-cloud adoption, augmented reality in finance.
Market Overview -
The financial services software market consists of sales of financial services software by entities (organizations, sole traders, and partnerships) that are used to deliver best practices for developing fintech software, which assists organizations with the digital transformation of financial services. Financial software is a type of software that is expressly created to automate, assist, and store financial information of a personal or professional nature. A collection of financial transactions, records, and processes are stored, analyzed, managed, and processed by it. Financial software is built on a foundation of financial information management. It can run independently of other software or as a component of a financial information system (IS).
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The Surge In Digital Channels Transforms The Financial Services Software Market
The adoption of digital channels in the banking industry is expected to propel the financial services software market going forward. Digitalization refers to using digital tools in banking processes to manage data and other information digitally and to convert production and other business functions into more efficient, productive, and revenue-generating activities. The market for financial service software is expanding due to factors like digitization, mobile banking, UPI payments, blockchain, artificial intelligence (AI), robotics, and other advancements. For instance, in May 2022, the Indian government declared its intention to roll out 75 user-friendly digital banking units across the nation. Thus, the increase in the adoption of digital channels in the banking industry drives the growth of the financial services software market.
Competitive Landscape -
Major companies operating in the financial services software market report are Microsoft Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Adobe Inc., Automatic Data Processing Inc., Fidelity National Information Services Inc., Bloomberg L.P., NCR Corporation, Workday Inc., Asseco Group, Capita plc, Citrix Systems Inc., Atlassian Corporation plc, Black Knight Inc., ACI Worldwide Inc., Hyland Software Inc., Axway Inc., Clearwater Analytics LLC, Calypso Technology Inc., Backbase, Alfa Financial Software Holdings plc, Argo Data Resource Corp., Banqsoft AS, ARCHIBUS Inc., Calyx Technology Inc., AdviseSoft LLC, Clarifire
Digital Innovation Drives Transformation In Financial Services Software Market
An increase in digital innovation is a key trend gaining popularity in the financial services software market. The provision of on-touch payment, secure connectives, and many other services is enhancing the customer experience due to the growth in digital innovation and digitalization in the financial sector. Additionally, financial service providers are investing a sizable portion of their budgets in improving the customer experience. For instance, in April 2021, SAP SE, a German multinational software company, and Dediq GmbH established a strategic alliance for the financial services sector. With a sizable investment in fresh solutions, the two companies jointly expand SAP's financial services portfolio. The innovation in core insurance, CBS, and FSI-specific financial solutions is made possible by this relationship.
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Key Segments -
The financial services software market covered in this report is segmented -
1) By Component: Software, Service
2) By Type: Cloud-based, On-Premise
3) By Application: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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