Press release
Explosive Growth In Global Financial Services Software Market: Staggering CAGR of 11.6% To Propel Market Size To $253.77 Billion by 2029
Financial Services Software Market Size
What Is The Projected Market Size Of The Global Financial Services Software Market And Its Growth Rate?
The financial services software market is witnessing robust growth due to increasing automation, data analytics, and mobile banking usage. Key statistics include:
- 2024 Market Size: $151.48 billion
- 2025 Market Size: $163.79 billion with a CAGR of 8.1%
- 2029 Projected Market Size: $253.77 billion with a CAGR of 11.6%
Factors like cross-border payment solutions, robo-advisory services, smart contracts, and biometrics use are expected to fuel future growth. Major trends include hyper-automation, digital currencies, green financing, multi-cloud adoption, and augmented reality in finance.
What Is Driving The Growth In The Financial Services Software Market?
Digitalization in the banking industry is playing a pivotal role in the surge of the financial services software market. Utilization of digital tools for managing data and streamlining business functions is becoming commonplace. Mobile banking, UPI payments, blockchain, AI, robotics, and other cutting-edge developments are expanding the market scope. A testament to this is the Indian government's plan, announced in May 2022, to launch 75 digital banking units across the nation. This growing adoption of digital channels stimulates the growth of the financial services software market.
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Who Are the Key Players Driving Financial Services Software Market Growth?
- Microsoft Corporation
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- Automatic Data Processing Inc.
- Fidelity National Information Services Inc.
- Bloomberg L.P.
- NCR Corporation
- Workday Inc.
- Asseco Group
- Capita 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
What Are The Key Trends In The Financial Services Software Market?
Major trends to watch in the forecast period are:
- Ramp-up in Hyper-automation
- Increasing use of Digital Currencies
- Emergence of Green Finance Solutions
- Adoption of Multi-cloud Strategy
- Augmented Reality in Finance
What Are The Segments Of The Global Financial Services Software Market?
The financial services software market is categorized into:
1) By Component: Software, Service
2) By Type: Cloud-based, On-Premise
3) By Application: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
Which Region Leads The Financial Services Software Market?
North America had the largest share in the financial services software market in 2024. However, Asia-Pacific is anticipated to be the fastest-growing region during the forecast period.
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What Is Covered In The Financial Services Software Market Global Market Report?
- Market Size Analysis: Analyze the Financial Services Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Financial Services Software Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Financial Services Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Financial Services Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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