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The Surge In Digital Channels Transforms The Financial Services Software Market: Powering Innovation and Expansion in the Global Financial Services Software Market by 2025
Financial Services Software Market
What Is the Expected CAGR for the Financial Services Software Market Through 2025?
There has been robust expansion in the size of the financial services software market over recent years. The market is forecast to expand from a value of $151.48 billion in 2024 to $162.59 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.3%. The historical period of growth can be linked to several factors such as an increased demand for compliance, dependency on automation, security issues, integration of data analytics, and a surge in mobile banking.
What's the Projected Size of the Global Financial Services Software Market by 2029?
The dimension of the financial services software market is anticipated to expand significantly in the forthcoming years. It is projected to surge to a worth of $248.94 billion by 2029, showing a compound annual growth rate (CAGR) of 11.2%. The surge during this prediction period is linked to factors such as the rise of cross-border payment solutions, the proliferation of robo-advisory services, the upward trend of subscription-based pricing models, broader acceptance of smart contracts, and a heightening in the employment of biometrics. Noticeable trends during the prediction period encompass hyper-automation, digital currencies, solutions for green finance, a higher rate of multi-cloud adoption, and the application of augmented reality in finance.
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Top Growth Drivers in the Financial Services Software Industry: What's Accelerating the Market?
The progression of the financial services software market is anticipated to be fueled by the increased use of digital platforms in the banking sector. Digitalization in this context points to the utilization of digital solutions for managing data and other relevant information in banking operations, transforming production and business functionalities into more efficient, profitable, and revenue-generating pursuits. The growth of the financial service software market is spurred by several elements like digitization, mobile banking, UPI transactions, blockchain, artificial intelligence (AI), robotics, among other advancements. For instance, the Indian government announced in May 2022 its plans to introduce 75 accessible digital banking units nationwide. Therefore, the surge in the use of digital platforms in the banking sector is steering the advancement of the financial services software market.
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What Trends Will Shape the Financial Services Software Market Through 2029 and Beyond?
Leading firms in the financial services software market are progressively concentrating on innovating new technologies such as artificial intelligence solutions to boost both operational productivity and customer satisfaction. These artificial intelligence solutions imply cutting-edge software instruments that utilize machine learning and data analytics for process automation and insight provision, permitting financial organizations to cater more effectively to their clientele. For instance, in May 2024, Temenos, a company based in Switzerland that specializes in banking software, rolled out responsible generative AI solutions tailored for core banking systems. Responsible generative AI solutions within financial services software prioritize enhancing decision-making protocols while upholding compliance and ethical principles. These solutions employ sophisticated algorithms to scrutinize ample volumes of data, facilitating customized customer experiences and bolstering risk management via predictive analytics. By automating repetitive tasks and preserving transparency, these AI technologies aid financial institutions in running smoothly, while also protecting against potential biases and preserving data security.
What Are the Main Segments in the Financial Services Software Market?
The financial services softwaremarket 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)
Subsegments:
1) By Software: Core Banking Software, Investment Management Software, Payment Processing Software, Risk Management Software, Financial Planning And Analysis Software, Compliance Management Software, Customer Relationship Management (CRM) Software
2) By Service: Consulting Services, Implementation Services, Maintenance And Support Services, Training And Education Services, Managed Services
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Which Top Companies are Driving Growth in the Financial Services Software Market?
Major companies operating in the financial services software market include 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
Which Regions Will Dominate the Financial Services Software Market Through 2029?
North America was the largest region in the financial services software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial services software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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