Press release
Size of the Global Third Party Banking Software Market from 2017 to 2025
The banking industry has undergone massive changes, which has led to the customization of its operating methods. Over the past few years, the banking industry is increasingly shifting focus toward third-party software because of changed customer demands, declining profits, and need for flexible operations in terms of time and convenience. Several banks are making an effort to have modern banking systems over traditional ones. With traditional legacy systems, banks often face challenges in execution of new features and their integration. Also, any small change in one application causes problems in other parts of application; hence, banks are shifting toward third-party software to eliminate these complications, thus retaining operational flexibility. Core banking services are provided by third-party banking software vendors to banks by providing multiple channels, which is the main reason why banks are shifting to automated systems. With reduced physical branches, bank networks are increasingly dependent on internet and mobile channels for its operation. Hence, it is becoming important for banks not only to offer their customers flexibility in bank transactions but also provide the same in a secure manner through smart devices. Third-party banking software plays a key role in this process of modernization. Banks are increasingly focusing on technologies that might help in retaining customers, as the third party banking software market is witnessing intense competition.
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There are various factors driving the growth of the third party banking software market. One of the driving factors is the growing need to increase operational efficiency and productivity in all industry verticals including the banking industry. In addition, the rising trend of customer-centric core banking and increasing demand for standardized activities in the banking sector are propelling the growth of the third party banking software market. Furthermore, increase in mobile banking and online banking by customers which indicates inclination toward digital platforms such as smartphones, laptops, and tablets indirectly drives the growth of the third party banking software market. Since banks are not able to provide these services to customers directly from their end, they hire vendors to provide such software services to their customers. However, information security and high costs of software are the restraining factors for the third party banking software market.
Integration of multiple banking organizations is also an upcoming challenge to the growth of the market. Lack of capable professionals to effectively and safely use this third party banking software is another concern for this industry, hampering the growth of the market, since the software contains highly confidential data.
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The third party banking software market is segmented on the basis of application, product type, and geographic regions. On the basis of application, the third party banking software market is segmented into information security, risk management, training and consulting solutions, and business intelligence. By product type, the market is segmented into core banking software, multi-channel banking software, BI software, and private wealth management software. In terms of region, the third party banking software market is distributed over North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is expected to dominate the third party banking software market due to significant regulatory compliance and a large IT company base in developing countries of this region.
Key players in the global third party banking software market include IBM Corporation, Microsoft Corporation, Oracle Corporation, Tata Consultancy Services Limited, SAP SE., Infosys Limited, Accenture, Deltek, Inc., Capgemini, NetSuite Inc., and others. In order to have competitive advantage in the market, these players are vigorously involved in organic and inorganic growth strategies. Partnerships, collaborations, agreements, and new product launches are some of the vital strategies followed by them.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
The regional analysis covers:
North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market
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