According to a new report, published by KBV research, The Global Third-party Banking Software Market size is expected to reach $40.6 billion by 2028, rising at a market growth of 8.0% CAGR during the forecast period.
The Cloud segment is showcasing CAGR of 9.7% during (2022 - 2028). It is the pandemic and the sudden entry of innovative, cloud-native financial businesses that are the two main factors driving the current uptick in enthusiasm for cloud migration. Users of cloud computing can access their data from any computer or place with an internet connection. Employees can work remotely or while traveling without worrying about missing crucial updates or data due to this.
The Risk Management segment acquired maximum revenue share in the Global Third-party Banking Software Market by Application in 2021 thereby, achieving a market value of $19.7 billion by 2028. Banking institutions can increase the effectiveness of risk assessment and help to mitigate losses by using risk management applications of third-party banking software. The increased frequency of security breaches, stringent regulatory requirements, and developments in the Internet of Things (IoT) are all predicted to further accelerate the segment's growth.
The Commercial Banks segment has shown the growth rate of 9.1% during (2022 - 2028). Commercial banks are implementing software as a result of pressure from regulations and competition. Since third-party banking software may be tailored to fit any business procedure, commercial banks prefer it. It can improve compliance capability and data management and interface and integrate with any external system. These are a few of the elements contributing to the segment's expansion.
The Core Banking Software segment is generating highest revenue share in the Global Third-party Banking Software Market by Product in 2021 thereby, achieving a market value of $13.7 billion by 2028. It is because the banking industry is undergoing rapid change, and if institutions do not implement and adapt to the changes, they run the risk of losing their competence. The institutions understood that the deployment of core banking software can help consumers' expectations, some of which are significantly impacted by digital technology.
The North America market dominated the Global Third-party Banking Software Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $13.5 billion by 2028.The Europe market is exhibiting a CAGR of 7.3% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 8.9% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/third-party-banking-software-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Tata Consultancy Services Ltd., Infosys Limited, Accenture PLC, Capgemini SE, Fidelity Information Services (FIS), Inc., and Fiserv, Inc.
By Deployment
By Application
By End-use
By Product
By Geography
Companies Profiled
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