Global Third-Party Banking Software Market to Grow at 8.1% During 2023-2028, Supported by Significant Expansion in BFSI Industry

October 27, 2021 | Technology & Media

According to the latest report by IMARC Group, titled “Third-Party Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global third-party banking software market reached a value of US$ 26.7 Billion in 2022. The third-party banking software serves as a multi-channel banking, core banking, private wealth management, and business intelligence software solution. It is a highly customized and integrated software that performs and provides end-to-end omnichannel management of several banking operations. Commercial, retail, and trading banks primarily utilize it to improve their currency exchange network and optimize their operations. Apart from this, the software aids in reducing operational costs, minimizing losses due to human intervention, enhancing operational flexibility by understanding evolving customer demands, and providing banks with a strategic advantage over other financial institutions.

Global Third-Party Banking Software Market Trends:

The widespread adoption of customer-centric core strategies, along with the rising need to improve productivity and operational efficiency in the banking sector is majorly driving the third-party banking software market growth. Additionally, the increasing utilization of digital payment solutions and the incorporation of big data analytics into third-party banking software to process large amounts of data for making accurate business decisions and identify market trends are catalyzing the market growth. In line with this, the surging partnerships between regulated financial institutions and alternative financial companies are acting as another growth-inducing factor. Due to the proliferation of smartphones, consumers are increasing shifting toward computerized accounting for bookkeeping and monetary transactions. This, in turn, is facilitating the demand for sophisticated, risk-free, compliant, and data-driven software, like third-party banking software, which is creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 8.1% during 2023-2028.

Market Summary:

Based on the product, the market has been divided into core banking, multi-channel banking, business intelligence, and other software.
On the basis of the deployment type, the market has been bifurcated into on-premises and cloud-based.
Based on the application, the market has been classified into risk management, information security, business intelligence, and others.
On the basis of the end-user, the market has been segmented into commercial banks and retail and trading banks.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being Accenture, Capgemini, Deltek, IBM, Infosys, Microsoft Corporation, NetSuite Inc., Oracle Corporation, SAP SE, Tata Consultancy Services, etc.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Product, Deployment Type, Application, End-User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Accenture, Capgemini, Deltek, IBM, Infosys, Microsoft Corporation, NetSuite Inc., Oracle Corporation, SAP SE and Tata Consultancy Services
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Third-Party Banking Software Market to Grow at 8.1% During 2023-2028, Supported by Significant Expansion in BFSI Industry

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