IMARC Group's report titled "Third-party Banking Software Market Report by Product (Core Banking Software, Multi-Channel Banking Software, Business Intelligence Software, and Others), Deployment Type (On-premises, Cloud-based), Application (Risk Management, Information Security, Business Intelligence, and Others), End-User (Commercial Banks, Retail and Trading Banks), and Region 2024-2032". The global third-party banking software market size reached US$ 28.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 54.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.2% during 2024-2032.

Factors Affecting the Growth of The Third-party Banking Software Industry:

  • Growing demand for customized banking solutions:

The increasing demand for personalized banking experiences represents one of the primary factors driving the growth of the third-party banking software market. With increasing digitalization, both retail and corporate customers seek tailored solutions that align with their unique needs, preferences, and behaviors. As a result, banks are transitioning from generic software products to flexible third-party solutions, such as mobile banking apps and customer relationship management (CRM) systems, allowing them to offer highly personalized services, thus contributing to the market growth. Moreover, third-party banking software enables financial institutions to swiftly adapt to market changes and integrate cutting-edge technologies such as blockchain, artificial intelligence (AI), and machine learning (ML) to enhance customer satisfaction, thereby propelling the market forward.

  • Rising focus on operational efficiency and cost reduction:

The third-party banking software market is experiencing significant growth driven by the surging need for operational efficiency and cost reduction in banks. It provides sophisticated tools that streamline various processes, from transaction processing to risk management. In addition to this, by automating routine tasks, these solutions reduce manual efforts, errors, and operational costs, creating a positive outlook for the market growth. Moreover, outsourcing allows banks to concentrate on core competencies and strategic initiatives, minimizing investments in complex information technology (IT) systems' development and maintenance, thus further aiding in market expansion.

  • Stringent regulatory landscape:

The global regulatory landscape for the banking sector has become increasingly stringent, boosting the demand for higher levels of transparency, data protection, and risk management. Third-party banking software solutions are designed to comply with existing regulations and are regularly updated to meet emerging requirements. Moreover, these solutions assist banks in effortlessly maintaining compliance, mitigating the risk of legal penalties and reputational damage, thereby contributing to the market growth. Additionally, as banks strive to meet evolving customer demands, enhance operational efficiencies, and uphold stringent regulatory standards, the adoption of third-party banking software becomes a necessity, fostering market expansion.

Leading Companies Operating in the Global Third-party Banking Software Industry:

  • Accenture
  • Capgemini
  • Deltek
  • IBM
  • Infosys
  • Microsoft Corporation
  • NetSuite Inc.
  • Oracle Corporation
  • SAP SE
  • Tata Consultancy Services

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/third-party-banking-software-market/requestsample

Third-party banking software Market Report Segmentation:

By Product:

  • Core Banking Software
  • Multi-Channel Banking Software
  • Business Intelligence Software
  • Others

On the basis of product, the market has been divided into core banking, multi-channel banking, business intelligence, and other software.

By Deployment Type:

  • On-premises
  • Cloud-based

Based on the deployment type, the market has been divided into on-premises and cloud-based.

By Application:

  • Risk Management
  • Information Security
  • Business Intelligence
  • Others

On the basis of application, the market has been divided into risk management, information security, business intelligence, and others.

By End-user:

  • Commercial Banks
  • Retail and Trading Banks

Based on the end-user, the market has been divided into commercial banks, and retail and trading banks.

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Global Third-party Banking Software Market Trends:

The rapid adoption of cloud computing technologies, offering scalable, flexible, and cost-effective software deployment options is bolstering the growth of the third-party banking software market. Additionally, the increasing focus on cybersecurity in the banking sector, to protect against data breaches and cyber-attacks, necessitates advanced software solutions, creating a positive outlook for market expansion. Moreover, the growing need for integrating digital payment solutions amid a surge in online transactions is providing an impetus to the market growth. Furthermore, the push towards enhancing user experience and interface design in banking applications to meet the digital-savvy customer's expectations is propelling the market growth.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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