Global Third-Party Software Market is smartly driven by increasing necessity to boost productivity and operational efficiency of banking industry. In addition, due to increasing demand for standardized activities in the banking sector and increased adoption of customer-centric core banking propels the growth of the market. Moreover, crucial concerns regarding high costs of replacing legacy systems to the advanced automated systems and information security limits the market growth. Increasing implementation of mobile banking and online banking by customers which slows high level of inclination towards accessing their account details and perform financial actions by using their smartphones, tablets, laptops and patch management is anticipated to provide numerous opportunities for this market to grow.
The Third Party Banking Software market is expected to grow at a CAGR of 8% to reach $40.6 billion in 2028.
A third party banking software cleverly serve as a multi-channel banking software, private wealth management software, business intelligence software solution, and core banking software. Commercial banks are steadily installing third party banking software solutions to connect to a desired interbank network as well as to other modular software. Retail banks and trading banks use it to streamline their operations.
Third party banking software stood as one of the key trends in the market. It is highly beneficial to reduce operational costs, and enhance profits by understanding customers changing demands and facilitating flexible operations.
Moreover giant players are trying to attain small players in the industry to boost their business and enter into untapped markets. Mergers and acquisition by multinationals are expected to remain as the primary strategy for increasing position in the market.
Leading players of the global third party banking software market include IBM Corporation, Oracle Corporation, SAP SE, Tata Consultancy Services Limited, Capgemini, Accenture, Deltek, Infosys Limited, Microsoft Corporation, NetSuite Inc., and more others.
The global third party banking software market is segmented into several classifications including product, applications, and region. Based on product, the market is categorized with core banking software, multi-channel banking software, and BI software private wealth management software. Furthermore, on the basis of risk management, information security, business intelligence, and training and consulting solutions. Whereas, based on the region the market is widely range to North America, U.S., Canada, Mexico, Europe, UK, Germany, France, and Russia.
Key segments of the global Third Party Banking Software market
Deployment Size 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
• North America
o Rest of Europe
o Southeast Asia
o Rest of Asia-Pacific
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
• Central & South America
o Rest of South America