TechDogs-"Global Banking Software Market Forecasted To Reach $69.9 Billion By 2032, Driven By Digital Transformation And Mobile Banking"

Market Research

Global Banking Software Market Forecasted To Reach $69.9 Billion By 2032, Driven By Digital Transformation And Mobile Banking

By PR Newswire

PR Newswire
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DUBLIN, Sept. 28, 2023 /PRNewswire/ -- The "Banking Software Market By Component, By Deployment Mode, By End User: Global Opportunity Analysis and Industry Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

The global banking software market, valued at $11.7 billion in 2022, is on an upward trajectory, projected to reach a staggering $69.9 billion by 2032, with a robust CAGR of 19.8% from 2023 to 2032.

Banking software plays a pivotal role in delivering tailored solutions to meet the unique needs of customers, enabling mid and large-size institutions worldwide to access cutting-edge technology and cost-effective banking solutions.

Digital Banking Transformation

The rise of digital banking, fueled by the widespread use of smartphones and the internet, is a key driver behind the growth of the banking software market. As digital banking continues to expand, there is an increasing demand for reliable, secure, and cutting-edge solutions that enhance the customer experience. Customers can now manage their accounts and conduct transactions seamlessly using mobile devices.

Key Drivers of Market Growth

  1. Digital Banking Solutions: The market is driven by the growing demand for digital banking solutions.
  2. Cloud-Based Solutions: The adoption of cloud-based solutions is surging, contributing to market expansion.
  3. Mobile Banking: The increased use of mobile devices is propelling the growth of mobile banking.

Mobile Banking Advancements

The growth of mobile banking is further facilitated by technical advancements, including the delivery of real-time customer support through smart bots. The increased use of mobile devices that enable instant customer assistance is also driving market expansion.

Technological Integration

The integration of technologies such as the cloud, big data, and artificial intelligence (AI) is reshaping the banking industry. These technologies enhance visualization capabilities, resolve customer queries, and make complex data usable. They also improve connectivity and bolster security in banks and financial institutions. AI-driven banking software provides real-time insights and enhances network security, offering a superior customer experience.

Growth Opportunities

The adoption of technologies like AI is creating growth opportunities, and key players are actively engaging in partnerships and collaborations to offer advanced solutions. For example, Temenos recently launched the next generation of its AI-driven corporate lending solution, simplifying complex loan processing and lifecycle management. Such developments in AI standards are expected to pave the way for market growth.

Market Segmentation

The banking software market is segmented as follows:

  • Component: The market is categorized into software and service. Software is the dominant component, with an estimated reach of $42,884.53 million by 2032, growing at a CAGR of 18.7%. However, the service segment is poised to be the fastest-growing, with a CAGR of 21.9% during the forecast period.
  • Deployment Mode: Deployment options include on-premise and cloud. On-premise deployment mode leads the market and is estimated to reach $38,306.49 million by 2032, growing at a CAGR of 18.4%. Meanwhile, the cloud segment is expected to be the fastest-growing, with a CAGR of 21.7%.
  • End User: The market caters to banks and financial institutions.
  • Region: Geographically, the market is analyzed across North America (the U.S., Canada), Europe (the UK, Germany, France, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Market Dynamics

Drivers

  • Increase in Demand for Digital Banking Solutions
  • Surge in Adoption of Cloud-Based Solutions
  • Increase in Use of Mobile Banking

Restraints

  • Security Issues and Privacy Concerns
  • High Implementation Cost

Opportunities

  • Increase in Adoption of Artificial Intelligence-Based Banking Systems

Companies Mentioned

  • EdgeVerve Systems Limited
  • Fidelity National Information Services Inc
  • Finastra International Limited
  • Fiserv Inc
  • IBM Corporation
  • Microsoft Corporation
  • Oracle Corporation.
  • Salesforce.com, Inc.
  • SAP SE
  • Tata Consultancy Services Limited

For more information about this report visit https://www.researchandmarkets.com/r/x663zf

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SOURCE Research and Markets

First published on Fri, Sep 29, 2023

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