Financial service software is defined as the products and services offered by institutions for various financial transactions and other related services in the world of finance, like consulting services, integration services, audit, risk, and compliance management, among others. In addition, it helps the organization to use the financial data with the help of software to plan, optimize operations and discover new opportunities. With the increase in the magnitude of financial transactions, it is important to automate these processes with the help of software applications.
The rising emergence of demand for digital channels for banking and enhanced customer services offered by financial service software is driving the growth of the market. In addition, the surging demand for workforce optimization solutions is fueling the growth of the financial service software market. However, increasing the cost of deployment and adhering to different political factors and regulatory compliances limit the growth of this market. Conversely, growing investment in big data, mobility, and cloud technologies by the fintech companies is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
The global financial service software market is segmented into component, deployment model, enterprise size, software type, and region. Depending on the component, the market is divided into software and services. Based on the deployment model the market is segmented into on-premise and cloud. Based on enterprise size, it is categorized into large enterprises and SMEs. Based on software type, it is bifurcated into audit, risk & compliance management, BI & analytics applications, business transaction processing, customer experience, and enterprise IT. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global financial service software market is dominated by key players such as Accenture, Finastra, FIS, FIServ, Inc., IBM Corporation, Infosys, Oracle Corporation, SAP SE, TCS, and Temenos. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
The rising emergence of demand for digital channels for banking and enhanced customer services offered by financial service software is driving the growth of the market. In addition, the surging demand for workforce optimization solutions is fueling the growth of the financial service software market. However, increasing the cost of deployment and adhering to different political factors and regulatory compliances limit the growth of this market. Conversely, growing investment in big data, mobility, and cloud technologies by the fintech companies is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
The global financial service software market is segmented into component, deployment model, enterprise size, software type, and region. Depending on the component, the market is divided into software and services. Based on the deployment model the market is segmented into on-premise and cloud. Based on enterprise size, it is categorized into large enterprises and SMEs. Based on software type, it is bifurcated into audit, risk & compliance management, BI & analytics applications, business transaction processing, customer experience, and enterprise IT. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global financial service software market is dominated by key players such as Accenture, Finastra, FIS, FIServ, Inc., IBM Corporation, Infosys, Oracle Corporation, SAP SE, TCS, and Temenos. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the financial services software market analysis from 2021 to 2031 to identify the prevailing financial services software market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the financial services software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global financial services software market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
- Software
- Service
By Software Type
- Customer Experience
- Enterprise IT
- Audit, Risk and Compliance Management
- BI and Analytics Applications
- Business Transaction Processing
By Deployment Model
- On Premise
- Cloud
By Enterprise Size
- Large Enterprises
- SMEs
By Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Fiserv, Inc.
- IBM Corporation
- Infosys
- Oracle Corporation
- SAP SE
- TCS
- Accenture plc
- finastra
- FIS
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FINANCIAL SERVICES SOFTWARE MARKET, BY COMPONENT
CHAPTER 5: FINANCIAL SERVICES SOFTWARE MARKET, BY SOFTWARE TYPE
CHAPTER 6: FINANCIAL SERVICES SOFTWARE MARKET, BY DEPLOYMENT MODEL
CHAPTER 7: FINANCIAL SERVICES SOFTWARE MARKET, BY ENTERPRISE SIZE
CHAPTER 8: FINANCIAL SERVICES SOFTWARE MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Financial Services Software Market," the financial services software market was valued at $118.65 billion in 2021, and is estimated to reach $282.71 billion by 2031, growing at a CAGR of 9.2% from 2022 to 2031.Global financial service software provides automation to various functions of the global financial sector which include audit, risk & compliance management, BI & analytics applications, business transaction processing, customer experience, and enterprise IT. Apart from automating the functions, the applications also help in automating the analysis of huge chunks of quantified data which in turn helps in drafting organizational strategies and strategic decision making. The two different type of software such as financial advice software and financial solutions software plays an important role when organizations plan to integrate risk, performance, and compliance.Furthermore, the factor driving the financial services software market trends include the rising emergence of demand for digital channels for banking and enhanced customer services offered by financial service software is driving the growth of the financial service software market. In addition, the surging demand for workforce optimization solutions is fueling the financial services software market growth. However, increasing the cost of deployment and adhering to different political factors and regulatory compliances hamper the financial service software market forecast. Conversely, growing investment in big data, mobility, and cloud technologies by the fintech companies is anticipated to provide numerous financial services software market opportunity during the forecast period.
Depending on the enterprise size, the large enterprise segment dominated the financial services software market share in 2021 and is expected to continue this trend during the forecast period, owing to the rapidly growing digital data availability in the form of consumer profiles, customer feedback, social media interactions, and others. However, the SMEs segment is expected to witness the highest growth in the upcoming years, owing to the rapidly redefined banking through innovating disruptive digital services and targeted products which enable business owners to check their balances and update account information.
Region-wise, the financial services software market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the rising adoption of self-service across their merchandising and service segments to enhance their customer engagement, and government initiatives promoting digitization and smart city development aiding the growth of the financial service software market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to expanding access to financial services for more people means a higher growth rate over the region, which is expected to fuel the market growth in this region.
During the pandemic, the financial service sector remained mostly affected but rather witnessed positive growth during the period. Although the social distancing and isolation measures limited the growth of the traditional methods of financial service during the first few months of the COVID-19 pandemic. In addition, several market players are entering into collaboration and strategic partnerships to tackle the negative impact of a pandemic. For instance, in April 2022, Finastra extends collaboration with Orange Bank for integrated treasury management in the cloud. This move will allow the bank to take advantage of a fully integrated treasury management platform, allowing it to obtain faster access to innovation and market time.
Key Findings of the Study
- By component, the software segment accounted for the largest financial service software market share in 2021.
- Region-wise, North America generated the highest revenue in 2021.
- On the basis of enterprise size, the large enterprise segment generated the highest revenue in 2021.
- The key players profiled in the financial services software market analysis are Accenture, Finastra, FIS, Fiserv, Inc., IBM Corporation, Infosys, Oracle Corporation, SAP SE, TCS, and Temenos. These players have adopted various strategies to increase their market penetration and strengthen their position in the financial services software industry.
Companies Mentioned
- Fiserv, Inc.
- Ibm Corporation
- Infosys
- Oracle Corporation
- Sap Se
- Tcs
- Accenture plc
- Finastra
- Fis
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
