Global Banking Software Market Size study & Forecast, by Deployment Mode (On-Premise, Cloud), by End User (Banks, Financial Institution), by Component (Solution, Service) and Regional Analysis, 2023-2030

Global Banking Software Market Size study & Forecast, by Deployment Mode (On-Premise, Cloud), by End User (Banks, Financial Institution), by Component (Solution, Service) and Regional Analysis, 2023-2030

Global Banking Software Market is valued at approximately USD 11.7 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 19.8% over the forecast period 2023-2030. Banking software refers to a specialized set of computer programs and applications designed to meet the specific needs and requirements of financial institutions, including banks, credit unions, and other financial service providers. This software enables efficient and secure management of banking operations, such as core banking systems, transaction processing, customer relationship management, risk management, compliance, and digital banking solutions. By automating various processes, providing real-time data analysis, and facilitating seamless integration with external systems, banking software empowers financial institutions to streamline operations, enhance customer experiences, and effectively navigate the complexities of the modern banking landscape. The driving factors boosting the market growth are the increasing usage of digital banking and the rising adoption of cloud-based solutions.

The increasing usage of digital banking is driving the banking software market by creating a demand for robust and innovative software solutions to support online transactions, mobile banking, and customer self-service options. Banks are investing in advanced software to enhance their digital offerings, improve customer experience, and streamline internal operations. According to Statista, in 2022, India emerged as the global leader in digital banking users, surpassing all other countries. With an estimated user base of approximately 295.5 million, India exceeded the number of digital banking users in the United States by over 70 million, securing the top position. As per the same source, both India and the U.S. exhibited remarkably high numbers of digital banking users, creating a significant margin between them and other countries included in the rankings. Moreover, the integration of Artificial Intelligence (AI) and Machine Learning (ML) into banking software and digital transformation in the banking industry is expected to create lucrative opportunities in the market. However, the high implementation and maintenance costs of banking softwares along with data privacy and security concerns stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Banking Software Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the dominance of the highly developed financial services industry, and the increasing use of banking software in small and medium businesses. Asia Pacific is expected to become the fastest growing during the forecast period, owing to the growing adoption of web- and mobile-based business solutions in the banking industry.

Major market player included in this report are:
Salesforce, Inc.
Tata Consultancy Services Limited
EdgeVerve Systems Limited
Microsoft Corporation
Oracle Corporation
Fidelity National Information Services Inc
International Business Machines Corporation
Finastra
Jack Henry & Associates, Inc.
NCR Corporation

Recent Developments in the Market:
In June 2023, Salesforce and Deloitte Digital joined forces to offer global businesses the tools and strategies required to implement reliable AI solutions for customer relationship management (CRM). The collaboration aims to provide accelerators and guidance for the successful deployment of AI in CRM systems. This will prove as an useful tool in banking sector to resolve customer issues.
In June 2023, Oracle introduced the integration of generative AI-powered features into Oracle Fusion Cloud Human Capital Management (HCM). These capabilities, supported by Oracle Cloud Infrastructure (OCI) generative AI service, are seamlessly embedded into existing HR processes. Banks heavily rely on HR processes and systems to manage their workforce effectively. By integrating generative AI capabilities into HCM, Oracle aims to enhance the efficiency and automation of HR functions within the banking sector.

Global Banking Software Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Deployment Mode, End User, Component, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Deployment Mode:
On-Premise
Cloud

By End User:
Banks
Financial Institutions

By Component:
Solution
Service

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Salesforce, Inc.
Tata Consultancy Services Limited
EdgeVerve Systems Limited
Microsoft Corporation
Oracle Corporation
Fidelity National Information Services Inc
International Business Machines Corporation
Finastra
Jack Henry & Associates, Inc.
NCR Corporation

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