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Kenneth Research, in its repository of market research reports, have recently added a report on Banking Software Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Banking Software Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Banking Software Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Rising need to enhance operational efficiency and productivity of the banking industry and growing acceptance of customer-centric banking are the major factors which are driving the growth in the Global Banking Software Market. However, concerns associated with the data security and high costs involved in shifting to new automated systems from legacy systems hamper the market growth. Banking software is used by the banks for connecting an interbank network and to the other software. It is used by the Trading banks and Retail banks to reorganize their operations. Some years ago, the accounting and financial transactions were managed by manual process.
As the number of account holders raised, the number of transactions also increased, and which created the need for computerized accounting and that is one of the major drivers of the banking software market. With the growing use of the internet, the adoption of mobile banking and online banking among the consumers is increasing, which indicates the leaning of people towards the use of smartphones and laptops to perform financial activities and that is expected to boost the market in the near future. Moreover, growing trend of patch management which is used upgrade software or manage patches are estimated to create new opportunities in the market.
The regional analysis of Banking Software is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. In region such as Asia-Pacific, Middle-East and Africa, rise in usage of passenger vehicles set the growth in Banking Software over the forecasted period 2018-2025. Asia-Pacific is estimated to hold a prominent share of the Banking Software market. Developing countries, such as India and China, are significant players boosting the demand for the Banking Software. Europe, North America and the Middle East and Africa are continuously witnessing infrastructural growth which fueling the demand of Banking Software over the coming years. Asia Pacific region is contributing towards the growth of global Banking Software and anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The leading Market players mainly include-
Tata Consultancy Services Limited
Infosys Limited
Capgemini
Accenture
Deltec, Inc
Misys
Comarch
Temenos Group
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 eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available 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 Type:
Core Banking Software
Multi-Channel Banking Software
BI Software
Private Wealth Management Software
By Application:
Risk Management
Information Security
Business Intelligence
Training and Consulting Solutions
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By Regions:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
Target Audience of the Banking Software in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
TABLE OF CONTENTS
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Key Trends
1.3. Global & Segmental Market Estimates & Forecasts, 2015-2025 (USD Billion)
1.3.1. Banking Software, by Type, 2015-2025 (USD Billion)
1.3.2. Banking Software, by Application, 2015-2025 (USD Billion)
1.3.3. Banking Software, by Region, 2015-2025 (USD Billion)
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Banking Software Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Banking Software Market Dynamics
3.1. See Saw Analysis
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Banking Software Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Buyers
4.1.2. Bargaining Power of Suppliers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model
4.2. PEST Analysis
4.2.1. Political Scenario
4.2.2. Economic Scenario
4.2.3. Social Scenario
4.2.4. Technological Scenario
4.3. Value Chain Analysis
4.3.1. Supplier
4.3.2. Manufacturers/Service Provider
4.3.3. Distributors
4.3.4. End-Users
4.4. Key Buying Criteria
4.5. Regulatory Framework
4.6. Cost Structure Analysis
4.6.1. Raw Material Cost Analysis
4.6.2. Manufacturing Cost Analysis
4.6.3. Labour Cost Analysis
4.7. Investment Vs Adoption Scenario
4.8. Analyst Recommendation & Conclusion
Chapter 5. Banking Software, by Type
5.1. Market Snapshot
5.2. Market Performance – Potential Model
5.3. Key Market Players
5.4. Banking Software, Sub Segment Analysis
5.4.1. Core Banking Software
5.4.1.1. Market estimates & forecasts, 2015-2025 (USD Billion)
5.4.1.2. Regional breakdown estimates & forecasts, 2015-2025 (USD Billion)
5.4.2. Multi-Channel Banking Software
5.4.2.1. Market estimates & forecasts, 2015-2025 (USD Billion)
5.4.2.2. Regional breakdown estimates & forecasts, 2015-2025 (USD Billion)
5.4.3. BI Software
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About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defence, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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