Third-Party Banking Software Market by Application, End-user, Deployment, and Geography - Forecast and Analysis 2021-2025

  • Published: Jan 2021
  • Pages: 120
  • SKU: IRTNTR40555
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The third-party banking software market share is expected to increase by USD 3.04 billion from 2021 to 2025, and the market’s growth momentum will decelerate at a CAGR of 10%.

This third-party banking software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by end-user (retail users and corporate users), deployment (on-premises and cloud-based), application (core banking software, asset and wealth management software, and other banking software), and geography (Europe, North America, APAC, South America, and MEA). The third-party banking software market report also offers information on several market vendors, including Accenture Plc, Capgemini Services SAS, Fidelity National Information Services Inc., Fiserv Inc., Infosys Ltd., International Business Machines Corp., Oracle Corp., SAP SE, Tata Consultancy Services Ltd., and Temenos AG among others.

What will the Third-party Banking Software Market Size be in 2021?

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Third-party Banking Software Market: Key Drivers and Trends

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growing use of digital payment solutions is notably driving the third-party banking software market growth, although factors such as issues related to data privacy and security may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the third-party banking software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Third-Party Banking Software Market Driver

One of the key factors supporting the third-party banking software market is the growing use of digital payment solutions. Digital payments are expected to constitute almost 90% of the total money spent in Canada by 2030. Hence, various enterprises in the banking industry across the globe are offering digital payment solutions to improve day-to-day processes and gain a competitive advantage over their rivals. This is also encouraging other enterprises in this industry to offer digital payment solutions in their product offerings. Also, Quisk, a global provider of digital payment services, offers a digital payment platform in the UAE. With the growth in digital payment platforms, the demand for third-party banking software will also increase, as it will help enterprises to manage their digital payment platforms. Therefore, with the increase in digital payments, the demand for third-party banking software is also expected to increase during the forecast period.

Key Third-Party Banking Software Market Trend

The incorporation of analytics into third-party banking software is another factor supporting the third-party banking software market share growth. Customers in the banking industry are changing their ways of accessing banking services owing to the emergence of digital technologies. They are embracing mobile devices and digital technologies to interact with enterprises and access banking services. This has led to the exponential growth of customer data with the enterprises in the banking industry. The data that is gathered by these enterprises can be analyzed, which will empower them to make smarter and faster decisions to improve efficiencies throughout the business. Hence, it is encouraging enterprises to opt for third-party banking software with analytics. It helps enterprises in driving profitability, improving decision-making, reducing risk, gaining valuable customer insight, and optimizing performance. These factors are encouraging various enterprises to offer analytics solutions with third-party banking software.

Key Third-Party Banking Software Market Challenge

The issues related to data privacy and security will be a major challenge for the third-party banking software market during the forecast period. Big Data and AI can track, retrieve, and analyze data from the connected server. The data of enterprises need to be protected from unauthorized access in the IT infrastructure, which is based on many patchworks of open-source codes. Cloud infrastructure is more affected due to glitches in source codes. Also, hackers can easily gain access to cloud-based data storage systems, as they are based on open architecture and shared resources. As vendors in this market are handling susceptible customer information, many financial enterprises are concerned about their data being misused. Therefore, numerous organizations are skeptical about deploying third-party banking software for their operations, which is limiting the growth of the market.

This third-party banking software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Dynamics

Technavio categorizes the global third-party banking software market as a part of the global application software market within the global IT software market. The parent global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. The global application software market covers companies that are engaged in developing and producing software designed for specialized applications for the business or consumer market. It includes enterprise and technical software, as well as cloud-based software. It excludes companies classified in the interactive home entertainment sub-industry and companies producing systems or database management software classified in the systems software sub-industry.

Who are the Major Third-party Banking Software Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Accenture Plc
  • Capgemini Services SAS
  • Fidelity National Information Services Inc.
  • Fiserv Inc.
  • Infosys Ltd.
  • International Business Machines Corp.
  • Oracle Corp.
  • SAP SE
  • Tata Consultancy Services Ltd.
  • Temenos AG

 

This statistical study of the third-party banking software market encompasses successful business strategies deployed by the key vendors. The third-party banking software market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Accenture Plc - In January 2020, the company collaborated with InterContinental Hotels Group to provide a solution that uses augmented and virtual reality to reinvent the event planning experience
  • Capgemini Services SAS - In July 2019, the company launched the Capgemini Intelligent Automation Platform (CIAP). This new AI-powered, cloud-based platform would help enterprises achieve peak performance, contain costs, and speed-up time to value with pre-built intelligent automation solutions, accelerators, use-cases, and sector bots
  • Infosys Ltd. - In November 2019, the company launched Cyber Next platform-based offerings, powered by Microsoft Azure Sentinel. These offerings would help enterprises enhance security monitoring, management, threat detection, and response services.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market in focus during the forecast period.

Third-party Banking Software Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the third-party banking software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain includes the following core components:

  • Inputs
  • Software development process
  • Marketing and distribution
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Third-party Banking Software Market?

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33% of the market’s growth will originate from Europe during the forecast period. UK, Germany, and France are the key markets for third-party banking software in Europe. Market growth in this region will be slower than the growth of the market in APAC, MEA, and South American regions.

The growth in the banking industry will facilitate the third-party banking software market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating End-user Segments in the Third-party Banking Software Market?

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The third-party banking software market share growth by the retail users segment will be significant during the forecast period. Banks and other financial institutions are focusing on the development of more secure websites as well as software applications to cater to the need of retail users, which is estimated to be a key driver for the growth in the adoption of third-party banking software in retail users segment.  The advent of mobile banking platforms and e-wallets led time-pressed modern customers to increasingly prefer online transactions such as payments through websites or mobile applications. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the third-party banking software market size and actionable market insights on post COVID-19 impact on each segment.

 

Third-party Banking Software Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 10%

Market growth 2021-2025

$ 3.04 billion

Market structure

Fragmented

YoY growth (%)

7.52

Regional analysis

Europe, North America, APAC, South America, and MEA

Performing market contribution

Europe at 33%

Key consumer countries

US, UK, China, Germany, France, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Companies profiled

Accenture Plc, Capgemini Services SAS, Fidelity National Information Services Inc., Fiserv Inc., Infosys Ltd., International Business Machines Corp., Oracle Corp., SAP SE, Tata Consultancy Services Ltd., and Temenos AG

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Factors Covered in this Third-party Banking Software Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive third-party banking software market growth during the next five years
  • Precise estimation of the third-party banking software market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the third-party banking software industry across Europe, North America, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of third-party banking software market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Market characteristics
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Application

    • Market segments
    • Comparison by Application
    • Core banking software - Market size and forecast 2020-2025
    • Asset and wealth management software - Market size and forecast 2020-2025
    • Other banking software - Market size and forecast 2020-2025
    • Market opportunity by Application

    Market Segmentation by End-user

    • Market segments
    • Comparison by End-user
    • Retail users - Market size and forecast 2020-2025
    • Corporate users - Market size and forecast 2020-2025
    • Market opportunity by End-user

    Market Segmentation by Deployment

    • Market segments
    • Comparison by Deployment
    • On-premises - Market size and forecast 2020-2025
    • Cloud-based - Market size and forecast 2020-2025
    • Market opportunity by Deployment

    Customer landscape

    • Customer landscape

    Geographic Landscape

    • Geographic segmentation
    • Geographic comparison
    • Europe - Market size and forecast 2020-2025
    • North America - Market size and forecast 2020-2025
    • APAC - Market size and forecast 2020-2025
    • South America - Market size and forecast 2020-2025
    • MEA - Market size and forecast 2020-2025
    • Key leading countries
    • Market opportunity by geography
    • Market drivers
    • Market challenges
    • Market trends

    Vendor Landscape

    • Vendor landscape
    • Landscape disruption
    • Competitive scenario

    Vendor Analysis

    • Vendors covered
    • Market positioning of vendors
    • Accenture Plc
    • Capgemini Services SAS
    • Fidelity National Information Services Inc.
    • Fiserv Inc.
    • Infosys Ltd.
    • International Business Machines Corp.
    • Oracle Corp.
    • SAP SE
    • Tata Consultancy Services Ltd.
    • Temenos AG

    Appendix

    • Scope of the report
    • Currency conversion rates for US$
    • Research methodology
    • List of abbreviations

    Research Framework

    Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

    TechnavioINFORMATION SOURCES

    Primary sources

    • Manufacturers and suppliers
    • Channel partners
    • Industry experts
    • Strategic decision makers

    Secondary sources

    • Industry journals and periodicals
    • Government data
    • Financial reports of key industry players
    • Historical data
    • Press releases
    Technavio

    TechnavioDATA ANALYSIS

    Data Synthesis

    • Collation of data
    • Estimation of key figures
    • Analysis of derived insights

    Data Validation

    • Triangulation with data models
    • Reference against proprietary databases
    • Corroboration with industry experts
    Technavio

    TechnavioREPORT WRITING

    Qualitative

    • Market drivers
    • Market challenges
    • Market trends
    • Five forces analysis

    Quantitative

    • Market size and forecast
    • Market segmentation
    • Geographical insights
    • Competitive landscape
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    The third-party banking software market growth will increase by $3044.39 million during 2019-2024.
    The third-party banking software market is expected to grow at a CAGR of 8.16% during 2019-2024.
    Technavio has segmented the third-party banking software market by end user (Retail users and Corporate users) ,application (Core banking software, Asset and wealth management software, and Other banking software) , and geographic (Europe, North America, APAC, and South America).
    Accenture Plc, Capgemini SE, Fidelity National Information Services Inc., Fiserv Inc., Infosys Ltd., International Business Machines Corp., Oracle Corp., SAP SE, Tata Consultancy Services Ltd., Temenos Headquarters SA are a few of the key vendors in the third-party banking software market.
    Europe will register the highest growth rate of 34.65% among the other regions. Therefore, the third-party banking software market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
    The key factors driving the third-party banking software market growth are:
    • Growing use of digital payment solutions
    • Growing focus on smart retail stores
    The third-party banking software market vendors should focus on grabbing business opportunities from the retail users segment as it accounted for the largest market share in the base year.
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