About Microfinance Software
Microfinance generally refers to the provision of basic financial services such as loans, saving accounts and insurances provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services. Microfinance software helps users to automate all business activities. It provides a smart banking functionality and helps to manage other areas of business. It helps to reduce operational costs and increased efficiency.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
There are various companies that are operating in the new geographical regions by adopting various market growth initiatives such as mergers & acquisitions, expansions, investments, and others. There are various new market players are entering the market to capture market growth opportunities. Analyst at AMA Research estimates that Indian Players will contribute the maximum growth to Global Microfinance Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Jayam Solutions Pvt. Ltd (India), Adysoft (India), Nelito Systems Ltd (India), Xentric Technologies Pvt. Ltd. (India), Technotron Software Technologies (India), Habile Technologies (India), Arinos Infosolutions Private Limited (India), MLM Software (India) and Crystal Clear Software Ltd (Uganda) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Infrasoft Technologies (India) and Websoftex Software Solutions Pvt, Ltd ((India).
Segmentation Overview
AMA Research has segmented the market of Global Microfinance Software market by , Application (Agriculture, Manufacturing/Production, Trade Services, Household Finance and Others) and Region.
On the basis of geography, the market of Microfinance Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment, the sub-segment i.e. Cloud-Based will boost the Microfinance Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Operating System, the sub-segment i.e. Android will boost the Microfinance Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Digital Loan Origination will boost the Microfinance Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pricing Model, the sub-segment i.e. Free Trial will boost the Microfinance Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Raising Awareness about Microfinance Software
Market Growth Drivers:
Increased Number of Microfinance Providers and High Benefits of the Microfinance Software such as Decreased Operational Cost and Increased Efficiency
Challenges:
Many MFIs operate in remote areas with limited or no internet connectivity.
Restraints:
High Cost of the Microfinance Software
Opportunities:
Increasing Demand from End-users and Increasing Applications of Microfinance Software
Market Leaders and their expansionary development strategies
In March 2023, Orion Innovation ("Orion"), a leading digital transformation and product development services firm, has acquired of Banktech Software Services Ltd, a core banking implementation partner for global financial institutions. Banktech will complement Orion's financial services business by bringing additional industry expertise, open banking solutions, and implementation capabilities to the company.
In January 2021, Tamam has launchedas the first digital microfinance firm in Saudi Arabia after receiving regulatory approval this week.The sandbox tested functionality, security, and compatibility with a range of user profiles.
Key Target Audience
Microfinance Software Developers, Emerging Companies, Research Professionals and End-users
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.