About BFSI Software
BFSI software is used in the banking, finance and insurance sector for proper management and smooth operation. banking and finance sector have been already digitalized to a great extent and continuously growing. Softwares for digital payment, accounting, wealth management, blockchains, insurance management, data mining, analytics, and stock trading are being used by these sectors. Advanced technology like AI and chatbots are already being used in the banking and finance sector.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global BFSI 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.
SAP (Germany), Microsoft Corporation (United States), Oracle Corporation (United States), Fidelity National Information Services, Inc. (United States), Fiserv Inc. (United States), Temenos AG (Switzerland), SS&C Technologies, Inc. (United States), NCR Corporation (United States), Finastra (United Kingdom), TCS BaNCS (India) and Mindtree (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Temenos (Switzerland) and Ramco Systems. (India).
Segmentation Overview
AMA Research has segmented the market of Global BFSI Software market by Type (Infosys Finacle, Oracle Financial Services Software, Cleartouch Fiserv, Canopus EpaySuite and Others) and Region.
On the basis of geography, the market of BFSI 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 Platform, the sub-segment i.e. Desktop will boost the BFSI Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pricing, the sub-segment i.e. Monthly Subscription will boost the BFSI 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 Payments will boost the BFSI Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Model, the sub-segment i.e. Cloud-based will boost the BFSI Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Artificial Intelligence (AI) and Voice Assistant in Banking, Financial, Insurance Services
Market Growth Drivers:
Growing Digital Transformation in Banking, Financial Services, and Insurance and Need for Easy Management and Operation in Banking and Finance Sector
Challenges:
Adherence to Many Statutory Compliances
Restraints:
Risk of Data Theft through these Softwares and Lack of Awareness about BFSI Softwares in Underdeveloped Banking Segment
Opportunities:
Improving Privacy Theft Related Issues for Better Customer Services and Enhancing the Accuracy and Effectiveness of these Softwares for Better Management
Market Leaders and their expansionary development strategies
On 18th September 2019, Mindtree announced its Merchant On-Boarding solution for banks and payment service providers. It uses the hyper ledger fabric blockchain technology to allow the financial institutions to provide credit and debit payments easily.
On 24th September 2019, Tata Consulting Services launched its TCS BaNCS Cloud for Asset Servicing which automated the servicing of assets across all the markets by targeting custodians, brokers, asset managers, and investment and private banks. It is integrated with solutions for event feed, tax management and proxy voting from vendors leading in the market.
Key Target Audience
BFSI Software Providers, Research and Development Institutes, Regulatory Bodies, Banking, Financial Services, and Insurance and Others
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.