About Financial Services Software
Financial Services software is used to manage the day to day operations of banks, credit unions, and other organizations that provide financial services to businesses and the general public. Advanced technology like AI and chatbots are already being used in the banking and finance sector. Financial Services software helps businesses to build digital ecosystems that empower customers to manage and enrich their financial lives.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The Financial Services Software market is fragmented as the market has a number of companies that offer management software and there are lots of new companies entering the financial software market due to relative ease of developing software. The companies are exploring the market by expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Financial Services 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.
Oracle Corporation (United States), SAP (Germany), IBM (United States), Hyland Software (United States), Workday (United States), Focus Softnet ( United Arab Emirates), Debt Pay (United States), Payability (United States) and Obsidian Suite (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Financial Services Software market by , Application (Large Enterprises and Small and Medium-sized Enterprises (SMEs)) and Region.
On the basis of geography, the market of Financial Services 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 Subscription, the sub-segment i.e. Monthly Subscription will boost the Financial Services 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 Financial Services 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) in Financial Services Software
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:
Stringent Regulatory Standards on Financial Services Software
Restraints:
Risk of Data Theft through these Softwares and Lack of Awareness about Financial Services Software 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
In Oct 2020, NEC Corporation announced the acquisition of Avaloq Group AG (Avaloq), a leading Swiss financial software company. The acquisition of Avaloq will provide NEC with digital finance software and domain knowledge as it enters into the field globally and strengthens its business in the digital government field.
In July 2022, Vega Technology Group launched , providing a suite of intelligent, turnkey FinTech and RegTech software products to international financial services clients, seeking best-in-class digital experiences for their employees and clients.
Key Target Audience
Financial Services Software Providers, Financial Services Software Industry Associations, Research and Development Institutes, Potential Investors, Regulatory Bodies 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.