Thirdparty Banking Software Market Size, Share, Industry Trends and Forecast to 2030

Market Size & CAGR of Third-party Banking Software Market in 2021

The global third-party banking software market is anticipated to witness a growth rate of 6.2% CAGR from 2021 to 2026. As a result, the market is expected to reach a value of USD 8.7 billion by 2026.

COVID-19 Impact on the Third-party Banking Software Market

The COVID-19 pandemic has significantly impacted the third-party banking software market. With the closure of physical bank branches and the surge in online transactions, there has been a growing demand for digital banking solutions. This has propelled the adoption of third-party banking software across various financial institutions worldwide.

Third-party Banking Software Dynamics

The third-party banking software market is driven by factors such as the increasing focus on enhancing customer experience, the growing adoption of digital banking solutions, and the need for efficient regulatory compliance. The market is also influenced by technological advancements such as artificial intelligence, blockchain, and cloud computing.

Segments and Related Analysis

The third-party banking software market can be segmented based on the type of software, deployment mode, and end-user. The key segments include core banking software, internet banking software, mobile banking software, cloud-based deployment, on-premise deployment, retail banks, commercial banks, and others.

By Region Analysis

In terms of regional analysis, North America currently leads the global third-party banking software market, followed by Europe and Asia Pacific. The presence of key market players, technological advancements, and the high adoption of digital banking solutions are driving the market growth in these regions.

Key Market Players and Competitive Landscape

Some of the key players in the third-party banking software market include Oracle Corporation, FIS Global, Fiserv Inc., Temenos Group AG, and SAP SE. These companies are focusing on strategic partnerships, product innovations, and mergers and acquisitions to strengthen their market presence.

Recent Happenings in the Third-party Banking Software Market

- In August 2021, Oracle Corporation announced the launch of its new core banking software solution, which integrates artificial intelligence and machine learning capabilities to enhance customer engagement and streamline banking operations.

- In June 2021, Fiserv Inc. introduced a new mobile banking software that offers advanced security features and personalized customer insights to improve the overall banking experience.

- In October 2021, Temenos Group AG partnered with a leading financial institution to implement its cloud-based core banking software, enabling the bank to improve operational efficiency and agility in responding to changing market demands.