Third-Party Banking Software Market Size to Grow USD 16620 Million by 2029 at a CAGR of 8.8% | Valuates Reports

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Jan 16, 2024, 10:10 ET

BANGALORE, India , Jan. 16, 2024 /PRNewswire/ -- The Third-Party Banking Software Market is Segmented by Type (Core Banking Software, Multi-Channel Banking Software, BI Software, Private Wealth Management Software), by Application (Risk Management, Information Security, Business Intelligence, Training and Consulting Solutions).

The Global Third-Party Banking Software Market is projected to grow from USD 10050 Million in 2023 to USD 16620 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period.

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Major Factors Driving the Growth of Third-Party Banking Software Market

Financial institutions look for cutting-edge technologies to improve client experiences, boost operational efficiency, and negotiate complicated regulatory environments amidst the general tide of digital change.

In order to meet these demands, third-party banking software providers are essential. They do this by providing cutting-edge technologies that address changing compliance requirements, enable seamless integration, strengthen cybersecurity measures, and take advantage of newly emerging technologies like cloud computing and artificial intelligence.

The use of third-party solutions is further fueled by the need to optimize costs and resources, as well as by the globalization of banking operations and the advancement of open banking initiatives.

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TRENDS INFLUENCING THE GROWTH OF THIRD-PARTY BANKING SOFTWARE MARKET

The need for regulatory technology (RegTech) solutions in third-party banking software has been driven by strict regulatory requirements and the increasing intricacy of compliance. These solutions help banks effectively manage risks, ensure conformity to changing rules, and navigate complex compliance environments. Financial institutions must use specialized software solutions in order to maintain compliance and reduce possible risks as regulatory frameworks become more complex.

The banking sector is experiencing a swift advancement in technology, as shown by the emergence of blockchain, AI, and ML. As a result, banks are now searching for outside software solutions to use these state-of-the-art technologies. Banks are able to remain at the forefront of technological innovations because third-party suppliers frequently take the lead in the creation and integration of novel technologies.

Third-party banking software is an alluring option for financial institutions seeking to lower operating costs in an era of cost optimization and resource efficiency. Banks may focus on their core strengths and deploy resources more strategically by outsourcing certain tasks to specialized software suppliers. This allows them to take advantage of the economies of scale and expertise offered by third-party solutions.

The increased frequency and sophistication of cyber attacks have encouraged banks to invest in advanced protection measures supplied by third-party software solutions. These technologies protect sensitive financial data and guarantee the integrity of banking systems by including strong cybersecurity features like biometric identification, encryption, and threat detection. As long as financial institutions continue to prioritize cybersecurity, there will be a growing need for innovative security solutions from outside vendors.

Third-party banking software companies now have more prospects as a result of the global expansion of open banking initiatives. Open banking fosters an ecosystem where third-party software solutions may play a crucial role in generating innovative financial products, services, and experiences by encouraging collaboration and interoperability between financial institutions and external service providers. The market for third-party banking software is expected to develop at a faster rate due to the growing acceptance of open banking frameworks, which allow institutions to better utilize outside knowledge to improve their products in a linked financial ecosystem.

Third-party banking software supporting smooth worldwide integration and cooperation is in high demand as banking operations grow more and more globalized, with institutions operating across different geographic areas. These solutions help banks that operate internationally be more efficient and competitive by enabling standardized procedures, unified data management, and uniform customer experiences regardless of location.

Financial institutions are adopting cloud-based third-party banking software at an increasing rate as they look for more flexible and agile IT infrastructures. Cloud solutions enable banks to install and integrate new software with ease since they are flexible and economical, and promote cooperation. The use of cloud-based solutions by banks has made it possible for them to quickly and effectively adjust to shifting market conditions.

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THIRD-PARTY BANKING SOFTWARE MARKET SHARE ANALYSIS

The third-party banking software business in North America, and especially in the US, benefits from a sizable and fiercely competitive financial sector. The area is focused on keeping a competitive edge and satisfying changing client expectations, which has led to a high adoption rate of sophisticated technology, such as cybersecurity measures and cloud-based solutions. Organizations like the FDIC and OCC, for example, have regulations that must be followed, which raises the need for specialized third-party software that handles compliance and risk management.

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Key Companies:

Microsoft Corporation
IBM Corporation
ORACLE CORPORATION
SAP
TATA CONSULTANCY SERVICES LIMITED
INFOSYS LIMITED
Capgemini S A
Accenture Plc
NetSuite Inc
Deltek

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