NEW YORK, Dec. 17, 2021 /PRNewswire/ -- Third-party banking software Market Facts at a Glance-
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According to the recent market study by Technavio, the Third-Party Banking Software Market Size is expected to increase by USD 3.04 billion from 2020 to 2025. However, the growth momentum is expected to decelerate at a CAGR of 10% during the forecast period. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
Europe will register the highest growth rate, occupying 33% of the global market share. UK, Germany, and France are the key markets for third-party banking software in Europe. However, the market will witness a slower in the region than in APAC, MEA, and South America.
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Vendor Insights-
The third-party banking software market is fragmented and is characterized by a significant number of regional and international small to large-scale vendors. Established vendors in the market have strong financial backing and are focusing on launching technically advanced, innovative, and quality products. They are making significant investments in R&D to bring considerable differentiation in their solutions and expand their customer base. To remain competitive, small-scale vendors are focusing on launching low-cost products and strengthening their customer base.
Some vendors are involved in mergers and acquisitions as a strategic plan to gain an edge in the market.
Accenture Plc: In January 2020, the company collaborated with InterContinental Hotels Group to provide a solution that uses augmented and virtual reality to reinvent the event planning experience.
Capgemini Services SAS: In July 2019, the company announced the acquisition of KONEXUS Consulting Group GmbH, a strategy and management consultancy service provider for the energy industry in the German market. This acquisition aimed at tapping the growing demand for digital solutions in the energy and utilities vertical in Germany and Central Europe.
Fidelity National Information Services Inc.: In January 2019, the company closed its previously announced agreement to unwind its joint venture with Banco Bradesco in Brazil and entered into a new long-term commercial agreement with Banco Bradesco, one of the largest financial institutions in Brazil.
Fiserv Inc.: In December 2019, the company entered into a definitive agreement with Motive Partners, a private equity firm focused on the technology-enabled company, under which Motive Partners-led investors would acquire up to 60% of the Investment Services business of Fiserv.
Infosys Ltd.: In January 2020, the company partnered with GEFCO, a multimodal supply chain solution and the European leader in automotive logistics, to support its digital transformation over the next five years.
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Regional Market Outlook
The third-party banking software market growth in Europe will be significant during the forecast period. The region is creating immense growth opportunities for market players. The rising adoption of digital payments and the surge in online banking activities are fueling the growth of the third-party banking software market in Europe.
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Latest Drivers & Trends Driving the Market-
The growing adoption of smartphones and smart devices has significantly increased digital payments worldwide. This is driving enterprises across various industries to offer digital payment options in their services to gain a competitive edge over their rivals. This has consequently increased the demand for third-party banking software among businesses. The software helps businesses manage their digital payment platforms efficiently. Thus, with the increase in digital payments worldwide, the global third-party banking software will accelerate during the forecast period.
The rise in digital payments has resulted in an exponential increase in customer data. By integrating analytics into third-party banking software, vendors are analyzing this data to make smarter and faster decisions. This is helping them improve efficiencies, drive profitability, reduce risk, gain valuable customer insights, and optimize performance. This trend is gaining prominence among end-users in the market and is expected to have a positive impact on the market's growth over the forecast period.
Find additional information about various other market Drivers & Trends mentioned in our FREE sample report.
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Third-party Banking Software Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Decelerate at a CAGR of 10% |
Market growth 2021-2025 |
USD 3.04 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.52 |
Regional analysis |
Europe, North America, APAC, South America, and MEA |
Performing market contribution |
Europe at 33% |
Key consumer countries |
US, UK, China, Germany, France, and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Accenture Plc, Capgemini Services SAS, Fidelity National Information Services Inc., Fiserv Inc., Infosys Ltd., International Business Machines Corp., Oracle Corp., SAP SE, Tata Consultancy Services Ltd., and Temenos AG |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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