Overview and Scope
The financial services software market consists of sales of financial services software by entities (organizations, sole traders, and partnerships) that are used to deliver best practices for developing fintech software, which assists organizations with the digital transformation of financial services. Financial software is a type of software that is expressly created to automate, assist, and store financial information of a personal or professional nature. A collection of financial transactions, records, and processes are stored, analyzed, managed, and processed by it. Financial software is built on a foundation of financial information management. It can run independently of other software or as a component of a financial information system (IS).
Sizing and Forecast
The financial services software market size has grown strongly in recent years. It will grow from $141.77 billion in 2023 to $154.97 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to increasing demands for compliance, growing reliance on automation, security concerns, integration of data analytics, rise in mobile banking.
The financial services software market size is expected to see strong growth in the next few years. It will grow to $225.08 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to cross-border payment solutions, expansion of robo-advisory services, growth in subscription-based pricing models, wider adoption of smart contracts, increasing use of biometrics. Major trends in the forecast period include hyper-automation, digital currencies, green finance solution, multi-cloud adoption, augmented reality in finance.
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Segmentation & Regional Insights
The financial services software market covered in this report is segmented –
1) By Component: Software, Service
2) By Type: Cloud-based, On-Premise
3) By Application: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
North America was the largest region in the financial services software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial services software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The adoption of digital channels in the banking industry is expected to propel the financial services software market going forward. Digitalization refers to using digital tools in banking processes to manage data and other information digitally and to convert production and other business functions into more efficient, productive, and revenue-generating activities. The market for financial service software is expanding due to factors like digitization, mobile banking, UPI payments, blockchain, artificial intelligence (AI), robotics, and other advancements. For instance, in May 2022, the Indian government declared its intention to roll out 75 user-friendly digital banking units across the nation. Thus, the increase in the adoption of digital channels in the banking industry drives the growth of the financial services software market.
Key Industry Players
Major companies operating in the financial services software market report are Microsoft Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Adobe Inc., Automatic Data Processing Inc., Fidelity National Information Services Inc., Bloomberg L.P., NCR Corporation, Workday Inc., Asseco Group, Capita plc, Citrix Systems Inc., Atlassian Corporation plc, Black Knight Inc., ACI Worldwide Inc., Hyland Software Inc., Axway Inc., Clearwater Analytics LLC, Calypso Technology Inc., Backbase, Alfa Financial Software Holdings plc, Argo Data Resource Corp., Banqsoft AS, ARCHIBUS Inc., Calyx Technology Inc., AdviseSoft LLC, Clarifire
The financial services software market report table of contents includes:
1. Executive Summary
2. Financial Services Software Market Characteristics
3. Financial Services Software Market Trends And Strategies
4. Financial Services Software Market - Macro Economic Scenario
5. Global Financial Services Software Market Size and Growth
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32. Global Financial Services Software Market Competitive Benchmarking
33. Global Financial Services Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Financial Services Software Market
35. Financial Services Software Market Future Outlook and Potential Analysis
36. Appendix
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