Third-Party Banking Software Market Will Rise Due to Increasing Acceptance of Customer-Centric Outlook and Inherent Quickness Compared to Legacy IT Systems

Radiant Insights, Inc.

SAN FRANCISCO, November 14, 2018 /PRNewswire/ --

Global Third-party Banking Software Market is estimated to grow at a substantial CAGR of 8.38% during the period 2018-2022 as the scope, product types, and its applications are increasing across the globe. A third-party banking software is a customized, an integrated and outsourced, software solution for banking establishments. This software offers end-to-end and Omni channel management of banking procedures. The factors that propel the growth of the third-party banking software market include increasing acceptance of customer-centric outlook, progressively increasing fragmented markets; inherent quickness compared to legacy IT systems, and advanced smart insights from data. On the other hand, there are factors that may hamper the growth of the market including high switching prices from legacy systems. Third-party banking software market may be explored by type, application, and geography. Third-party banking software market may be explored by type as corporate users and retail users. The "Retail Users" segment led the third-party banking software market in 2017 and is anticipated to maintain its dominance by 2022.

Third-party banking software market could be explored based on application as training and consulting solutions, information security, risk management, and business intelligence. Third-party banking software market is categorized based on geography into North America, Latin America, Japan, Middle East, and Africa, Western Europe, Asia Pacific, and Eastern Europe. The "North America" segment led the third-party banking software market in 2017 and is anticipated to maintain its dominance by 2022. The factors that could be attributed to the growth include early acceptance of this technology across industries, financial & banking segments and the presence of several recognized banking establishments. The key players contributing to the robust growth of the third-party banking software market comprise Microsoft Corporation, Oracle Corporation, IBM Corporation, Infosys Limited, SAP SE, Tata Consultancy Services Limited., NetSuite Inc. and Capgemini. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.