LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global third-party banking software market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
This industry research report presents a comprehensive analysis of the third-part banking software market by various segmentations such as application (core banking software, asset and wealth management software, and other banking software), type (retail users and corporate users), deployment model (cloud-based and on-premises), and geography (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the top market drivers that are contributing to the growth of the global third-party banking software market:
- Increasing adoption of customer-centric perspective
- Inherent agility compared to legacy IT systems
Increasing adoption of customer-centric perspective
Most modern businesses are becoming customer-centric in a bid to retain customers in the face of disruption, high competition, and increasingly fragmented markets. The banking industry is no exception. The end-customers want a 24/7 personalized experience that is tailored to their specific requirements. This requires the banking business to be data-driven, concentrate on analytics, develop smart insights from data, and hence, align itself with the end-customers’ requirements. The modern customer constantly demands a seamless banking experience.
According to a senior analyst at Technavio for IT spending research, “This trend of customer-centricity promotes the adoption of third-party banking software solutions. Legacy IT systems were never flexible nor rapidly upgradeable to achieve customer-centricity in the dynamic and highly competitive environment. A third-party banking software delivers flexibility that enables organizations to become data-driven and attain customer-centricity in perpetuity. The need for being customer-centric to build a profitable customer relationship is one of the primary drivers for the growth of the third-party banking software market.”
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Global third-party banking software market segmentation
Of the three major applications, the core software segment held the largest market share in 2017, accounting for over 39% of the market. However, the market share for this application is expected to decrease nearly 5% by 2022. The fastest growing application is other banking software, which will account for over 41% of the total market share by 2022.
The Americas was the leading region for the third-party banking software market in 2017, accounting for a market share of around 38%. However, APAC is expected to register a high YoY growth rate with a CAGR of close to 12%, owing to the growing adoption of software in the region.
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