Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Financial Services Software Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global financial services software market is expected to grow from $129.57 billion in 2022 to $141.77 billion in 2023 at a compound annual growth rate (CAGR) of 9.42%. The financial services software market is expected to grow to $203.88 billion in 2027 at a CAGR of 9.51%
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 adoption of digital channels in the banking industry drives the growth of the financial services software market.
An increase in digital innovation is a key trend gaining popularity in the financial services software market. The provision of on-touch payment, secure connectives, and many other services is enhancing the customer experience due to the growth in digital innovation and digitalization in the financial sector.
Additionally, financial service providers are investing a sizable portion of their budgets in improving the customer experience. For instance, in April 2021, SAP SE, a German multinational software company, and Dediq GmbH established a strategic alliance for the financial services sector. With a sizable investment in fresh solutions, the two companies jointly expand SAP's financial services portfolio. The innovation in core insurance, CBS, and FSI-specific financial solutions is made possible by this relationship.
North America was the largest region in the financial services software market in 2022. 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 and Africa.
The countries covered in the Financial Services Software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Scope
Markets Covered:
1) By Component: Software; Service
2) By Type: Cloud-based; On-Premise
3) By Application: Large Enterprises; Small And Medium-Sized Enterprises (SMEs)
Companies Mentioned: Oracle Corporation; SAP SE ; IBM Corporation; Hyland Software; Workday Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $141.77 billion |
| Forecasted Market Value (USD) by 2027 | $203.88 billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
Key Topics Covered:
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
4.1. COVID-19 Impact On Financial Services Software Market
4.2. Ukraine-Russia War Impact On Financial Services Software Market
4.3. Impact Of High Inflation On Financial Services Software Market
5. Financial Services Software Market Size And Growth
5.1. Global Financial Services Software Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Financial Services Software Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Financial Services Software Market Segmentation
6.1. Global Financial Services Software Market, Segmentation By Component , Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Software
- Service
6.2. Global Financial Services Software Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cloud-Based
- On-Premise
6.3. Global Financial Services Software Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Large Enterprises
- Small And Medium-Sized Enterprises (SMEs)
7. Financial Services Software Market Regional And Country Analysis
7.1. Global Financial Services Software Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Financial Services Software Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Financial Services Software Market
A selection of companies mentioned in this report includes
- Oracle Corporation
- SAP SE
- IBM Corporation
- Hyland Software
- Workday Inc.
For more information about this report visit https://www.researchandmarkets.com/r/udysl5
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