by Product Type (Core Banking Software, Multi-Channel Banking Software, BI software, Private Wealth Management Software), Application (Risk Management, Information Security, Business Intelligence, Training and Consulting Solutions.) & Region - Global Industry Opportunity and Forecast, 2017-2025
Third Party Banking Software Market Overview
With advancement in technology, the banking sector has witnessed shift in the transaction pattern. One of the changes is implementation of the third party banking software market. A third-party banking software can serve as a multi-channel banking software, private wealth management software, core banking software, and business intelligence software solution.
The global third party banking software market is anticipated to grow due to various factors, during the period, 2012-2022. These factors include increase in productivity and operational efficiency of the banking industry. In addition, growth in demand for standardized activities in the sector and adoption of customer-centric core banking propel growth of the market. Although, the industry has concerns of information security and high costs of moving from legacy systems to the new automated systems. These also restrict growth of the market. Moreover, with increase in implementation of online banking and mobile banking offer wide range of opportunities in the market. It is due to rise in inclination to access account details and perform financial actions by using various gadgets, such as laptops, smartphones, and tablets. In addition, emerging trends of patch management is expected to provide numerous opportunities for the market.
The third party banking software market is segmented into product type, application, and region. Based on type, it is classified into core banking software, bi software, multi-channel banking software, and private wealth management software. Applications of the industry include risk management, business intelligence, information security, and training and consulting solutions. Geographically, the market is assessed across LAMEA (Latin America, Middle East, & Africa), Asia-Pacific, Europe, and North America.
The leading manufacturers of the third party banking software market are Microsoft Corporation, Oracle Corporation, IBM Corporation, SAP SE, Infosys Limited, Tata Consultancy Services Limited., Capgemini, Accenture, Deltek, Inc., and NetSuite Inc.
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