Global Financial Services Software Market is valued at approximately USD 129.57 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 9.2% over the forecast period 2023-2030. Financial services software is a computer program and application that is specially created to support organizations that provide financial services, including banks, insurance companies, brokerage houses and investment management businesses. The organization is managed in accordance with shifting demands and trends and it aids businesses in making better financial choices with the least amount of expense and effort as risks are monitored. Financial services software is used to manage customer relationships, including customer data, interactions, and preferences. The increasing demand for automation, rapid digitalization and growing trend of automation is the most prominent factors propelling the market demand across the globe.
Additionally, the rising emergence of Fintech companies is playing a vital role, which is leading the market development during the estimated period. Fintech companies are specialized in creating technological solutions that assist businesses in managing their financial operations using new software, apps, procedures, and business models. Additionally, fintech companies have dramatically boosted their investment over the past ten years, which is likely to fuel the global market. According to Statista, in 2018, there were nearly 5,686 fintech startups present in America 3,581 in the EMEA region (Europe, the Middle East, and Africa), and 2,864 in Asia Pacific. The number of fintech startups increased and reach 10,775 startups in America, 9,323 startups in the EMEA, and 6,268 in the Asia Pacific region in the year 2021. Thereby, the emergence of fintech companies is driving innovation in the financial services industry and financial services software is a key component of many fintech solutions. Moreover, the increasing adoption of digital channels for banking, as well as the rise in investment in novel technologies presents various lucrative opportunities over the forecast years. However, the increase in the cost of deployment and regulatory compliances are hindering the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Financial Services Software Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the supportive government initiatives to support an open banking system, rising emphasis on the integration of advanced technologies, and the presence of leading companies. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. Rapid digitalization, regulatory compliance, adoption of cloud-based deployment options and rising need for data analytics are significantly propelling the market demand across the region.
Major market players included in this report are:
Fiserv, Inc.
IBM Corporation
Infosys Limited
Oracle Corporation
SAP SE
Tata Consultancy Services
Accenture plc
Finastra
FIS, Inc.
NCR Corporation
Recent Developments in the Market:
- In March 2023, SAP Fioneer- a global provider of financial services software solutions unveiled the introduction of the "Fioneer Embedded Finance as a Service" (EFaaS), the B2B embedded finance platform facilitating orchestration between SAP users and Financial Service Institutions (FSIs).
Global Financial Services Software Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Component, Deployment, Enterprise Type, Software Type, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
- The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Component:
By Deployment:
By Enterprise Type:
By Software Type:
- Customer Experience
- Enterprise IT
- Audit, Risk and Compliance Management
- BI and Analytics Applications
- Business Transaction Processing
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Financial Services Software Market, by region, 2020-2030 (USD Billion)
- 1.2.2. Financial Services Software Market, by Component, 2020-2030 (USD Billion)
- 1.2.3. Financial Services Software Market, by Deployment, 2020-2030 (USD Billion)
- 1.2.4. Financial Services Software Market, by Enterprise Type, 2020-2030 (USD Billion)
- 1.2.5. Financial Services Software Market, by Software Type, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Financial Services Software Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Financial Services Software Market Dynamics
- 3.1. Financial Services Software Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Growing trend of automation
- 3.1.1.2. Rising emergence of Fintech companies
- 3.1.2. Market Challenges
- 3.1.2.1. Increase in the cost of deployment
- 3.1.2.2. Regulatory compliances
- 3.1.3. Market Opportunities
- 3.1.3.1. Increasing adoption of digital channels for banking
- 3.1.3.2. Rise in investment in novel technologies
Chapter 4. Global Financial Services Software Market: Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economic
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Financial Services Software Market, by Component
- 5.1. Market Snapshot
- 5.2. Global Financial Services Software Market by Component, Performance - Potential Analysis
- 5.3. Global Financial Services Software Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
- 5.4. Financial Services Software Market, Sub Segment Analysis
- 5.4.1. Software
- 5.4.2. Service
Chapter 6. Global Financial Services Software Market, by Deployment
- 6.1. Market Snapshot
- 6.2. Global Financial Services Software Market by Deployment, Performance - Potential Analysis
- 6.3. Global Financial Services Software Market Estimates & Forecasts by Deployment 2020-2030 (USD Billion)
- 6.4. Financial Services Software Market, Sub Segment Analysis
- 6.4.1. Cloud
- 6.4.2. On-premise
Chapter 7. Global Financial Services Software Market, by Enterprise Type
- 7.1. Market Snapshot
- 7.2. Global Financial Services Software Market by Enterprise Type, Performance - Potential Analysis
- 7.3. Global Financial Services Software Market Estimates & Forecasts by Enterprise Type 2020-2030 (USD Billion)
- 7.4. Financial Services Software Market, Sub Segment Analysis
- 7.4.1. SMEs
- 7.4.2. Large Enterprises
Chapter 8. Financial Services Software Market, by Software Type
- 8.1. Market Snapshot
- 8.2. Global Financial Services Software Market by Software Type, Performance - Potential Analysis
- 8.3. Global Financial Services Software Market Estimates & Forecasts by Software Type 2020-2030 (USD Billion)
- 8.4. Financial Services Software Market, Sub Segment Analysis
- 8.4.1. Customer Experience
- 8.4.2. Enterprise IT
- 8.4.3. Audit, Risk and Compliance Management
- 8.4.4. BI and Analytics Applications
- 8.4.5. Business Transaction Processing
Chapter 9. Global Financial Services Software Market, Regional Analysis
- 9.1. Top Leading Countries
- 9.2. Top Emerging Countries
- 9.3. Financial Services Software Market, Regional Market Snapshot
- 9.4. North America Financial Services Software Market
- 9.4.1. U.S. Financial Services Software Market
- 9.4.1.1. Component breakdown estimates & forecasts, 2020-2030
- 9.4.1.2. Deployment breakdown estimates & forecasts, 2020-2030
- 9.4.1.3. Enterprise Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.4. Software Type breakdown estimates & forecasts, 2020-2030
- 9.4.2. Canada Financial Services Software Market
- 9.5. Europe Financial Services Software Market Snapshot
- 9.5.1. U.K. Financial Services Software Market
- 9.5.2. Germany Financial Services Software Market
- 9.5.3. France Financial Services Software Market
- 9.5.4. Spain Financial Services Software Market
- 9.5.5. Italy Financial Services Software Market
- 9.5.6. Rest of Europe Financial Services Software Market
- 9.6. Asia-Pacific Financial Services Software Market Snapshot
- 9.6.1. China Financial Services Software Market
- 9.6.2. India Financial Services Software Market
- 9.6.3. Japan Financial Services Software Market
- 9.6.4. Australia Financial Services Software Market
- 9.6.5. South Korea Financial Services Software Market
- 9.6.6. Rest of Asia Pacific Financial Services Software Market
- 9.7. Latin America Financial Services Software Market Snapshot
- 9.7.1. Brazil Financial Services Software Market
- 9.7.2. Mexico Financial Services Software Market
- 9.8. Middle East & Africa Financial Services Software Market
- 9.8.1. Saudi Arabia Financial Services Software Market
- 9.8.2. South Africa Financial Services Software Market
- 9.8.3. Rest of Middle East & Africa Financial Services Software Market
Chapter 10. Competitive Intelligence
- 10.1. Key Company SWOT Analysis
- 10.1.1. Company 1
- 10.1.2. Company 2
- 10.1.3. Company 3
- 10.2. Top Market Strategies
- 10.3. Company Profiles
- 10.3.1. Fiserv, Inc.
- 10.3.1.1. Key Information
- 10.3.1.2. Overview
- 10.3.1.3. Financial (Subject to Data Availability)
- 10.3.1.4. Product Summary
- 10.3.1.5. Recent Developments
- 10.3.2. IBM Corporation
- 10.3.3. Infosys Limited
- 10.3.4. Oracle Corporation
- 10.3.5. SAP SE
- 10.3.6. Tata Consultancy Services
- 10.3.7. Accenture plc
- 10.3.8. Finastra
- 10.3.9. FIS Inc.
- 10.3.10. NCR Corporation
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption