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:
Tata Consultancy Services
Recent Developments in the Market:
Ø 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:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Component, Deployment, Enterprise Type, Software Type, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü 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 Enterprise Type:
By Software Type:
Audit, Risk and Compliance Management
BI and Analytics Applications
Business Transaction Processing
Middle East & Africa
Rest of Middle East & Africa