Global Banking System Software market, in terms of revenue, which was estimated at US$ 24.37 billion in 2020, is expected to reach US$ 32.70 billion in 2030. Banking System Software is a software which enables a connection between commercial banks and other modular software and the interbank networks. To access the capital markets, this software is used as trading software by investment banks. It helps to record and manage the transactions of bank customers to their banks and optimize the operations in back and front office of the banks. It enables the need of banks for system integration and maintains core banking system. Banking software provides customer management suits which help the banks to view client’s relationship with the bank. Financial institution requires purchase order management, financial information management, positions and risk management. Banking software serves the purpose by offering more efficient and organized mechanism of the processes in these institutions.
Some of the primary market participants are :
Millennium Information Solution Ltd., Strategic Information Technology Ltd., Aspekt, Automated Workflow Pvt. Ltd, Canopus EpaySuite, Cashbook, CoBIS Microfinance Software, Probanx Information Systems, Megasol Technologies, EBANQ Holdings BV, Infosys Limited, Kapowai, Crystal Clear Software Ltd., Infrasoft Technologies Ltd., Misys, Banking.Systems, ABBA d.o.o., SecurePaymentz, Tata Consultancy Services, TEMENOS Headquarters SA amongst others.
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Banking System Software Market, By Component
In recent times, advances in digital technology has offered countless of channels for customer interaction. Mobile banking has transformed how customer engage with the banks. Such customer interaction via digital channels is generating beneficial transactional data. Such data helps to develop more ways to engage customers. Mobile banking has been growing with the growing number of smartphone owners with a bank account. The growth in mobile banking has shifted banks focus to customer mobile transactions and provide better opportunities for banks to gain competitive edge in the market.
Banking System Software Market, By Application
Amongst the applications, Windows held the largest market share in terms of revenue. This rapid and fast paced growth is attribute to the increasing use of windows by large banks. A great number of mid-tier and large banks are processing their core banking system on Window-based platform. In 2014, before Microsoft stopped support for XP, US Bank moved all its ATMs on Windows 7. It is reported that 95% of ATMs in the world run on Windows. To support banking services such as branch, ATM, Internet banking and call center operations, Windows serve as a universal platform, which makes it a dominating application platform in the banking software industry.
Banking System Software Market, By Region
On the basis of geography, North America region occupies the largest share in terms of implementation and demand for the market globally. North America is a leading region in fast technology adoption and implementation processes. The major share of banking IT expenditure in the US market is more service oriented. Vast usage of internet services and mobile banking for carrying out transactions has been driving the demand for banking system software in North America.
Key Benefits for Industry Participants & Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
• Neutral viewpoint on the market performance
• Recent industry trends and developments
• Competitive landscape & approaches of major players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• Detailed analysis of the Banking System Software Market
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