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The North America Third-party Banking Software Market would witness market growth of 6.7% CAGR during the forecast period (2022-2028).
The growing demand to increase the operational effectiveness and productivity of the banking industry. The banking industry has undergone a considerable transition that has resulted in the customization of its operational methods. The banking sector has increasingly switched its focus toward third-party software over the past few years as a result of changing client needs, declining revenues, and the need for operational flexibility.
By reducing operational costs and decreasing human errors that could cause losses, the software also gives banks a competitive edge over competing financial institutions. Global banking institutions are always promoting the use of end-to-end technology to improve their services. For instance, Temenos AG announced in June 2022 that TS Banking Group, a banking company with headquarters in the United States, has selected its banking services running on the Temenos Banking Cloud for a full digital revolution.
The widespread adoption of new, cutting-edge technologies in this area has fueled an increase in demand for regional banking and third-party banking software. Many businesses are making significant investments in the protection and security of their data by implementing various solutions and technologies. One of the main elements that would increase demand for this software in this region is the rising instances of cyberattacks and risks to information that are present throughout a company.
The US market dominated the North America Third-party Banking Software Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $9,917.5 million by 2028.The Canada market is poised to grow at a CAGR of 8.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 8.4% during (2022 - 2028).
Based on Deployment, the market is segmented into On-Premise and Cloud. Based on Application, the market is segmented into Risk Management, Business Intelligence and Information Security. Based on End-use, the market is segmented into Retail Banks and Commercial Banks. Based on Product, the market is segmented into Core Banking Software, Wealth Management Software, Omnichannel Banking Software, Business Intelligence Software and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Tata Consultancy Services Ltd., Infosys Limited, Accenture PLC, Capgemini SE, Fidelity Information Services (FIS), Inc., and Fiserv, Inc.
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