Third-Party Banking Software Market Size, Share, Growth Analysis, By Product(Core Banking Software, Omnichannel Banking Software), By Deployment(On-premise, and Cloud), By Application(Risk Management, Information Security) - Industry Forecast 2024-2031

In 2022, North America asserted its dominance in the third-party banking software market, capturing a substantial share of over 30.0% of the global revenue. The region's robust banking industry expansion coupled with the increasing adoption of third-party software to enhance operational efficiency is poised to further amplify the regional market's growth trajectory.

The presence of influential key players like Microsoft and IBM further augments the growth prospects for the industry within the North American region. Furthermore, a pivotal driving factor is North America's position at the forefront of digitization efforts in the Banking, Financial Services, and Insurance (BFSI) sector, which is projected to intensify the demand for third-party software solutions.

On the other hand, Asia Pacific is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period. This growth can be attributed to stringent regulatory mandates and the flourishing IT infrastructure in countries such as China, India, and Japan. The concerted endeavors undertaken by various entities across the region to foster the adoption of third-party banking software are also poised to contribute significantly to the segment's expansion.