In 2021, the top 10 Banking and Financial Services software vendors accounted for nearly 47.9% of the global Banking and Financial Services applications market which grew 3.8% to approach nearly $33.5 billion in license, maintenance and subscription revenues.
Microsoft was the market leader with a 15.2% market share in license, maintenance and subscription revenues. FIS Global was #2, followed by SAP, Oracle, and NCR Corporation.
We ask the simple question: Who’s buying Banking and Financial Services applications from whom and why? And we provide the answers – supported by decades of research – to our clients around the world. (Sample from our Apps Database)
Through our forecast period, the Banking and Financial Services applications market size is expected to reach $36.8 billion by 2026, compared with $33.5 billion in 2021 at a compound annual growth rate of 2.7%.
| Exhibit 2: Worldwide Banking and Financial Services Software Market 2021-2026 Forecast, $M | |||
|---|---|---|---|
| Year | 2021 | 2026 | 2021-2026 CAGR, % |
| Total | 33503 | 36806 | 2.7% |
Source: Apps Run The World, September 2022
Top 10 Banking and Financial Services Software vendors
Banking and Financial Services (Credit, lending, securities institutions) – Hedge fund administration, Core Banking, Cash, treasury, payment, risk management and supply chain finance solutions, Investment management system, Securities transaction and online trading technology, Mortgage, Loan origination and processing solutions, Teller transaction and loan processing, automated loan decisioning, analytical science analysis, workflow management, and sales and service solutions, Financials, HR, Procurement
Here are the rankings of the top 10 Banking and Financial Services software vendors in 2021 and their market shares.
| Rank | Vendor | 2020 Banking and Financial Services Apps Revenues, $M | 2021 Banking and Financial Services Apps Revenues, $M | YoY Growth | 2021 Banking and Financial Services Market Share, % | Recent Developments |
|---|---|---|---|---|---|---|
| 1 | Microsoft | Subscribe | Subscribe | 8.9% | Subscribe | Last year, Microsoft announced the availability of Microsoft Cloud for Financial Services public preview beginning on March 2021, with new capabilities for retail banking and additional new services fit for the broader industry to come. By integrating existing and new capabilities in Microsoft 365, Azure, Dynamics 365, and Microsoft Power Platform, Microsoft Cloud for Financial Services unlocks unprecedented value. |
| 2 | FIS Global | Subscribe | Subscribe | 10.6% | Subscribe | In April 2022, FIS announced the availability of FIS Modern Banking Platform on the Microsoft Azure cloud platform, expanding digital online banking to financial institutions in markets including the United Kingdom, Thailand, and New Zealand. |
| 3 | SAP | Subscribe | Subscribe | 0.4% | Subscribe | In September 2021, SAP SE launched SAP Fioneer, a joint venture for the financial services industry between SAP and Dediq GmbH. SAP Fioneer expands the financial service software offered by SAP. It also develops new solutions to serve its customers in the rapidly changing banking and insurance industries. More than 800 of the world’s top 1,000 banks and insurance companies are SAP customers. |
| 4 | Oracle | Subscribe | Subscribe | 4.8% | Subscribe | In May 2022, Oracle FS landed new-name deals for its Flexcube core banking system in Portugal and Nigeria. In Portugal, Caixa Economica da Misericordia de Angra do Heroismo, a banking institution with a 125-year history of serving retail, SME, and corporate clients have signed for a range of solutions from Oracle FS. In Nigeria, the deal is with a start-up bank, FinTech Futures understands, called Signature Bank. |
| 5 | NCR Corporation | Subscribe | Subscribe | 4.2% | Subscribe | In the First Quarter of 2022, NCR Corporation announced the acquisition of fintech intellectual property for Open Banking from Spoke Technologies Limited. The acquisition accelerates NCR’s move into open and international digital banking – adding data integration capabilities supporting personalization and customer-led experiences that are applicable across Financial Services and supporting the convergence of Finance and Retail for our key clients. |
| 6 | Jack Henry & Associates | Subscribe | Subscribe | 8.6% | Subscribe | In September 2022, Jack Henry acquired Payrailz, adding the company’s next-generation digital payment capabilities to Jack Henry’s payments ecosystem. This acquisition enhances Jack Henry’s payments-as-a-service strategy, which is a natural extension of its commitment to open banking and the ability to enable embedded finance and embedded fintech. |
| 7 | Temenos Group AG | Subscribe | Subscribe | 8.6% | Subscribe | In June 2022, Temenos launched Multifonds Navigator, a simple and cost-efficient NAV oversight and contingency solution available to asset managers who outsource their fund accounting operations to third-party administrators. Multifonds Navigator provides an estimated NAV and IBOR valuation that is calculated across asset classes and multiple jurisdictions automatically. Temenos Multifonds is used to manage over 25,000 funds across 35 jurisdictions – encompassing all asset classes and fund types. |
| 8 | Fiserv | Subscribe | Subscribe | 17.0% | Subscribe | In the middle of 2022 Nekoosa Port Edwards State Bank became the 1,000th financial institution to offer Zelle via Fiserv. Approximately 65% of all financial institutions that currently offer Zelle enable the service via Fiserv. And, since April 2022, these institutions have experienced a 34% increase in active users and a 36% increase in Zelle transactions. |
| 9 | SS&C Technologies | Subscribe | Subscribe | 8.4% | Subscribe | In August 2022, SS&C Technologies acquired Tier1 CRM business and related assets from Tier1 Financial Solutions in an all-cash transaction. Tier1 CRM is a provider of sell-side CRM solutions targeting capital markets and investment banks. The acquisition will expand SS&C’s CRM capabilities, adding 30+ enterprise clients across the U.S., Canada, and the U.K. |
| 10 | ICE Mortgage Technology | Subscribe | Subscribe | 18.3% | Subscribe | In the first Quarter of 2022, ICE Mortgage Technology updated its website home page with access to real-time mortgage data with Insights by ICE Mortgage Technology. Insights by ICE Mortgage Technology is a web-based, out-of-the-box, data analytics solution that provides users visibility into industry trends and benchmarking performance of peer groups, to drive increased efficiencies across their business. |
| Subtotal | Subscribe | Subscribe | 8.5% | Subscribe | ||
| Other | Subscribe | Subscribe | -0.2% | Subscribe | ||
| Total | 32279 | 33503 | 3.8% | 100% |
Source: Apps Run The World, September 2022
Other Banking and Financial Services software providers included in the report are: ACI Worldwide, Inc., Adobe, ADP, AdviseSoft, Alfa Financial Software Holdings plc, ARCHIBUS, Argo Data Resource Corp., Asseco Group, Atlassian, Axway, Backbase, Banqsoft AS, BIS – Business Integration Services, Bloomberg, Black Knight, Calypso Technology, Calyx, Capita Software, Cisco Systems, Citrix, Clarifire, Clearwater Analytics, COCC, Constellation Financing Systems Corp, CoStar Group, DATEV, Deloitte, Dileoz, DocuSign, Inc., Dropbox, Ebix, Edgeverve, an Infosys company, Envestnet, Equifax, ERI Bancaire, Exela Technologies, Inc., FICO, Fraedom, Finastra, GBST Holdings Limited, Genesys Telecommunications Laboratories, Google, Hexagon, Homnet Leasing, HubSpot, IBM, Imagine Software, Informatica, Intellect Design Arena Limited, ION Trading, Jack Henry & Associates, Kofax, KOGER, Inc., Laserfiche, Linedata Services S.A., LoanLogics, LogMeIn, Inc., LRS Retirement Solutions, LTi Technology Solutions, Milliman Marc, MSCI, Murex, NetSol Technologies Inc., Newgen Software, Nice Systems, nCino, Inc., Nuance Communications Inc., Odessa Technologies, Oleeo, Open Text Corporation, Paycom, Pegasystems, Q2ebanking, Quantrix, Salesforce, Serrala, ServiceNow, SimCorp, SmartStream, SAS Institute, Sopra Steria Group SA, TalentMap, Teradata Corporation, Thomson Reuters Elite, Tieto (Ex EMRIC AB), TotalSoft, Verint Systems Inc., White Clarke Group, Wolters Kluwer, Workday, Workiva, ZenTreasury, Zoom Video Communications, and many others.
Custom data cuts related to the Banking and Financial Services Applications market are available:
- Top 1000 Banking and Financial Services Applications Vendors and Market Forecast 2021-2026
- 2021 Banking and Financial Services Applications Market By Functional Market (16 Markets)
- 2021 Banking and Financial Services Applications Market By Country (USA + 45 countries)
- 2021 Banking and Financial Services Applications Market By Region (Americas, EMEA, APAC)
- 2021 Banking and Financial Services Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
- 2021 Banking and Financial Services Applications Market By Customer Size (revenue, employee count, asset)
- 2021 Banking and Financial Services Applications Market By Channel (Direct vs Direct)
- 2021 Banking and Financial Services Applications Market By Product
Exhibit 4 shows our projections for the enterprise applications market by vertical segment, based on the buying preferences and the customer propensity to invest in new software within those industries as they continue to upgrade and replace many legacy industry-specific applications that have been identified and tracked in our Buyer Insight Database.
Exhibit 4: Worldwide Enterprise Applications Market Forecast 2021-2026, By Vertical Industry, $M
Banking and Financial Services Software Purchases Win/Loss Analysis As Part Of Enterprise Applications Buyer Insight Customer Database
On the buyer side, customers are investing in Banking and Financial Services systems based on new features and capabilities that are expected to replace their existing legacy systems. In many cases, competitive upgrades and replacements that could have a profound impact on future market-share changes will become more widespread.
Since 2010, our global team of researchers have been studying the patterns of the latest Banking and Financial Services software purchases by customers around the world, aggregating massive amounts of data points that form the basis of our forecast assumptions and perhaps the rise and fall of certain vendors and their products on a quarterly basis.
Updated continuously, our database features extensive win/loss analysis. Each year our research team identifies tens of thousands of these customer Banking and Financial Services wins and losses from public and proprietary sources.
The research results are being incorporated into regular updates in our Enterprise Applications Buyer Insight Customer Database. You can access the Quarterly Win/Loss Analysis Scoreboard and our Enterprise Applications Buyer Insight Customer Database by becoming a subscriber.
Source: Apps Run The World, September 2022
Further Readings
An expanded version of this report covers the top 1000+ Banking and Financial Services Software Vendors, offering in-depth analysis of the market dynamics, vendors’ Strengths, Customers, Opportunities, Risks and Ecosystems as well as their ability to gain Shares(SCORES) within their respective space. We also offer win-loss analysis of the quarterly wins of these top vendors and whether incumbents and upstarts pose any real threat to their standing amid shifting market requirements and user preferences.
More Enterprise Applications Research Findings
Based on the latest annual survey of 3,000+ enterprise software vendors, Apps Run The World is releasing a number of dedicated reports, which profile the world’s 500 largest Enterprise Applications Vendors (Apps Top 500) and the world’s 500 largest Cloud Applications Vendors (Cloud Top 500) ranked by their 2015-2021 product revenues.
Their 2021 results are being broken down, sorted and ranked across 16 functional areas (from Analytics to Treasury and Risk Management) and by 21 vertical industries(from Aerospace to Utility), as shown in our Taxonomy. Further breakdowns by subvertical, country, company size, etc. are available as custom data cuts per special request.
Research Methodology
Each year our global team of researchers conduct an annual survey of thousands of enterprise software vendors by contacting them directly on their latest quarterly and annual revenues by country, functional area, and vertical market. We supplement their written responses with our own primary research to determine quarterly and yearly growth rates, In addition to customer wins to ascertain whether these are net new purchases or expansions of existing implementations.
Another dimension of our proactive research process is through continuous improvement of our customer database, which stores more than one million records on the enterprise software landscape of over 100,000 organizations around the world.
The database provides customer insight and contextual information on what types of enterprise software systems and other relevant technologies are they running and their propensity to invest further with their current or new suppliers as part of their overall IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.
The result is a combination of supply-side data and demand-generation customer insight that allows our clients to better position themselves in anticipation of the next wave that will reshape the enterprise software marketplace for years to come.
