In 2023, the global Banking and Financial Services software market surged to nearly $39.1 billion, growing by 8.8%. The top 10 vendors commanded a significant 43.2% market share, with Microsoft leading at 14.9%, followed by SAP, Jack Henry & Associates, and Oracle.
Our APPS TOP 500 Market Report (Preview) covers thousands of Banking and Financial Services software vendors, offering deep insights into market dynamics, vendor strengths, AI investments, customer momentum, and go-to-market strategies providing valuable perspectives on market trends and challenges.
Discover thousands of Banking and Financial Services Customer Wins with the ARTW Technographics Platform, an essential resource for technology enthusiasts, sales business leaders, and data-driven marketing executives, offering curated insights into the evolving landscape of the software industry, including the latest developments in the Banking and Financial Services software market.
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 $46.2 billion by 2028, compared with $39.1 billion in 2028 at a compound annual growth rate of 3.4%.
| Exhibit 2: Worldwide Banking and Financial Services Software Market 2023-2028 Forecast, $M | |||
|---|---|---|---|
| Year | 2023 | 2028 | 2023-2028 CAGR, % |
| Total | 39113 | 46239 | 3.4% |
Source: Apps Run The World, June 2024
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 2023 and their market shares.
| Rank | Vendor | 2021 Banking and Financial Services Apps Revenues, $M | 2022 Banking and Financial Services Apps Revenues, $M | 2023 Banking and Financial Services Apps Revenues, $M | YoY Growth | 2023 Banking and Financial Services Market Share, % |
|---|---|---|---|---|---|---|
| 1 | Microsoft | Subscribe | Subscribe | Subscribe | 7.8% | Subscribe |
| 2 | FIS Global | Subscribe | Subscribe | Subscribe | 2.6% | Subscribe |
| 3 | SAP | Subscribe | Subscribe | Subscribe | 4.4% | Subscribe |
| 4 | Jack Henry & Associates | Subscribe | Subscribe | Subscribe | 5.1% | Subscribe |
| 5 | Oracle | Subscribe | Subscribe | Subscribe | 5.0% | Subscribe |
| 6 | NCR Corporation | Subscribe | Subscribe | Subscribe | 5.2% | Subscribe |
| 7 | Salesforce | Subscribe | Subscribe | Subscribe | 12.4% | Subscribe |
| 8 | Temenos Group AG | Subscribe | Subscribe | Subscribe | 5.1% | Subscribe |
| 9 | SS&C Technologies | Subscribe | Subscribe | Subscribe | 15.6% | Subscribe |
| 10 | Fiserv | Subscribe | Subscribe | Subscribe | 7.6% | Subscribe |
| Subtotal | Subscribe | Subscribe | Subscribe | 6.5% | Subscribe | |
| Other | Subscribe | Subscribe | Subscribe | 10.7% | Subscribe | |
| Total | 33503 | 35934 | 39113 | 8.8% | 100.0% |
Source: Apps Run The World, June 2024
Other Banking and Financial Services software providers included in the report are: ACI Worldwide, Inc., Adobe, ADP, AdviseSoft, Alfa Financial Software Holdings plc, Argo Data Resource Corp., Asseco Group, Atlassian, Axway, Backbase, Banqsoft AS, BIS – Business Integration Services, Bloomberg, Black Knight, Calyx, Capita Software, Cisco Systems, Citrix, Clarifire, Clearwater Analytics, COCC, Constellation Financing Systems Corp, CoStar Group, DATEV, Deloitte, Dileoz, DocuSign, Inc., Dropbox, Edgeverve, an Infosys company, Envestnet, Equifax, ERI Bancaire, Exela Technologies, Inc., FICO, Finastra, GBST Holdings Limited, Genesys Telecommunications Laboratories, Google, Hexagon, HubSpot, IBM, Imagine Software, Intellect Design Arena Limited, Jack Henry & Associates, Kofax, KOGER, Inc., Laserfiche, Linedata Services S.A., LoanLogics, LRS Retirement Solutions, LTi Technology Solutions, Milliman Marc, MSCI, Murex, NetSol Technologies Inc., Newgen Software, Nice Systems, nCino, Inc., Odessa Technologies, Oleeo, Open Text Corporation, Paycom, Pegasystems, 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., 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 2023-2028
- 2023 Banking and Financial Services Applications Market By Functional Market (16 Markets)
- 2023 Banking and Financial Services Applications Market By Country (USA + 45 countries)
- 2023 Banking and Financial Services Applications Market By Region (Americas, EMEA, APAC)
- 2023 Banking and Financial Services Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
- 2023 Banking and Financial Services Applications Market By Customer Size (revenue, employee count, asset)
- 2023 Banking and Financial Services Applications Market By Channel (Direct vs Direct)
- 2023 Banking and Financial Services Applications Market By Product
- ICICI Bank, a India based Banking and Financial Services organization with 187765 Employees
- OneSource Virtual, a United States based Professional Services company with 1000 Employees
- Bbh Partners LLP, a United Kingdom based Communications organization with 1000 Employees
| Logo | Company | Industry | Employees | Revenue | Country | Evaluated |
|---|
Worldwide Enterprise Applications by Vertical Market
Exhibit 3 provides a forecast of the worldwide enterprise applications by vertical market from 2023 to 2028, highlighting market sizes, year-over-year growth, and compound annual growth rates across different industry sectors from Aerospace and Defense to Utilities.
Exhibit 3: Worldwide Enterprise Applications by Vertical Market Forecast 2023-2028 by Functional Market ($M)
Source: Apps Run The World, June 2024
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 2023-2028, 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, June 2024
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) ranked by their 2019-2023 product revenues.
Their 2023 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.
