DataCube Research forecasts the Canada Banking IT Software and Service Market to account for around US$ XX million by 2031, at a CAGR of over XX% from 2022 to 2031.
Canada Banking IT Software and Service Market Introduction
Over the past few years, the banking sector in Canada has witnessed drastic technology-led changes. Majority of executive in banks are increasingly focusing on enhancing efficacy and facilitating game-changing innovation while continuing to support legacy system and lowering the overall cost as well. Further, the Internet and mobile banking have emerged as a crucial focus area in the “digital transformation” agenda of Canadian banks. Moreover, Canadian banks are focused towards implementing advanced technologies to improve core-banking values, move from information to insights, accelerate innovation, empower employees, and revamp digital agendas.
Canadian banks are inclined towards spending substantial amount on the deployment of advanced IT solutions to ensure higher business productivity, enhance customer experience, and improve internal communication. Further, rising need for process optimization, high return on investment (ROI), and to deal with a changing risk regime is increasing demand for advanced IT solutions such as infrastructure software and enterprise application software. This, in turn, is boosting the overall Canada banking IT software and service market growth. However, limited IT budget and stringent regularity reforms are anticipated to dampen the growth of Canada banking IT software and service market to some extent.
The Canada Banking IT Software and Service market has been segmented based on offering, software, and service.
By offering, the market has been segmented into software and service. In 2021, the service segment dominated the Canada banking IT software and service market. However, in terms of revenue growth, the software segment is projected to expand at the highest CAGR owing to rise in digital technology awareness among Canadian banks.
The software segment includes enterprise infrastructure software, enterprise application software, and industry-specific software sub-segments. Among these sub-segments, the enterprise application software sub-segment dominated the market with around XX% revenue share in 2021, followed by enterprise infrastructure software sub-segment.
Based on services, the Canada banking IT software and service market is bifurcated into IT product support and business process service. The business process service sub-segment is further categorized into consulting, outsourcing and implementation among others.
Canada Banking IT Software and Service Market Competitive Landscape
key players identified in the Canada banking IT software and service market are Mitel Networks, Calian Technologies, Constellation Software, Inc., OpenText Corporation, D+H (Financial Technology & Services), Enghouse Systems, Ltd., Points International, Ltd., CGI Group, Softchoice, and OnX Enterprise Solutions.