The banking industry in Canada has enjoyed strong stability and growth as compared to banking institutes in the other developed markets. However, in near future, the Canadian banking industry is anticipated to witness challenges on a multiplicity of fronts, including economic challenges, changing demographics, regulatory requirements, and new technologies. This, in turn, is anticipated to make Canadian banks to increase their expenditure on IT software and services to not only remain competitive but also outmaneuver the competition.
DataCube Research offers market analysis, trends, future outlook, market size, and forecast for the research study titled “Canada Banking IT Software and Service Market: Industry Analysis, Size and Forecast, 2019-2031"
Browse Full Report: Canada Banking IT Software and Service Market | Analysis 2019-2031
The Canada banking IT software and service market is divided into various segments to track market performance from different perspective. Major segments analysed are offering, software, and services. The software segment is bifurcated into enterprise application software, enterprise infrastructure software, and industry-specific software. Among these, the enterprise infrastructure software sub-segment is projected to witness the highest CAGR in terms of revenue.
The service segment includes IT product support and business support sub-segments. Of these, the IT product support service sub-segment revenue is projected to grow by XX by 2031 as compared to that in 2021.
Increasing regulatory pressures in the country call for additional reporting capabilities. To comply with the evolving regulations Canadian banks are anticipated to deploy advanced IT software to upgrade their existing systems. Further, rising digital awareness among banks is anticipated to increase their expenditure on digital solutions and services. This, in turn, is anticipated to boost the Canada banking IT software and service market growth.
Canada Banking IT Software and Service Market Competition Analysis
Major vendors operating in the Canada banking IT software and service market are Constellation Software, Inc., OpenText Corporation, Enghouse Systems, Ltd., Mitel Networks, Calian Technologies, D+H (Financial Technology & Services), CGI Group, Softchoice, and OnX Enterprise Solutions.