IT Software & Services

North America Banking IT Software and Service Market to Reach Around US$ XX billion by 2031

ReportID: IS&S37 | Coverage: REGIONAL |
Category: Information Technology | Sub-Category: IT Software & Services |
Published in: March 2022 | US$690 |

Ongoing structural changes in North America are projected to continue in the form of investments in emerging technologies and new operating models for higher competitiveness and greater efficiencies. When it comes to information technology, North American banks are big spenders. CIOs of major banks in the region are under extreme pressure to accommodate new services while at the same time to reduce expenses. Meanwhile, banking institutes are anticipated to deepen their engagement with the fintech ecosystem as the trends towards digitization accelerates.

 

DataCube Research offers market analysis, trends, future outlook, market size, and forecast for the research study titled “North America Banking IT Software and Service Market: Industry Analysis, Size and Forecast, 2019-2031"

 

Browse Full Report: North America Banking IT Software and Service Market | Analysis 2019-2031

 

Segment Analysis

The North America banking IT software and service market is segmented into offering, software, and services. The software segment is bifurcated into enterprise application software, enterprise infrastructure software, and industry-specific software. Among these, the enterprise application software sub-segment is projected to witness XX BPS increase in its revenue share by the end of 2031 as compared to that in 2021.

 

The service segment is classified into business support service and IT product support service. Of these, the business process service sub-segment revenue is projected to expand at the highest CAGR during the forecast period between 2022 and 2031.

 

Market Scenario

Increase in need to comply with the evolving regulations; rising digital awareness among banking institutions in the region; and to enhance overall customer experience are some of the major factors that are anticipated to boost the adoption of IT software and services in the North America banking industry. However, limited IT budget allocations and high cost associated with upgrading legacy IT infrastructure are anticipated to hinder the growth of North America banking IT software and service market.

 

Country Outlook

The North America banking IT software and service market has been segmented into U.S. and Canada. In 2021, the U.S. banking IT software and service market represented over XX% share of overall North America banking IT software and service market revenue. Further, in terms of expenditure, U.S. is projected to dominate the market throughout the forecast period.

North America Banking IT Software and Service Market Competition Analysis

Major vendors operating in the North America banking IT software and service market are BMC Software Inc., Constellation Software, Inc., IBM Corporation, Microsoft Corporation, Mitel Networks, OpenText Corporation, Oracle Corporation, Symantec Corporation, and VMWare.

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