In recent past, banking sector has become highly competitive with ongoing advancement in information technology industry. Banking in United States has come a long way since the time of manual task. The once long, traditional banking processes are now transformed digitally with the latest technology adoption among corporate and retail banks in the country.
DataCube Research offers market analysis, trends, future outlook, market size, and forecast for the research study titled “US Banking IT Software and Service Market: Industry Analysis, Size and Forecast, 2019-2031"
Browse Full Report: US Banking IT Software and Service Market | Analysis 2019-2031
The US banking IT software and service market is segmented into offering, software and services. By offering the market is segmented into software and service. The service segment accounted for over half of the overall market revenue in 2021 and is expected to continue its dominance throughout the forecast period. The software segment is bifurcated into enterprise application software, industry-specific software, and enterprise infrastructure software segments. Among these, the enterprise infrastructure software segment dominated the market in the country in 2021 . However, enterprise application software segment is expected to witness highest CAGR in terms of revenue between 2022 and 2031.
The service segment is sub-segmented into business process support and IT product support. Of these, business process support was the largest segment in 2021 and is expected to remain dominant over the forecast period. As banks are focusing more on their core business activities demand for IT process outsourcing services is increasing at a significant pace.
Major Banks in United States are focused towards deploying enhanced IT solutions to increase business productivity, improve internal communication and enhance overall customer experience. Also, to optimize cost structure, increase ROI and manage enterprise risk, banks are spending substantial amount on implementing enterprise application and infrastructure software. These factors are expected to boost IT market growth in the US banking industry over the forecast period. Further, growing trend of mobile and internet banking is encouraging banks that are lagging behind in terms of technology adoption, to go digital to survive competition. However, upgrading legacy IT infrastructure is still a challenge for many mid and small banks as it requires substantial investment. Also, regulatory implication of 2020 presidential election for banks are currently challenging to evaluate IT spending. Thus, impeding growth of the IT market in the US banking industry.
US Banking IT Software and Service Market Competition Analysis
Major vendors operating in the US banking IT market are Oracle, Symantec, VMWare, CA Technologies, Adobe Systems, Microsoft Corporation, IBM Corporation, Fujitsu, Accenture, and BMC Software. These players are focused towards developing industry specific IT solutions to enhance customer base and gain first mover advantage.