North America Banking IT Software and Service Market by Offering (Software, Service), Software (Industry-specific Software, Enterprise Infrastructure Software), and Service (IT Product Support Service and Business Process Support Service) – Industry Analysis, Size and Forecast, 2014-2022
Category: IT Software & Service | Published in: Oct 2019 | Pages : 150 | Price (Single User License): US$ 2350
DataCube predicts the North America banking IT software and service market to reach around US$ 108 Billion by 2022.
North America Banking IT Software and Service Market Introduction
In the past several years, the banking industry performance in the North America has reflected stability and resilience. Further, emerging clarity on the regulatory regime is anticipated to make banks to re-examine their strategies. Moreover, growing need to refine customer experience is projected to drive the digital transformation in core business processes. In addition, to remain competitive and streamline cost, banks are expected to continue to move from traditional levers of cost management to digitized and insightful operating models, which is anticipated to enable them simply and automate processes.
North American banks are focused towards implementing advanced enterprise application and infrastructure software such as customer relationship (CRM) software, enterprise resource planning (ERP), and business intelligence to enhance operational efficiency and return on investment (ROI). This is expected to fuel the overall IT software and service market growth in North America. However, reduction in IT budget along with talent gap is projected to impede the North America banking IT software and service market growth during the forecast period.
The North America banking IT software and service market analyses major segments including offering, software, service, and country.
Based on offering, the market has been segmented into service and software. The services segment revenue contribution share in the overall North America banking IT software and service market is expected to increase by 151 BPS by the end of 2022 as compared to that in 2014.
Software segment includes enterprise infrastructure software, enterprise application software, and industry specific software segments. Among these software, the enterprise application software sub-segment revenue contribution is projected to expand at the highest CAGR during the forecast period.
By service, the North America banking IT software and service market is bifurcated into business process service and IT product support service. In terms of revenue, the business process service sub-segment is projected to increase by over 1.5x by 2022 as compared to that in 2014.
This research study covers and analyse major markets such as U.S. and Canada. The U.S. is expected to remain lucrative market for IT solutions and service providers over the forecast period. Also, expenditure on IT software and services by Canadian banks are anticipated to increase by around 1.5x by the end of 2022 over 2014.
North America Banking IT Software and Service Market Competitive Landscape
Prominent players operating in the North America banking IT software and service are inclined towards entering into strategic partnership and joint venture to develop and launch advanced solutions and industry-specific services to expand product portfolio and customer base. Some of the key players analysed in the North America banking IT software and service market are BMC Software Inc., Symantec Corporation, IBM Corporation, Mitel Networks, OpenText Corporation, Points International, Ltd., Oracle Corporation, Constellation Software, Inc., Microsoft Corporation, and VMWare.