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Banking Software Market to Reach $69.9 Billion, Globally, by 2032 at 19.8% CAGR: Allied Market Research

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Portland, OR, July 04, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled,Banking Software Market by Component (Software, and Services), Deployment Mode (On-premise, and Cloud), and End User (Banks and Financial Institution): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global Banking software Market was valued at $11,735.92 million in 2022 and is estimated to reach $69,872.19 million by 2032, exhibiting a CAGR of 19.8% from 2023 to 2032. 

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/109776 

Prime determinants of growth 

Increase in demand for digital banking solutions and the surge in adoption of cloud-based solutions is boosting the growth of the global banking software market. in addition, increase in use of mobile banking the positively impacts growth of the banking software market. However, security issues and privacy concerns and high implementation cost is hampering the banking software market growth. On the contrary, increase in the adoption of Artificial Intelligence based banking system is expected to offer remunerative opportunities for expansion of the banking software market during the forecast period. 

Report coverage & details: 

 Report Coverage  Details 
Forecast Period  2023–2032 
Base Year  2022 
Market Size in 2022  $ 11,735.92 million 
Market Size in 2032  $ 69,872.19 million 
CAGR  19.8% 
No. of Pages in Report  251 
Segments covered  Component, Deployment Mode, End-User, and Region. 
Drivers  Increase in demand for digital banking solutions.  Surge in adoption of cloud-based solutions  Increase in use of mobile banking 
Opportunities  Increase in adoption of Artificial Intelligence based banking system 
Restraints  Security issues and privacy concerns   High implementation cost 

Covid-19 Scenario 

  • The banking software market had witnessed stable growth during the COVID-19 pandemic, as various companies were adopting the work-from-home module during the pandemic.  
  • Moreover, recently developed banking software are integrated with several banking activities including KYC services, payment processing, card issuing, onboarding, among others. These software enable banks to effortlessly merge self-service operations and back-office data, which is expected to boost the market growth. 

Buy This Report (251 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3NWhhcH 

The service segment to maintain its leadership status throughout the forecast period. 

Based on the component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the global banking software market revenue, as it provides personalized services, accelerates throughput, and reduces operational costs. However, the service segment is projected to manifest the highest CAGR of 21.9% from 2023 to 2032, owing to these services reduce management concerns efficiently with personalized assistance and optimized performance development. 

The on-premise segment to maintain its leadership status throughout the forecast period 

Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for more than three-fifths of the global banking software market revenue, owing to its huge adoption as it takes the complete responsibility of integration of the software and solving any issue related to security. However, the cloud segment is projected to manifest the highest CAGR of 21.7% from 2023 to 2032, due to huge adoptions as it takes the complete responsibility of integration of the software and solving any issue related to security. 

The banks segment to maintain its lead position during the forecast period 

Based on end users, the banks segment accounted for the largest share in 2022, contributing to more than three-fourths of the global banking software market revenue, owing to increase in automation and digitalization for better management. However, the financial institution segment is expected to portray the largest CAGR of 24.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, owing to increasing demand for technologies that help financial institutions to reduce manual work and increase operational efficiency. 

North America maintains its dominance by 2022 

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global banking software market revenue, owing to presence of most successful banking software businesses in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 22.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increasing government initiatives in the banking industry and an increasing number of mobile and internet users in developing nations such as India and China are accounted development of private and rural banking. 

Leading Market Players: – 

  • Oracle Corporation, 
  • SAP SE, 
  • Tata Consultancy Services Limited, 
  • Finastra International Limited, 
  • IBM Corporation, 
  • EdgeVerve Systems Limited, 
  • Fidelity National Information Services Inc, 
  • Fiserv Inc, 
  • Microsoft Corporation, 
  • Salesforce.com, Inc., 

The report provides a detailed analysis of these key players of the global Banking software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/banking-software-market/purchase-options 

Banking Software Market Key Segments: 

By Deployment Mode 

  • On-premise 
  • Cloud 

By End User 

  • Banks 
  • Financial Institution 

By Component 

  • Solution 
  • Service 

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About Us 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

Contact: 

David Correa 
5933 NE Win Sivers Drive 
#205, Portland, OR 97220 
United States 
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022 
UK: +44-845-528-1300 
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India (Pune): +91-20-66346060 
Fax: +1(855)550-5975 
[email protected] 

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Artificial Intelligence

vcita Completes Full Rollout of BizAI, the First AI-driven SMB Business Advisor

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After months of research and beta testing, BizAI is now available to all vcita customers, bringing the promise of AI within reach for the SMB ecosystem
SEATTLE, May 2, 2024 /PRNewswire/ — vcita, the technology platform designed to serve the needs of SMBs and the organizations that serve them, announced today that it has completed the full rollout of its AI-powered SMB business advisor, BizAI. During beta testing over the last several months, vcita saw the significant success and impact of BizAI, and is now making it available to all SMB users, including SMBs using partner solutions, built on its inTandem platform.

BizAI is different from other generative AI tools as it combines the wide perspectives of the market’s best practices with the deep familiarity with each individual businesses’ successes and failures, bespoke data that it is able to obtain exclusively through vcita. This enables BizAI to identify growth opportunities and diagnose areas for improvement, translating insights into actionable recommendations for immediate implementation. SMBs can use BizAI to build business growth plans, optimize their pricing and product offerings according to their competitors, generate converting marketing assets, analyze staff performance, and more.
“BizAI is a pioneering AI-driven business advisor created specifically for the SMB sector,” said Itzik Levy, CEO and founder at vcita. “BizAI brings the strategic prowess of top-tier consulting into the hands of small business owners, empowering SMBs to navigate their unique challenges with tailored, actionable insights derived from a blend of external data, their own operational metrics, and industry benchmarks. The enthusiastic feedback from our beta testers has been incredibly affirming, and this is only the beginning of what BizAI can deliver.”
A common challenge in the adoption of AI is that SMBs don’t always know where AI might help them so BizAI is integrated into the everyday tasks of the business owner, offering them tailored insights and suggestions with contextual relevance. BizAI is completely embedded within the business management solution offered by vcita, with many touch points that are presented to SMBs throughout their workday. For example, SMBs will be prompted to use BizAI when creating and pricing a new service, while writing their cancellation policy, or when answering an inquiry from a promising prospect.
“Our roadmap is packed with plans to further expand BizAI and make it available across all components of our platform. As a platform company, we will soon offer our partners the opportunity to leverage BizAI in two additional ways: the first is their ability to launch AI-enriched applications of their own, and the second is to draw AI-driven insights that help them better understand their SMB clients, detect risks such as churn and identify new business opportunities in real-time,” continued Levy.
A recent survey of BizAI beta users highlights the value they’re gaining from the tool with 43% returning to BizAI within a week of their first usage. 63% used BizAI to seek critical business advice, such as how to position and price their services and products, highlighting the trust users have in BizAI. 32% of users copied the chat’s answers to the clipboard, indicating they were happy with the output and chose to use it. To see a full report with this data please click here.
vcita has spent the past 13 years providing SMBs with advanced technology solutions and is committed to digital inclusion in the SMB community. vcita’s technology solutions include popular digital tools like online billing, CRM, online scheduling, marketing, and online presence, and the company is now bringing the promise of AI within reach for small businesses. Armed with BizAI’s personalized insights and recommendations, vcita is revolutionizing the way SMBs manage their operations and seize growth opportunities within a competitive market. With inTandem, vcita’s partner platform, organizations that serve the SMB market can join vcita’s partner ecosystem and expand their own SMB proposition to include these digital tools and AI driven insights, increase engagement among their SMB customers, and unlock new revenue potential.
About vcita
vcita is an SMB tech company dedicated to helping small and medium businesses thrive in today’s digital world by providing them with the tools to manage and grow their business. With vcita’s solution, small businesses can manage all aspects of their day-to-day operations and client engagement including scheduling, billing, payment collection, client management, email and SMS marketing. inTandem by vcita is a platform designed to serve the needs of SMB service providers, offering a customizable, white-label, platform that allows organizations that serve SMBs to bring their clients all the essential vcita tools under their own brand. With inTandem, partners can deliver great service and value to their SMB customers and unlock new revenue streams, reduce churn, and increase customer loyalty. With hundreds of thousands of small business users worldwide and partnerships including marketing agencies, banks, financial service providers, telcos, MSPs, and fintechs, vcita delivers an innovative digital solution uniquely designed to serve the needs of SMBs and the companies that support them.
For more information, visit www.vcita.com or follow us on LinkedIn.
Media Contact
Sarah SchlossHeadline Media [email protected] 914.506.5105
 
 

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Artificial Intelligence

Stamus Networks Recognized in 2024 Gartner® Market Guide for Network Detection and Response

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Company recognized as a Representative Vendor for the second consecutive time
INDIANAPOLIS and PARIS, May 2, 2024 /PRNewswire/ — Stamus Networks, a global provider of high-performance network-based threat detection and response (NDR) systems, today announced it has been recognized as a Representative Vendor in the 2024 Gartner “Market Guide for Network Detection and Response.” This is the second consecutive time Stamus Networks has been named in the report.

“For now, stand-alone NDR vendors provide a breadth of network analytics and efficacy not available with multifunction security platforms (SIEM, XDR),” wrote Gartner Analysts Jeremy D’Hoinne, Thomas Lintemuth, Nahim Fazal and Charanpal Bhogal.
The report continues, “NDR providers continue to improve their detection capabilities and improve incident response workflows, highlighting the identified root causes of an incident. With this success and confidence, enterprises are experimenting with new NDR features and expanding their coverage to include areas of the network not initially exposed to NDR, especially to see all lateral movement between different types of infrastructure.”
The Stamus Security Platform (SSP) is an open NDR that delivers actionable network visibility and high-fidelity threat detection to enterprise security teams around the world. SSP prioritizes advanced detection – using machine learning and statistical anomaly detection, advanced heuristics, and more traditional signature and IoC based detection – with explainable attack timelines. Its transparency, openness and extensibility empower security teams to quickly respond to serious threats and unauthorized activity.
“As a pure-play NDR solution vendor, we are uniquely focused on delivering the best threat detection possible with the lowest rate of false positives in the industry, enabling organizations to automate their response to serious and imminent threats,” said Stamus Networks CEO Ken Gramley. “We take great pride in being recognized by Gartner, once again, and believe our inclusion in this report is validation of our approach to helping defenders around the world secure their organizations.”
Learn more and download the Gartner “Market Guide for Network Detection and Response.”
To learn more about SSP, go to: https://www.stamus-networks.com/stamus-security-platform.
Gartner Disclaimer:Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About Stamus Networks:Stamus Networks believes in a world where defenders are heroes, and a future where those they protect remain safe. As organizations face threats from well-funded adversaries, we relentlessly pursue solutions that make the defender’s job easier and more impactful. The global leader in Suricata-based network security solutions, Stamus Networks helps enterprise security teams know more, respond sooner and mitigate their risk with insights gathered from cloud and on-premise network activity. Our Stamus Security Platform combines the best of intrusion detection (IDS), network security monitoring (NSM), and network detection and response (NDR) systems into a single solution that exposes serious and imminent threats to critical assets and empowers rapid response. For more information visit: stamus-networks.com.
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Artificial Intelligence

StrongDM Secures $34 Million Series C Funding to Expand into Europe and Asia, and Establish Zero Trust PAM for Enterprise Security

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New funding to fuel global expansion and a pioneering approach to preemptive, action-based cybersecurity
PALO ALTO, Calif., May 2, 2024 /PRNewswire/ — StrongDM, the Zero Trust privileged access company, today announced the closure of a $34 million Series C funding round led by Anchor Capital, with participation from new investors Capital One Ventures, Cisco Investments, Frontline Ventures, and Singtel Innov8, as well as existing investors including GV, Sequoia Capital, and True Ventures. This investment underscores StrongDM’s commitment to reshaping enterprise security with its revolutionary Zero Trust privileged access management (PAM) solution. The Series C funding round brings StrongDM’s total funding to $96 million.

Revolutionizing PAM
StrongDM introduces a next-generation PAM solution that shifts from traditional role- or attribute-based security models to one that emphasizes continuous, fine-grained, and context-aware policy enforcement. This approach scrutinizes each user action and context in real-time, enabling immediate blocking or additional verification for activities that pose security risks. By focusing on preemptive measures rather than reactive responses, StrongDM aims to halt breaches as they are attempted, setting a new standard in cybersecurity.
Global Expansion and Innovation
With the new funds, StrongDM will expand its operations into the Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions, addressing the growing demand for modern security solutions. The company is also establishing an engineering center of excellence in Poland, bringing its innovations closer to global customers.
A Word from Leadership
Tim Prendergast, chief executive officer of StrongDM, emphasizes the transformative nature of its Zero Trust PAM solution: “Our Zero Trust approach extends beyond initial access, offering continuous protection throughout the entire session. This isn’t just about reducing identification times; it’s about preventing breaches before they even happen. We’re setting new standards that legacy access management providers have failed to achieve over the past decade.”
Enhancing Enterprise Operations
StrongDM’s solution integrates security directly into operational workflows, enhancing agility and productivity without sacrificing protection. Amol Kabe, chief product officer of StrongDM, said: “StrongDM provides a way for users to create and apply policies that govern authorization in real time, which simplifies the process of proving regulatory compliance. By integrating comprehensive audit trails, we ensure that every action is recorded with precision. This provides unprecedented oversight and enforcement of security policies, creating an environment that is simple, agile, and secure.”
Kabe adds, “StrongDM can also trigger policy-based MFA or administrator-defined workflows natively or in Slack or ServiceNow to implement multi-party authorization for risky actions.”
Upcoming Features
In the coming months, StrongDM will roll out advanced policy-based control features that further enhance security for critical infrastructure. These include micro-authorizations and contextual enforcement capabilities designed to meet the specific needs of CISOs and security teams.
About StrongDM
StrongDM is at the forefront of cybersecurity, specializing in Zero Trust Privileged Access Management (PAM). Our innovative solutions focus on continuous, policy-based controls that leverage actions and context to enhance enterprise security. StrongDM’s technology scrutinizes each interaction in real time, preventing breaches before they occur and ensuring secure, frustration-free access across all platforms.
Supported by leading investors, including GV, Sequoia Capital, True Ventures, and Anchor Capital, StrongDM operates across North America, Europe, and Asia-Pacific, dedicated to setting new standards in cybersecurity and providing top-tier protection for today’s digital enterprises.
For more information, visit the StrongDM website.
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