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The third-party banking software market is expected to reach a value of $12.31 billion between 2022 and 2028, according to a report by Technavio. The market is being driven by the demand for innovative solutions such as core banking systems, internet and mobile banking platforms, and cloud-based banking services. The growth of digital wallets is also boosting market expansion, with convenient and secure payment methods becoming more popular. However, data privacy and security issues pose a significant challenge to market growth. The market is segmented by type, deployment, and geography, with the core banking software segment expected to contribute significantly to market share growth.