Related words とはいえ and とは言うものの both mean 'having said that,' but とは言うものの is slightly more formal and emphatic in acknowledging the prior statement.
しかし is a plain, general-purpose 'but,' while とは言うものの explicitly restates and concedes the preceding point before contrasting it.
けれども is a softer, more casual connector for 'but,' whereas とは言うものの carries a stronger sense of conceding a prior statement before qualifying it.
だが is a blunt, somewhat literary 'but,' while とは言うものの is more measured and explicitly frames the contrast as a concession.
とはいうものの is a slightly literary way to concede a point before contrasting it, whereas と言っても is more casual and conversational.
Etymology Phrase composed of と (quotative particle), は (topic particle), 言う (to say), and ものの (concessive conjunction meaning 'although'). Literally 'although one says that...'.
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