Core Banking Software Market Expected to Reach $28.05 billion by 2030| Business Intelligence Insights (BII)

Publisher Name : Business Intelligence Insights (BII) Publish Date : 2022-06-24  

     

According to Business Intelligence Insights “Core Banking Software Market" is expected to grow from USD 10.50 billion in 2021 to USD 28.05 billion by 2030, at a CAGR of 17.80% during the forecast period 2022-2030.

Core banking is a back-end system that allows a bank to conduct banking transactions across several locations on a single platform. Core banking solutions (CBS) is a centralized system within a bank that ensures a smooth workflow by automating frontend and backend activities. Moreover, the banking business is being transformed by Gen Z and millennials' increased need for a digital banking experience. The rising demand for banking services via digital channels has resulted in an increase in innovative banking technologies. Over the forecast period, these factors are expected to fuel the market's growth potential.

Furthermore, CBS gives users access to financial services from any bank location across the country and streamlines information distribution across channels. Core banking solutions assist banks in lowering operating and support costs, providing real-time transaction processing, and managing bank accounts across several locations. As a result, this has become the market's most important growth element. In addition, rising use of core banking technologies to modernize banking functionality and a greater focus on offering better customer service are driving the core banking solutions market forward. However, Lack of understanding of core banking solutions, high maintenance costs, and a qualified personnel shortage are some of the factors limiting market growth.

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 Core Banking Software Market: Companies Mentioned

•    Capgemini
•    Finastra
•    FIS
•    Fiserv, Inc.
•    HCL Technologies Limited
•    Infosys Limited
•    Jack Henry & Associates, Inc.
•    Oracle Corporation
•    Temenos Group
•    Unisys

Key Highlights of the Report

•    On the basis of Deployment, the cloud segment was the fastest growing deployment model in 2021 and is expected to maintain its dominance  throughout the forecast period. Furthermore, the increased usage of cloud computing technologies via software-as-a-service (SaaS) to assist banks in secure storage and transaction processing is driving up demand for this market.

•    In 2021, Enterprise customer solutions dominated the industry, accounting for over half of all sales worldwide. Enterprise customer solutions integrate easily with CRM and ERP systems, allowing a bank's central database to manage management tools and client data. Data integration allows banks and financial institutions to achieve economies of scale for a variety of reasons, including CRM, cross-selling, and regulatory reporting. These tools also aid financial organizations in recognizing crucial business drivers and making decisions that encourage client loyalty and enjoyment.

•    In 2021, North America dominated the core banking software market, accounting for over a quarter of all sales worldwide. The regional market is expected to grow as the region's major banks embrace modern core banking software on a large scale. Furthermore, these solutions are being used by small and medium firms in the region to maintain a seamless flow of funds. Fast-growing business sizes and expanded areas of application for these solutions are predicted to drive regional market growth throughout the forecast period. The need for next-generation cloud-based core banking systems has increased in recent years in the region. Furthermore, growing markets such as Australia, China, India, Singapore, and South Korea give considerable potential for core banking solution providers to expand and strengthen their products. Moreover, throughout the forecast period, the surge in mergers and acquisitions (M&A) among banks aiming to speed their existing product development processes by integrating core banking solutions is likely to create attractive prospects to core banking solutions market players.

•    The report contains qualitative and quantitative research on the Global Core Banking Software Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

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Revenue-generating Segment Highlights

By Solution

•    Deposits
•    Loans
•    Enterprise Customer Solutions
•    Others

By Service

•    Professional Service
•    Managed Service

 

 By Deployment

•    Cloud
•    On-premise

 By End-use

•    Banks
•    Financial Institutions
•    Others

By Region

•    North America
o    U.S.
o    Canada
•    Europe 
o    Germany
o    U.K.
o    France
o    Italy
o    Spain
o    Rest of Europe
•    Asia Pacific 
o    China
o    India
o    Japan
o    Rest of Asia Pacific
•    Latin America 
o    Brazil
o    Mexico
o    Rest of Latin America
•    Middle East and Africa 
o    UAE
o    South Africa
o    Rest of Middle East and Africa (MEA)

Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII)’ exclusive Core Banking Software Market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –

•  What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
•  What is the current trend taking place in the market space?
•  What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
•  What market drivers, restraints, and challenges are influencing market demand and growth?
•  In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?

The Core Banking Software Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Core Banking Software Market Forecast Report 2022- 2030 - Order Now!

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