Core Banking Software Market

Market Overview:

The global core banking software market is expected to exhibit a CAGR of 7.78% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors . These insights are included in the report as a major market contributor.

Core banking software helps in processing day-to-day banking transactions, such as posting updates to accounts. It software also assists in servicing loans, calculating interests, floating new accounts, processing deposits and withdrawals, and managing customer relationships. In addition to this, it reduces operational costs, minimizes human errors, facilitates the decision-making process, ensures lesser workforce requirements for execution, and enables greater accountability of the customers. As a result, there is a considerable increase in the demand for core banking software across the globe.

A significant rise in the market growth can be attributed to the advantages offered by core banking software, such as process standardization, transaction accuracy, improved management of documentation and records, and ease in the submission of regulatory reports. It also aids customers in opening accounts, calculating interest, completing quick routine transactions of cash deposits and withdrawals, and offering banking services anywhere. Besides this, the growing shift toward online banking solutions represents another major factor contributing to the market growth. Additionally, as it helps receive e-payments instantly and transfer funds remotely, the demand for core banking software is escalating worldwide. Apart from this, the leading service providers are leveraging big data, artificial intelligence (AI), and software as a service (SaaS) technology to offer unique banking solutions and accelerate digital transformation. This is anticipated to expand the application of core banking software to provide advanced security methods, real-time insights, and a better consumer experience.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global core banking software market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on solution, service, deployment and end use.

Breakup by Solution:

• Deposits
• Loans
• Enterprise Customer Solutions
• Others
   

Breakup by Service:

• Professional Service
• Managed Service
   

Breakup by Deployment:

• Cloud-based
• On-premise
   

Breakup by End Use:

• Banks
• Financial Institutions
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Capgemini, Fidelity Information Services Inc., Finastra, Fiserv Inc., HCL Technologies Limited, Infosys Limited, Jack Henry & Associates Inc., Oracle Corporation, SAP SE, Tata Consultancy Services Limited, Temenos AG and Unisys Corporation.

Report Coverage:

Key Questions Answered in This Report:

• How has the global core banking software market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global core banking software market?
• What are the key regional markets?
• What is the breakup of the market based on the solution?
• What is the breakup of the market based on the service?
• What is the breakup of the market based on the deployment?
• What is the breakup of the market based on the end use?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global core banking software market and who are the key players?
• What is the degree of competition in the industry?