The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.
The global core banking software market exhibited strong growth during 2015-2020. Core banking software helps in processing day-to-day banking transactions, such as posting updates to accounts. It 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. Looking forward, IMARC Group expects the global core banking software market to grow at a CAGR of around 9% during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global core banking software market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, solution, service, deployment and end use.
Breakup by Solution:
Breakup by Service:
Breakup by Deployment:
Breakup by End Use:
Breakup by Region:
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.
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91 120 433 0800 )
Drop us an email at