According to the latest report by IMARC Group, titled "Core Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global core banking software market is expected to grow at a CAGR of 7.78% during 2022-2027. Core banking software (CBS) refers to a tool that is generally used for handling banking activities, including payments, transactions and financial records. It helps in optimizing the complex banking processes and delivering ambient user experiences, thereby enabling platform and application freedom and developing synchronization between particular bank branches for future innovations. Besides this, it aids in reducing human errors, ensuring lesser workforce requirements for executing banking activities, facilitating decision-making processes, and enabling greater accountability of the customers while minimizing the operational costs. The demand for core banking software is increasing across the globe due to the rising deployment of these solutions for managing customer accounts via a single server.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Core Banking Software Market Trends:
The global market is primarily driven by significant growth in the banking, financial services, and insurance (BFSI) sector. Along with this, rapid digitization and the increasing need for automation across the baking sector have encouraged leading players to heavily invest in the deployment of core banking software, which is creating a positive outlook for the market. In line with this, the growing consumer access to digital banking services owing to the rising adoption of smartphones among the masses is significantly supporting the demand for banking software across the globe. Moreover, continual technological advancements, such as the integration of the Internet of Things (IoT), Artificial Intelligence (AI) and cloud computing, are providing a boost to the market growth. Furthermore, the widespread implementation of the remote working approach on account of the sudden outbreak of coronavirus disease (COVID-19) is impacting the market favorably. Other factors, including rapid urbanization, continuous innovations in software solutions and extensive research and development (R&D) activities conducted by key players, are also influencing the market.
- On the basis of the solution, the market has been categorized into deposits, loans, enterprise customer solutions and others.
- Based on the service, the market has been segmented into professional and managed services.
- On the basis of the deployment, the market has been classified into cloud-based and on-premises.
- Based on the end-use, the market has been segregated into banks, financial institutions and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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.
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