What Does the Global Core Banking Software Market Look Like in Terms of Size and Growth?
The Core Banking Software market has demonstrated strong growth in recent years, expanding from $13.32 billion in 2024 to an anticipated $14.43 billion in 2025. This represents a compound annual growth rate (CAGR) of 8.3%. This growth during the historic period can be attributed to factors such as operational efficiency, customer experience, globalization, digital transformation, open banking initiatives, economic trends, and the replacement of legacy systems.
Looking forward, the market is projected to experience a rapid growth. By 2029, it is expected to reach an estimated $22.94 billion at a CAGR of 12.3%. Factors driving this growth during the forecast period include real-time payments, scalability, cost pressures, data security and privacy, real-time reporting, and sustainable banking. Promise lies in upcoming trends such as cloud adoption, data analytics and AI, cybersecurity, customer experience enhancement, blockchain integration, API economy, and microservices architecture.
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What Factors Are Expected to Propel the Core Banking Software Market Forward?
An uptick in demand for digital banking solutions, especially among the Gen Z and millennial population, is expected to stimulate the growth of the core banking software market. Millennials and Gen Z are those born between 1981 and 1996, and 1997 and 2012 respectively. These digital-native generations are more likely to adopt digital banking solutions over traditional physical banking, subsequently spurring demand in the core banking software market. For instance, more than half of millennials (56%) and Gen Z (54%) indicated in a 2022 survey by American payment company GoCardless that they would fully transition from traditional banking to peer-to-peer and social media apps for making payments. This is significantly higher than the 31% of Gen X and 14% of the baby boomers demonstrating the same willingness. Hence, the rise in demand for digital banking solutions from millennials and Gen Z is predominantly propelling the core banking software market.
How Is The Core Banking Software Market Segmented?
The core banking software market report covers the following segments:
1) By Service: Professional Service, Managed Service
2) By Solution: Deposits, Loans, Enterprise Customer Solutions, Other Solutions
3) By Software Deployment: Cloud, On-Premise
4) By End-Use: Banks, Financial Institutions, Other End Users
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Which Major Players Are Operating In the Core Banking Software Market?
The Core Banking Software Market plays host to major companies such as SAP SE, Capgemini SE, Infosys Limited, Oracle Corporation, Alkami Technology Inc., Avaloq Group AG, Computer Business Solutions Inc., eClerx Services Ltd., Fidelity National Information Services Inc., Finastra International Ltd., FinnOne Neo Customer Acquisition System, Fiserv Inc., HCL Technologies Ltd., Infrasoft Technologies Ltd., Intellect Design Arena Ltd., Jack Henry & Associates Inc., Mambu GmbH, NCR Corporation, Neptune Software Ltd., Newgen Software Technologies Ltd., Path Solutions India Pvt. Ltd., Virtusa Corporation, Profile Systems and Software S.A., Silverlake Axis Ltd., Sopra Banking Software Ltd., T24 Ltd., Tata Consultancy Services, Temenos AG, Virmati Software & Telecommunications Ltd.
What Trends Are Emerging In the Core Banking Software Market?
Technological advancements are a key trend gaining traction in the core banking software market. Companies in this domain are launching ground-breaking technologies like AI-based core banking chatbots. For example, in January 2022, Switzerland-based banking software company Temenos introduced the first AI-driven buy-now-pay-later banking service on the Temenos banking cloud. This cogent innovation integrates well with any core banking solution to provide reliable lending capabilities to aid suppliers in adapting to evolving regulations.
What Regional Growth is expected in the Core Banking Software Market?
North America was the largest region in the core banking software market in 2024, while the Asia Pacific is expected to register the fastest growth in the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Core Banking Software Market Report 2025 Offer?
Core banking software encompasses day-to-day banking features and is employed to facilitate the most common transactions in the banking industry, providing a comprehensive endeavor to global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities on the Core Banking Software Market.
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