Core Banking Software Market | 2024-2033| Industry Size

The Core Banking Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Core Banking Software Global Market Report 2024, The core banking software market size has grown strongly in recent years. It will grow from $12.45 billion in 2023 to $13.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%.  The  growth in the historic period can be attributed to operational efficiency, customer experience, globalization, digital transformation, open banking initiatives, economic trends, legacy system replacement.

The core banking software market size is expected to see rapid growth in the next few years. It will grow to $20.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.  The growth in the forecast period can be attributed to real-time payments, scalability, cost pressures, data security and privacy, real-time reporting, sustainable banking.. Major trends in the forecast period include cloud adoption, data analytics and ai, cybersecurity, customer experience enhancement,blockchain integration, api economy, microservices architecture..

The increasing demand for digital banking solutions from Gen Z and the millennial population is expected to propel the growth of the core banking software market forward. The people born between 1981 and 1996 are called millennials, while those born between 1997 and 2012 are the Gen Z population. Millennials and Gen Z populations prefer to use digital banking rather than physically visiting the banks, as a result, increasing demand for digital banking increases the demand for the core banking software market. For instance, in 2022, according to a survey conducted by GoCardless, an American payment company, more than half of millennials (56%) and Gen Z (54%) agreed that they would be willing to fully switch from traditional banking to peer-to-peer and social media apps to make payments, as compared to 31% of Gen X and 14% of the boomers. Therefore, the increasing demand for digital banking experience from Gen Z and millennials is driving the core banking software market.

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The core banking software market covered in this report is segmented –

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

Technological advancements are a key trend gaining popularity in the core banking software market. Major companies in the core banking software market are launching new technologies, such as core banking chatbots based on artificial intelligence technology. For instance, in January 2022, Temenos, a Switzerland-based banking software company, introduced the first AI-driven buy-now-pay-later banking service on the Temenos banking cloud. It’s rationalist of the core banking system, being deployed by Temenos Transact or any other core banking solution and integrates industry best practices while offering dependable loaning abilities to assist suppliers with adjusting to evolving regulations.

Major Players:

• SAP SE
• Capgemini SE
• Fidelity National Information Services Inc.
• Infosys Limited
• Oracle Corporation

The core banking software market report table of contents includes:

1. Executive Summary
2. Core Banking Software Market Characteristics
3. Core Banking Software Market Trends And Strategies
4. Core Banking Software Market – Macro Economic Scenario
5. Global Core Banking Software Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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