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Core Banking Software Market Report 2024 - Market Share Analysis And Trends
Core Banking Software Global Market Report 2024
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The growing customer demand for mobile and net banking is expected to propel the growth of the core banking software market going forward. Mobile banking is a financial service that allows clients to use their mobile devices, such as smartphones or tablets, to access and manage their banking accounts and complete various financial activities. Net banking refers to a banking service that allows clients to access numerous banking services and conduct financial transactions online. The core banking software is used for connecting net banking services with regular operating channels of the bank to ensure smoother operations across channels. The core banking software is used to offer faster mobile banking services to consumers. For instance, in October 2023, according to MoneyTransfers.com, a US-based company designed for transferring and receiving money around the world, the global number of online banking including mobile and internet banking users will reach to 3.6 billion by 2024. This growth reflects the improved infrastructure of online banking and the increasing availability of online services in developing countries. Therefore, the growing customer demand for mobile and net banking is driving the core banking software market during forecast period.
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.
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Major Key Players of the Market:
SAP SE, Capgemini SE, Fidelity National Information Services, Inc., 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.
Core Banking Software Market 2024 Key Insights:
• 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%.
• Rising Demand For Digital Banking Solutions
• Focus On Lauch Of New Technologies
• North America was the largest region in the core banking software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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