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Rapid Growth in Core Banking Software Market: Insights, Key Players, and Forecast with Technological Advancements as a Driving Factor
Core Banking Software Market
What Is The Projected Market Size Of The Global Core Banking Software Market And Its Growth Rate?
The core banking software market underwent significant growth in the recent years and is forecasted to maintain this momentum:
• The market size will increase from $13.32 billion in 2024 to $14.43 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.3%.
• The rapid expansion can be attributed to factors such as operational efficiency, customer experience enhancement, digital transformation, and open banking initiatives.
• The future projections indicate that the market will grow to $22.94 billion in 2029, exhibiting a promising CAGR of 12.3%.
• This swift growth will be driven by factors such as real-time payments, scalability, cost pressures, data security and privacy measures, among other influences.
What Is Driving The Growth In The Core Banking Software Market?
The primary growth driver in the core banking software market is the surging demand for digital banking solutions, primarily from the Millennial and Gen Z populations. These demographic groups are more inclined towards using digital banking solutions instead of physical banking. For instance, according to a survey conducted by GoCardless in 2022, the majority of the millennial (56%) and Gen Z (54%) respondent categories revealed their readiness to fully transition from traditional banking to peer-to-peer and social media apps for processing payments. As compared, only 31% of Gen X and 14% of Boomers were open to making this switch. This growing demand for digital banking is accelerating the expansion of the core banking software market.
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Who Are the Key Players Driving Core Banking Software Market Growth?
Key players in the core banking software market include:
• 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.
What Are The Key Trends In The Core Banking Software Market?
Trends to look out for in the forecast period include:
• Cloud adoption
• Data analytics and AI
• Cybersecurity
• Customer experience enhancement
• Blockchain integration
• API economy
• Microservices architecture
What Are The Segments Of The Global Core Banking Software Market?
The core banking software market can be broken down into:
• Service: Professional Service, Managed Service
• Solution: Deposits, Loans, Enterprise Customer Solutions, Other Solutions
• Software Deployment: Cloud, On-Premise
• End-Use: Banks, Financial Institutions, Other End Users
Which Region Leads The Core Banking Software Market?
North America accounted for the largest share in the core banking software market in 2024, while Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Core Banking Software Market Global Market Report?
- Market Size Analysis: Analyze the Core Banking Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Core Banking Software Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Core Banking Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Core Banking Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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