Press release
Core Banking Software Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Core Banking Software Market Size
The core banking software market is anticipated to grow due to the rising demand for digital banking solutions among the Gen Z and millennial cohorts. Millennials, who were born from 1981 to 1996, and those from Gen Z, born between 1997 and 2012, tend to favor digital banking over conventional in-person banking methods. This preference results in an increased demand for digital banking, subsequently driving the growth of the core banking software market. For example, in 2022, a survey by the American payment company GoCardless found that over half of millennials (56%) and Gen Z (54%) were ready to completely transition from traditional banking to peer-to-peer and social media apps for transactions. This was in contrast to the 31% of Gen X and 14% of the boomers who expressed the same sentiment. Therefore, the heightened interest in digital banking experiences from Gen Z and millennials fuels the expansion of the core banking software market.
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How will the growth rate of the core banking software market shape industry trends by 2034?
The market size of core banking software has seen notable expansion in the past few years. It is projected to increase from a worth of $13.32 billion in 2024 to $14.43 billion in 2025 with a compound annual growth rate (CAGR) of 8.3%. Factors such as operational efficiency, enhanced customer experience, globalization, digital transformation, embracing open banking concepts, economic trends, and replacement of legacy systems have all contributed to growth during the historic period.
In the coming years, the market size of core banking software is predicted to experience a swift expansion. It is projected to reach $22.94 billion by 2029, registering a compound annual growth rate (CAGR) of 12.3%. The growth during the forecast period could be ascribed to factors like real-time payments, scalability, cost pressures, data protection and privacy, real-time reporting, and sustainable banking. Notable trends during the forecast period encompass cloud adoption, the application of data analytics and AI, bolstering cybersecurity, enhancing customer experience, the incorporation of blockchain, subsequently giving rise to an API economy and the development of a microservices architecture.
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What trends are poised to drive the future success of the core banking software market?
The emergence of new technologies is a significant trend making waves in the core banking software market. Key players in the core banking software market are introducing innovative technologies, such as core banking chatbots powered by artificial intelligence technology. For example, Temenos, a banking software firm based in Switzerland, launched the first buy-now-pay-later banking service driven by AI on the Temenos banking cloud in January 2022. The core banking system's logic, whether deployed by Temenos Transact or another core banking solution, incorporates industry-best practices and provides reliable lending capabilities to help providers adapt to changing regulations.
Which primary segments of the core banking software market are driving growth and industry transformations?
The core banking software market size has grown strongly in recent years. It will grow from $13.32 billion in 2024 to $14.43 billion in 2025 at a compound annual growth rate (CAGR) of 8.3%. 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.
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Which geographical regions are pioneering growth in the core banking software market?
North America was the largest region in the core banking software market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the core banking software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the core banking software market landscape?
Major companies operating in the core banking software market are 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.
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What Is Covered In The Core Banking Software Global Market Report?
• Market Size Forecast: Examine the core banking software market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the core banking software market for a structured understanding.
• Key Players Overview: Analyze major players in the core banking software market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the core banking software market.
• Segment Contributions: Evaluate how different segments drive overall growth in the core banking software market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the core banking software market.
• Industry Challenges: Identify potential risks and obstacles affecting the core banking software market.
• Competitive Landscape: Review strategic developments in the core banking software market, including expansions, agreements, and new product launches.
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