Press release
Core Banking Software Market Size Forecasted To Achieve $22.94 Billion By 2029 With Steady Growth
Core Banking Software
What Is the Core Banking Software Market Size and Projected Growth Rate?
The market size of core banking software has significantly expanded in the last few years. It is predicted to rise from $13.32 billion in 2024 to $14.43 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 8.3%. The surge during the historical period can be attributed to factors such as operational efficiency, improved customer experience, globalization, digital transformation, initiatives for open banking, economic trends, and the replacement of legacy systems.
The market size for core banking software is anticipated to experience swift expansion in the upcoming years, surging to $22.94 billion by 2029 with a compound annual growth rate (CAGR) of 12.3%. The predicted growth in the forecast period can be credited to factors such as real-time payments, scalability, financial constraints, data security and privacy, instantaneous reporting, and sustainable banking. Notable trends expected within the forecast period encompass the adoption of cloud technology, data analytics and AI, cybersecurity, betterment of customer experience, integration of blockchain, API economy, and the architecture of microservices.
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What Are the Major Segments in the Core Banking Software Market?
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
Subsegments:
1) By Professional Service: Consulting Services, Implementation Services, Training And Support Services, Customization Services
2) By Managed Service: Application Hosting, Infrastructure Management, Security Management, Data Backup And Recovery
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What Are The Driving Core Banking Software Market Evolution?
The core banking software market is anticipated to expand due to the escalating demand for digital banking solutions by Gen Z and millennials. Millennials are individuals born from 1981 to 1996, while those born from 1997 to 2012 are classified as Gen Z. These two populations are more inclined to utilize digital banking, eschewing physical bank visits, thereby amplifying the demand for the core banking software market. For example, a survey by GoCardless, an American payment company, in 2022 reported that a majority of millennials (56%) and Gen Z (54%) are ready to completely transition from conventional banking to peer-to-peer and social media apps for transactions. This is in contrast to only 31% of Gen X and 14% of boomers feeling the same way. Thus, the rising demand from Gen Z and millennials for a digital banking experience is propelling the core banking software market.
Which Firms Dominate The Core Banking Software Market Segments?
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.
What Trends Are Expected to Dominate the Core Banking Software Market in the Next 5 Years?
The rise of technological innovations is a noteworthy trend in the core banking software market. Top companies are introducing cutting-edge technologies, including core banking chatbots powered by artificial intelligence. For example, Temenos, a prominent banking software business based in Switzerland, launched the first AI-based buy-now-pay-later service on the Temenos banking cloud in January 2022. The service can seamlessly blend with Temenos Transact or any other core banking solution, including its revamping of the traditional banking system. With a focus on reliable lending capabilities, it enables providers to adapt to regulatory changes effectively.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Core Banking Software Market?
2. What is the CAGR expected in the Core Banking Software Market?
3. What Are the Key Innovations Transforming the Core Banking Software Industry?
4. Which Region Is Leading the Core Banking Software Market?
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