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Rising Demand For Digital Banking Solutions: Strengthening the Growth Trajectory of the Core Banking Software Market
Core Banking Software
What Is the Expected CAGR for the Core Banking Software Market Through 2025?
The market for core banking software has experienced significant expansion lately. The size of the market is predicted to increase from $13.32 billion in 2024 to $14.43 billion in 2025, achieving a compound annual growth rate (CAGR) of 8.3%. Factors such as operational efficiency, customer experience, globalization, digital transformation, open banking strategies, economic trends and replacement of outdated systems have driven the growth during the historic period.
What's the Projected Size of the Global Core Banking Software Market by 2029?
Over the coming years, the core banking software market size is anticipated to experience a significant surge, expanding to $22.94 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 12.3%. Factors attributing to this growth during the forecasted period encompass real-time payments, scalability, cost pressures, data security and confidentiality, alongside real-time reporting, and sustainable banking. Key trends predicted for this period are the adoption of the cloud, utilization of data analytics and Artificial Intelligence, cybersecurity, improvement of customer experience, incorporation of blockchain, API economy, and microservices architecture.
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Top Growth Drivers in the Core Banking Software Industry: What's Accelerating the Market?
The burgeoning requirement for digital banking solutions among Gen Z and millennials is believed to stimulate the expansion of the core banking software market. Individuals born from 1981 to 1996 are referred to as millennials, while those born between 1997 and 2012 are considered the Gen Z demographic. Both millennials and Gen Z greatly favor digital banking over visiting physical banks, thus, the surging demand for digital banking bolsters the core banking software market. For example, in 2022, a survey by the American payment firm, GoCardless, revealed that over half of millennials (56%) and Gen Z (54%) were open to fully transitioning from conventional banking to peer-to-peer and social media apps for payments, as opposed to 31% of Gen X and 14% of the baby boomers. Consequently, the increasing desire for a digital banking experience from both Gen Z and millennials fuels the core banking software market.
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What Trends Will Shape the Core Banking Software Market Through 2029 and Beyond?
The core banking software sector is witnessing a notable trend with increasing technological innovations. Renowned companies in the market are pioneering new tech platforms, like AI-driven core banking chatbots. To illustrate, Temenos, a Swiss-based banking software enterprise, pioneered its first-ever AI-centric 'buy-now-pay-later' banking service on the Temenos banking cloud in January 2022. This AI-enabled service of core banking software, whether employed by Temenos Transact or another core banking solution, aligns to the best industry standards while providing trustworthy lending capabilities to help providers adapt to shifting regulations.
What Are the Main 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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Which Top Companies are Driving Growth in the Core Banking Software Market?
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.
Which Regions Will Dominate the Core Banking Software Market Through 2029?
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.
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