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Rising Demand For Digital Banking Solutions: Transformative Forces Shaping the Core Banking Software Market Landscape in 2025
Core Banking Software
What Will the Core Banking Software Industry Market Size Be by 2025?
In recent years, the core banking software market has seen robust expansion. It is projected to increase in size from $13.32 billion in 2024 to $14.35 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%. This robust growth during the historic period can be attributed to a variety of factors, including operational efficiency, an improved customer experience, globalization, digital transformation, open banking initiatives, current economic trends, and the replacement of legacy systems.
What's the Long-Term Growth Forecast for the Core Banking Software Market Size Through 2029?
The market size for core banking software is predicted to experience a swift expansion in the coming years, escalating to a value of $22.47 billion in 2029 at a 11.9% Compound Annual Growth Rate (CAGR). Factors contributing to this growth over the forecast period include real-time transactions, scalability, financial pressures, data security and confidentiality, immediate reporting, and sustainable banking practices. Key trends expected to be seen throughout the forecast period encompass the adoption of cloud-based services, data analytics and artificial intelligence implementation, cybersecurity enhancements, improvements to customer experience, integration of blockchain, the API economy, and the microservices architecture.
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What Are the Key Growth Drivers Fueling the Core Banking Software Market Expansion?
The core banking software market is expected to thrive due to the growing interest in digital banking solutions from Gen Z and millennial individuals. Millennials are those born between 1981 and 1996, and Gen Z comprises those born between 1997 and 2012. A preference for digital banking over traditional in-person banking amongst these cohorts leads to greater demand for core banking software. As per a 2022 survey by the American payment company GoCardless, a majority of both millennials (56%) and Gen Z (54%) expressed readiness to transition entirely from conventional banking to peer-to-peer and social media-based payment solutions. This contrasted sharply with the 31% of Gen X and 14% of baby boomers who expressed the same sentiment. Hence, the rising preference for a digital banking experience from millennials and Gen Z is fuelling the growth of the core banking software market.
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What Are the Key Trends Driving Core Banking Software Market Growth?
The rise of innovative technologies is a significant trend that is gaining traction in the core banking software market. Leading corporations in this market are introducing cutting-edge technologies, including artificial intelligence-based core banking chatbots. For example, in January 2022, Temenos, a banking software firm based in Switzerland, unveiled the first-ever AI-powered buy-now-pay-later banking service on its Temenos banking cloud. The reimagination of the core banking system, whether deployed by Temenos Transact or any other core banking solution, integrates the best industry practices and delivers reliable lending functionalities, helping providers adapt to regulatory changes.
How Is the Core Banking Software Market Segmented?
The core banking softwaremarket 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 Companies Are Leading the Charge in Core Banking Software Market Innovation?
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 Are Leading the Global Core Banking Software Market in Revenue?
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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