Press release
Surging Application Across End Users Powers the Expansion of the Legacy System Modernization for Banks Market in 2025
Legacy System Modernization for Banks
The overall valuation for the modernization of antiquated banking systems has experienced swift expansion lately, projected to escalate from eleven point thirty-five billion US dollars in the year 2024 to thirteen point twenty-nine billion US dollars by 2025, reflecting a compound annual growth rate of seventeen point one percent. This upward trajectory observed throughout the past period stems from several key factors, including the heightened integration of Internet of Things gadgets, escalating requirements for smart urban development projects, broader utilization of geographically referenced services, the broadening scope of interconnected physical structures, and a greater emphasis placed upon optimizing energy utilization.
What Is the Predicted Size of the Legacy System Modernization for Banks Market by 2029?
Projections indicate that the global market focused on modernizing legacy systems within the banking sector is slated for substantial augmentation in the years ahead, reaching a valuation of $24.66 billion by 2029, reflecting a compound annual growth rate (CAGR) of 16.7%. This forward trajectory in the anticipated timeframe is fueled by several key factors, such as the increasing incorporation of machine learning capabilities, the wider rollout of 5G network infrastructure, the proliferation of smart home environments, escalating requirements for immediate data analysis, and a heightened organizational focus on tailoring user interactions. During this forecast span, prominent developments will encompass technological leaps within sensor networks, ongoing inventive progress in AI-powered ambient systems, swift evolution of edge computing architectures, active exploratory work in context-aware technologies, and the broader acceptance of sophisticated data handling methodologies.
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Which Major Drivers Are Fueling the Expansion of the Legacy System Modernization for Banks Market?
Heightened attention to both cybersecurity efforts and adherence to governing regulations is anticipated to fuel the expansion of the market dedicated to updating outdated banking infrastructure in the future. This emphasis on security measures and fulfilling compliance mandates involves protecting data and systems while simultaneously satisfying the necessary reporting, auditing, and control stipulations established by financial overseers. Such a strong push towards improved security and regulatory alignment stems from the documented increase in cybercriminal activities and the substantial financial setbacks authorities have recorded. Upgrading older core systems and customer-facing platforms allows financial institutions to implement superior security mechanisms such as identification verification, logging, and encryption, alongside quicker deployment of security fixes and automated documentation for audits, thereby assisting banks in satisfying their security mandates and auditing duties. Illustratively, concrete figures from the US primary federal law enforcement branch, the FBI, reported 880,418 victim complaints in 2023, marking an almost ten percent increase compared to 2022, with reported financial damages surpassing the $12.5 billion threshold (a twenty-two percent year-over-year jump), clearly demonstrating the intensifying threat landscape that necessitates greater expenditure on security and compliance initiatives. Consequently, the elevated priority placed on fortifying cybersecurity and meeting regulatory standards is acting as a primary impetus for growth within the sector focused on modernizing banks' legacy systems.
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Which Emerging Trends Are Shaping the Future of the Legacy System Modernization for Banks Market?
Key players within the Legacy System Modernization for Banks sector are heavily prioritizing innovation, specifically by employing advanced, cloud-native core banking and payments infrastructures that facilitate quicker introductions of customer-focused products and bring banking functions up to modern standards. Offerings such as those from DXC and Thought Machine exemplify this trend, utilizing cloud-native core banking along with managed support services to overhaul older systems. This modernization effort allows for swift product releases, operations powered by automation, and configuration without needing code, all while guaranteeing stability and adherence to regulations, thereby speeding up the digital evolution for financial institutions and boosting how effectively they run. Taking June 2025 as an example, DXC Technology, a major US-based firm specializing in global IT and advisory services, unveiled a collaborative offering designed to hasten modernization specifically for smaller and medium-sized banks, merging DXC's deep sector knowledge and managed expertise with Thought Machine's Vault Core cloud-native platform and Vault Payments system for updating outdated infrastructure. This combined package empowers banks to roll out novel offerings, including different types of savings plans, home loans, and credit facilities, in mere hours rather than what previously took weeks, all while maintaining high standards for operational effectiveness, regulatory adherence, and scalable performance driven by automation. Delivering this as a comprehensive managed service streamlines the entire modernization journey, cuts down the duration until a product reaches the market, and encourages a quicker embrace of novel, consumer-focused financial services.
How Is the Legacy System Modernization for Banks Market Structured Across Different Segments?
The legacy system modernization for banks market covered in this report is segmented -
1) By Component: Software, Services
2) By Bank Type: Retail Banks, Commercial Banks, Investment Banks
3) By Deployment Mode: On-Premises, Cloud-Based, Hybrid
4) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
5) By Application: Banking, Financial Services And Insurance (BFSI), Healthcare, Retail And E-Commerce, Manufacturing, Information Technology (IT) And Telecommunications, Government, Other Applications
Sub Segment:
1) By Software: Core Banking Platforms, Payment Processing Software, Middleware And Integration Software, Data Management And Analytics Tools, Application Programming Interface Management Platforms
2) By Services: Consulting And Assessment Services, Application Modernization Services, Cloud Migration Services, Code Refactoring Services, Replatforming Services
Which Companies Are Leading Technological Advancements in the Legacy System Modernization for Banks Market?
Major companies operating in the legacy system modernization for banks market are Microsoft Corporation; Deloitte Touche Tohmatsu Limited; accenture* plc; International Business Machines Corporation; PricewaterhouseCoopers International Limited; Tata Consultancy Services Limited; Fujitsu Limited; NTT DATA Corporation; Capgemini SE; Cognizant Technology Solutions Corporation; Infosys Limited; DXC Technology Company; HCL Technologies Limited; Atos SE; Wipro Limited; Tech Mahindra Limited; EPAM Systems Inc.; Mphasis Limited; Persistent Systems Limited; Temenos AG
Which Regions Present the Most Attractive Opportunities for the Legacy System Modernization for Banks Market?
North America was the largest region in the legacy system modernization for banks market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the legacy system modernization for banks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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