IMARC Group, a leading market research company, has recently releases report titled Core Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 The study provides a detailed analysis of the industry, including the global core banking software market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is the Market Prediction for Core Banking Software Market?
The global core banking software market size reached US$ 12.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.6 Billion by 2028, exhibiting a growth rate (CAGR) of 13.1% during 2023-2028.
What is Core Banking Software?
Core banking software refers to an integral technology that allows banks to conduct and manage transactions across their various branches centrally. It is designed to support the banks' most common transactions, such as account opening, deposits, withdrawals, loans, payment processing, and interest calculations. Core banking software is comprised of several components, including the user interface, transaction processing engines, and databases. It offers several features, such as real-time transaction updates, multi-currency support, compliance tracking, and customer relationship management. Core banking software is widely used in retail banking, loan management, payment processing, risk management, customer analytics, transaction management, asset management, financial inclusion, compliance tracking, and digital banking. It aids in improving operational efficiency, optimizing customer service, reducing error rates, and enhancing compliance with regulations. In addition, core banking software is known for its centralized operations, scalability, increased security, seamless updates, cross-selling capabilities, improved reporting, cost savings, access to real-time data, and facilitation of global transactions.
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What Are the Growth Prospects and Trends in the Core Banking Software Market?
The growing demand for core banking software, owing to the rapid digital transformation across financial institutions, is propelling the market growth. Additionally, the growing need for operational efficiency and transparency in banking operations is catalyzing the market growth. Besides this, the rising customer demand for seamless and personalized banking experiences, requiring banks to upgrade their legacy systems, is boosting the market growth. Furthermore, the increasing emphasis on regulatory compliance, making modern core banking systems indispensable, is supporting the market growth. In addition, the widespread adoption of cloud-based core banking software solutions, owing to their cost-effectiveness and scalability, is contributing to the market growth. Apart from this, the integration of advanced technologies like artificial intelligence (AI and machine learning (ML) to make banking services more intelligent and predictive is positively influencing the market growth. Moreover, the emergence of banking-as-a-service (BaaS), which has opened new avenues for core banking software, is driving the market growth. Along with this, the increasing prevalence of mobile banking and payment applications, which require robust back-end systems, is fueling the market growth.
Who Are the Key Players Operating in the Core Banking Software Market?
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Capgemini
- Fidelity Information Services Inc.
- Finastra
- Fiserv Inc.
- HCL Technologies Limited
- Infosys Limited
- Jack Henry Associates Inc.
- Oracle Corporation
- SAP SE
- Tata Consultancy Services Limited
- Temenos AG
- Unisys Corporation.
What is Included in Market Segmentation?
The report has categorized the market based on solution, service, deployment and end use.
Breakup by Solution:
- Deposits
- Loans
- Enterprise Customer Solutions
- Others
Breakup by Service:
- Professional Service
- Managed Service
Breakup by Deployment:
- Cloud-based
- On-premises
Breakup by End Use:
- Banks
- Financial Institutions
- Others
Regional Analysis:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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