Pune, India, Dec. 19, 2023 (GLOBE NEWSWIRE) — The global core banking software market size was USD 12.51 billion in 2022 and is anticipated to reach USD 47.37 billion by 2030, exhibiting a CAGR of 18.4% over the study period. Fortune Business Insights™ provides this information in its research report, titled “Core Banking Software Market Forecast, 2024-2030”.
The market of core banking software is projected to grow during the forecast period due to rising adoption of latest technologies and cloud-based banking solutions.
Request a Free Sample PDF: https://www.fortunebusinessinsights.com/enquiry/sample/core-banking-software-market-104392
Key Industry Development:
Temenos AG partnered with Mbanq, a Banking-as-a-Service (BaaS) provider. Through this partnership, Mbanq caters to innovative Credit Union-as-a-Service (CUaaS) offering powered by Temenos for US Credit Unions.
Key Takeaways
- Core banking software market size in North America was USD 5.52 billion in 2022
- Remote Working Culture Amid Pandemic to Bolster Market Growth
- SaaS/Hosted Deployment Technology Dominates Market Due to Technological Feasibility
- Corporate Banking to Gain Traction from Increasing Adoption of Advanced Banking System
Discover the Leading Players Featured in the Report:
“Companies leading the global core banking software market are Oracle Corporation (U.S.), SAP SE (Germany), Tata Consultancy Services Limited (India), Capital Banking Solutions (U.S.), EdgeVerve Systems Limited (India), Finastra International Limited (U.K.), Fidelity National Information Services, Inc. (U.S.), Fiserv, Inc. (U.S.), Mambu GmbH (Germany), Temenos AG (Switzerland).”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 18.4% |
| 2030 Value Projection | USD 47.37 Billion |
| Base Year | 2022 |
| Core Banking Software Market Size in 2022 | USD 12.51 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments Covered | Deployment, Banking Type, End-user and Geography |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/core-banking-software-market-104392
Drivers & Restraints:
Adoption of Artificial Intelligence in Banking Systems to Propel Growth
The Core Banking Solution Market is expected to witness prominent growth during the forecast period. Increasing adoption of cloud-based applications and banking services will drive the market growth. Also, the implementation of artificial intelligence and Big Data allows for increased connectivity and feasibility of services. Key players focus on adopting these technologies to provide high-quality visualization and resolve customer queries in real-time. These factors are expected to ensure the global core banking software market growth during the projected period.
However, information security and privacy risks may hamper the market growth during the forecast period.
Segmentation
By Deployment
By Banking Type
- Large Banks (Greater than USD 30 Billion in Assets)
- Midsize Banks (USD 10 billion to USD 30 Billion in Assets)
- Small Banks (USD 5 billion to USD 10 Billion in Assets)
- Community Banks (Less than USD 5 Billion in Assets)
- Credit Unions
By End-user
- Retail Banking
- Treasury
- Corporate Banking
- Wealth Management
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America Holds Highest Market Share Due to Innovation in Banking Solutions
North America dominates the global core banking software market share due to increasing demand for advanced banking solutions. The regional market is anticipated to grow rapidly during the forecast period owing to the increasing implementation of innovative development ideas and the presence of key market players. The regional market is valued at USD 4.90 billion in 2021.
Asia Pacific is expected to hold the second-highest market position during the forecast period. Increasing digitization in developing countries is expected to drive the market in the coming years.
Quick Buy – Core Banking Software Market Research Report:
https://www.fortunebusinessinsights.com/checkout-page/104392
Competitive Landscape:
Innovation Management allows companies to Enhance their Product Portfolio
The key market players focus on implementing innovative product development ideas by adopting recent technologies such as artificial intelligence, Big Data, and cloud computing. The companies form strategic alliances, partnerships, and mergers with supporting organizations to propel growth and globalize their business.
FAQs
How big is the core banking software market?
The global core banking software market size was USD 12.51 billion in 2022. It is expected to reach USD 47.37 billion by 2030.
How fast is core banking software market growing?
The core banking software market will exhibit a CAGR of 18.4% during the forecast period, 2023-2030.
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]
- Core Banking Software Market