Core Banking Software Global Market Report 2024

Request Free Sample Buy Report

Global Core Banking Software Market Report 2024

Core Banking Software Global Market Report 2024 – By Service (Professional Service, Managed Service), By Solution (Deposits, Loans, Enterprise Customer Solutions, Other Solutions), By Software Deployment (Cloud, On-Premise), By End-Use (Banks, Financial Institutions, Other End Users) – Market Size, Trends, And Global Forecast 2024-2033

Starting Price : $4000.00 | Pages : 200 | Published : January 2024 | Delivery Time: 2-3 business days | Format : pdf

Purchase Options

Request Sample

Request For Discount

FAQs

Need assistance or more information before the purchase?

Enquire Before Buying

Proud Members Of

Core Banking Software Market Definition And Segments

Core banking software is software that contains day-to-day banking features and is used to support the most common transactions in the banking industry.

The two main types of services in core banking software are professional services and managed services. Professional services are on-demand services related to banking, such as real estate lending, loans, and business checking, that are used to provide professional services to customers. The different solutions include deposits, loans, enterprise customer solutions, and other solutions deployed through the cloud and on-premises that are used by several end-users, such as banks, financial institutions, and other end users.

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

The core banking software market size has grown strongly in recent years. It will grow from $12.45 billion in 2023 to $13.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to operational efficiency, customer experience, globalization, digital transformation, open banking initiatives, economic trends, legacy system replacement.

The core banking software market size is expected to see rapid growth in the next few years. It will grow to $20.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to real-time payments, scalability, cost pressures, data security and privacy, real-time reporting, sustainable banking. Major trends in the forecast period include cloud adoption, data analytics and AI, cybersecurity, customer experience enhancement, blockchain integration, API economy, microservices architecture.

Rising Demand For Digital Banking Solutions

The increasing demand for digital banking solutions from Gen Z and the millennial population is expected to propel the growth of the core banking software market forward. The people born between 1981 and 1996 are called millennial, while those born between 1997 and 2012 are the Gen Z population. Millennial and Gen Z populations prefer to use digital banking rather than physically visiting the banks, as a result, increasing demand for digital banking increases the demand for the core banking software market. For instance, in 2022, according to a survey conducted by GoCardless, an American payment company, more than half of millennial (56%) and Gen Z (54%) agreed that they would be willing to fully switch from traditional banking to peer-to-peer and social media apps to make payments, as compared to 31% of Gen X and 14% of the boomers. Therefore, the increasing demand for digital banking experience from Gen Z and millennial is driving the core banking software market.

Growing Customer Demand For Mobile And Net Banking

The growing customer demand for mobile and net banking is expected to propel the growth of the core banking software market going forward. Mobile banking is a financial service that allows clients to use their mobile devices, such as smartphones or tablets, to access and manage their banking accounts and complete various financial activities. Net banking refers to a banking service that allows clients to access numerous banking services and conduct financial transactions online. The core banking software is used for connecting net banking services with regular operating channels of the bank to ensure smoother operations across channels. The core banking software is used to offer faster mobile banking services to consumers. For instance, in October 2023, according to MoneyTransfers.com, a US-based company designed for transferring and receiving money around the world, the global number of online banking including mobile and internet banking users will reach to 3.6 billion by 2024. This growth reflects the improved infrastructure of online banking and the increasing availability of online services in developing countries. Therefore, the growing customer demand for mobile and net banking is driving the core banking software market during forecast period.

Major companies operating in the core banking software market report are SAP SE, Capgemini SE, Fidelity National Information Services, Inc., 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.

Focus On Launch Of New Technologies

Technological advancements are a key trend gaining popularity in the core banking software market. Major companies in the core banking software market are launching new technologies, such as core banking chatbots based on artificial intelligence technology. For instance, in January 2022, Temenos, a Switzerland-based banking software company, introduced the first AI-driven buy-now-pay-later banking service on the Temenos banking cloud. It's rationalist of the core banking system, being deployed by Temenos Transact or any other core banking solution and integrates industry best practices while offering dependable loaning abilities to assist suppliers with adjusting to evolving regulations.

Integration Of New Technologies Like Cloud-Native Platforms And Digital Transformation Tools

Major companies in the core banking software market focus on integrating new innovative technologies, such as core banking technology, to gain a competitive edge in the market. Core banking technology, also known as core banking systems (CBS), is the backbone of modern banking operations. It is a suite of software applications that manages the day-to-day transactions and activities of a bank, such as account opening, deposits, withdrawals, loans, payments, and customer relationship management (CRM). For instance, in February 2023, Arvest Bank, a US-based financial services company, launched a new lending service using Thought Machine's cloud-native core banking technology. The product takes advantage of the Vault Core banking platform and eliminates inefficiencies in the more than $1 trillion equipment finance market in the country. With this application, Arvest can quickly distinguish its entire banking experience and produce financial products.

M2P Fintech Acquired BSG ITSOFT To Strengthen Next-Generation Banking Solutions And Payment Stacks

In February 2022, M2P Fintech, an India-based application programming interface infrastructure company, acquired BSG ITSOFT for an undisclosed amount. The acquisition would further strengthen the vision of M2P Fintech to provide next-generation banking solutions and payment stacks to their customers. BSG ITSOFT is an India-based provider of core banking solutions, providing services to over 250 co-operative banks and small finance banks.

North America was the largest region in the core banking software market in 2023. 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.

The countries covered in the core banking software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The core banking software market includes revenues earned by entities through customer account management services, customer relationship management services, account opening services, and other services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The core banking software market research report is one of a series of new reports from The Business Research Company that provides core banking software market statistics, including core banking software industry global market size, regional shares, competitors with a core banking software market share, detailed core banking software market segments, market trends and opportunities, and any further data you may need to thrive in the core banking software industry. This core banking software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Core Banking Software Market Report Scope

Report Attribute	Details
Market Size Value In 2024	$13.63 billion
Revenue Forecast In 2033	$20.23 billion
Growth Rate	CAGR of 10.4% from 2024 to 2033
Base Year For Estimation	2023
Actual Estimates/Historical Data	2018-2023
Forecast Period	2024 - 2028 - 2033
Market Representation	Revenue in USD Billion and CAGR from 2024 to 2033
Segments Covered	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
Regional Scope	Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Country Scope	Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Key Companies Profiled	SAP SE; Capgemini SE; Fidelity National Information Services, Inc.; 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.
Customization Scope	Request for Sample
Pricing And Purchase Options	Explore Purchase Options

Table Of Contents

1. Executive Summary

2. Core Banking Software Market Characteristics

3. Core Banking Software Market Trends And Strategies

4. Core Banking Software Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market

4.2. Ukraine-Russia War Impact On the Market

4.3. COVID-19 Impact On the Market

5. Global Core Banking Software Market Size and Growth

5.1. Global Core Banking Software Market Drivers and Restraints

5.1.1. Drivers Of The Market

5.1.2. Restraints Of The Market

5.2. Global Core Banking Software Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)

5.3. Global Core Banking Software Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Core Banking Software Market Segmentation

6.1. Global Core Banking Software Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Professional Service

Managed Service

6.2. Global Core Banking Software Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Deposits

Loans

Enterprise Customer Solutions

Global Cybersecurity Services Market Opportunities And Strategies – Forecast To 2030 – Includes Cybersecurity Services Market Demand

Opportunities And Strategies Analysis For The Supply Chain Management Software Market – Includes Supply Chain Management Software Market Overview

Global Internet Of Things (IoT) Market Opportunities And Strategies – Forecast To 2030 – Includes Internet Of Things (IoT) Market Size

Global Ambulatory Surgical Centers IT Services Market 2022 – Market Opportunities And Strategies

The Business Research Company offers the open source intelligence market research report 2022 with industry size, share, segments and market growth

The Business Research Company offers the projection mapping market research report 2022 with industry size, share, segments and market growth

The Business Research Company offers the soc as a service market research report 2022 with industry size, share, segments and market growth

The Business Research Company offers the employment screening services market research report 2022 with industry size, share, segments and market growth

Investment Banking Global Market Report 2024 – By Type (Mergers And Acquisitions Advisory, Financial Sponsor/Syndicated Loans, Equity Capital Markets Underwriting, Debt Capital Markets Underwriting), By Enterprise Size (Large Enterprises, Medium and Small Enterprises), By End-Use Industry (Financial Services, Retail And Wholesale, Information Technology, Manufacturing, Healthcare, Construction, Other End-Use Industries) – Market Size, Trends, And Global Forecast 2024-2033

View Report

Banking, Financial Services and Insurance (BFSI) Security Global Market Report 2024 – By Type (Physical Security, Virtual Security), By Information Security Offering (Solution, Service), By End User (Banks, Insurance Companies, Other End Users) – Market Size, Trends, And Global Forecast 2024-2033

View Report

Stem Cell/Cord Blood Banking Global Market Report 2024 – By Cell Type (Adult Stem Cells, Umbilical Cord Blood Stem Cells, Embryonic Stem Cells), By Service (Collection, Processing, Analysis, Storage), By Bank Type (Public, Private), By Application (Leukemia, Anemia, Thalassemia, Autism, Cerebral Palsy, Diabetes, Other Applications) – Market Size, Trends, And Global Forecast 2024-2033

View Report

Open Banking Global Market Report 2024 – By Service Type (Transactional Services, Communicative, Informative Services), By Distribution Channel (Bank Channels, App Market, Distributors, Aggregators), By Financial Services (Bank And Capital Markets, Payments, Digital Currencies, Value Added Services), By Deployment (Cloud, On-Premises, Hybrid) – Market Size, Trends, And Global Forecast 2024-2033

View Report

Neobanking Global Market Report 2024 – By Account Type (Business Account, Savings Account), By Service (Mobile Banking, Payments And Money Transfer, Checking/Savings Account, Loans, Other Services), By Application (Enterprises, Personal, Other Application) – Market Size, Trends, And Global Forecast 2024-2033

View Report

Digital Banking Platform Global Market Report 2024 – By Type (Corporate Banking, Retail Banking), By Component (Platforms, Services), By Banking Mode (Online Banking, Mobile Banking), By Deployment (Cloud, On-Premise) – Market Size, Trends, And Global Forecast 2024-2033

View Report

Blockchain In Banking And Financial Services Global Market Report 2024 – By Type (Public Blockchain, Private Blockchain, Others), By Application (Fund Transaction Management, Real Time Loan Funding, Liquidity Management, Others) – Market Size, Trends, And Global Forecast 2024-2033

View Report

Employment Services Global Market Report 2024 – By Type (Employment Placement Agencies, Executive Search Services, Temporary Help Services, Professional Employer Organizations), By Vertical (Banking and Financial, Engineering, Medical, Information and Technology, Professional Services, Other Verticals), By Mode (Online, Offline) – Market Size, Trends, And Global Forecast 2024-2033

View Report

Frequently Asked Questions

What is the definition of the core banking software market?

Core banking software is software that contains day-to-day banking features and is used to support the most common transactions in the banking industry. For further insights on the core banking software market, request a sample here

How will the core banking software market drivers and restraints affect the core banking software market dynamics? What forces will shape the core banking software industry going forward?

The core banking software market major growth driver - rising demand for digital banking solutions. For further insights on the core banking software market, request a sample here

What is the forecast market size or the forecast market value of the core banking software market ?

The core banking software market size has grown strongly in recent years. It will grow from $12.45 billion in 2023 to $13.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to operational efficiency, customer experience, globalization, digital transformation, open banking initiatives, economic trends, legacy system replacement. The core banking software market size is expected to see rapid growth in the next few years. It will grow to $20.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to real-time payments, scalability, cost pressures, data security and privacy, real-time reporting, sustainable banking. Major trends in the forecast period include cloud adoption, data analytics and ai, cybersecurity, customer experience enhancement,blockchain integration, api economy, microservices architecture. For further insights on the core banking software market, request a sample here

How is the core banking software market segmented?

The core banking software market is segmentedThe 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 UsersFor further insights on the core banking software market, request a sample here

Which region has the largest share of the core banking software market? What are the other regions covered in the report?

North America was the largest region in the core banking software market in 2023. 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. For further insights on the core banking software market, request a sample here.

Who are the major players in the core banking software market?

What are the key trends in the core banking software market?

Major trend in the core banking software market - focus on lauch of new technologies. For further insights on the core banking software market, request a sample here.

What are the major opportunities in the core banking software market? What are the strategies for the core banking software market?

For detailed insights on the major opportunities and strategies in the core banking software market, request a sample here.

How does the core banking software market relate to the overall economy and other similar markets?

For detailed insights on core banking software market's relation to the overall economy and other similar markets, request a sample here.

What are the latest mergers and acquisitions in the core banking software industry?

For detailed insights on the mergers and acquisitions in the core banking software industry, request a sample here.

What are the key dynamics influencing the core banking software market growth? SWOT analysis of the core banking software market.

For detailed insights on the key dynamics influencing the core banking software market growth and SWOT analysis of the core banking software industry, request a sample here.