Pune,India, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The Core Banking Software Market Size was USD 10.80 billion in 2021 and is expected to rise from USD 12.51 billion in 2022 to USD 40.67 billion by 2029 at a CAGR of 18.3% during the projected period. 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. Fortune Business Insights™ publishes this information in a report titled, "Core Banking Software Market Forecast, 2023-2029". As per the report,
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.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 18.3% |
| 2029 Value Projection | USD 40.67 Billion |
| Base Year | 2021 |
| Core Banking Software Market Size in 2021 | USD 10.80 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Component, Banking, End-User, Region |
Key Takeaways-
- Core Banking Software Market is expected to flourish & reach USD 40.67 Billion in 2029
- AI-based basic banking software provides real-time information to end users and helps improve network security, accelerate digital businesses, and offering a better consumer experience.
- The hacker exploited the company's data transfer file software to gain access to the entry. Thus, with growing advancements, the concern for data safety is increasing.
- The increasing uptake of advanced basic banking software among banking types, such as medium-sized banks, small banks and credit unions, is also likely to fuel the market growth.
- Core Banking Software Market Size in North America was USD 4.90 Billion 2021
Drivers & Restraints-
The Core Banking Solution Market is predicted to experience significant growth in the forecast period, driven by the increasing adoption of cloud-based applications and banking services.
The implementation of artificial intelligence and Big Data is also expected to boost market growth by improving connectivity and the feasibility of services.
Key players are prioritizing the adoption of these technologies to offer high-quality visualization and real-time resolution of customer queries. Despite these growth drivers, the market's expansion may be hindered by concerns over information security and privacy risks during the forecast period.
Regional Insights-
North America is the leading region in the global core banking software market, thanks to the growing demand for advanced banking solutions. The market is expected to experience significant growth in the forecast period, driven by the increasing adoption of innovative development ideas and the presence of major market players. The North American market is currently valued at USD 4.90 billion in 2021.
In the meantime, Asia Pacific is predicted to hold the second-highest market position during the forecast period, fueled by the increasing digitization in developing countries. This trend is expected to drive the market's growth in the coming years.
List of Key Players Mentioned in the Report-
- 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)
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Major Table of Contents-
- Global Core Banking Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- SaaS/Hosted
- Licensed
- By Banking Type (USD)
- Large Banks (Greater than USD 30 billion in Assets)
- Midsize Bank (USD 10 billion to USD 30 billion in Assets)
- Small Banks (USD 5 billion to USD 10 billion in Assets)
- Community Banks (Less Than US$5 billion in Assets)
- Credit Unions
- By End-user (USD)
- Retail Banking
- Treasury
- Corporate Banking
- Wealth Management
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Core Banking Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- SaaS/Hosted
- Licensed
- By Banking Type (USD)
- Large Banks (Greater than USD 30 billion in Assets)
- Midsize Bank (USD 10 billion to USD 30 billion in Assets)
- Small Banks (USD 5 billion to USD 10 billion in Assets)
- Community Banks (Less Than US$5 billion in Assets)
- Credit Unions
- By End-user (USD)
- Retail Banking
- Treasury
- Corporate Banking
- Wealth Management
- By Country (USD)
- United States
- By Banking Type
- Canada
- By Banking Type
- Mexico
- By Banking Type
- United States
- Europe Core Banking Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- SaaS/Hosted
- Licensed
- By Banking Type (USD)
- Large Banks (Greater than USD 30 billion in Assets)
- Midsize Bank (USD 10 billion to USD 30 billion in Assets)
- Small Banks (USD 5 billion to USD 10 billion in Assets)
- Community Banks (Less Than US$5 billion in Assets)
- Credit Unions
- By End-user (USD)
- Retail Banking
- Treasury
- Corporate Banking
- Wealth Management
- By Country (USD)
- United Kingdom
- By Banking Type
- Germany
- By Banking Type
- France
- By Banking Type
- Italy
- By Banking Type
- Spain
- By Banking Type
- Russia
- By Banking Type
- Benelux
- By Banking Type
- Nordics
- By Banking Type
- Rest of Europe
- United Kingdom
TOC Continued…!
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FAQ:
How big is the Core Banking Software Market?
The market is expected to grow from USD 12.51 billion in 2022 to USD 40.67 billion by 2029, exhibiting a CAGR of 18.3% during the forecast period.
Core Banking Software Market Market Sustainability Market in North America?
The market in North America stood at USD 4.90 Billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
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