According to IMARC Group’s latest report, titled “Core Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market is expected to exhibit a CAGR of 7.78% during 2022-2027. Core banking software assists in processing day-to-day banking transactions, such as posting updates to accounts. It also aids in servicing loans, floating new accounts, calculating interests, processing deposits and withdrawals and managing customer relationships. Core banking software reduces operational costs, minimizes human errors, facilitates the decision-making process, ensures lesser workforce requirements for execution and enables greater accountability of the customers.
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A significant rise in the market growth can be attributed to the numerous advantages offered by core banking software, such as process standardization, transaction accuracy, improved management of documentation and records, and ease in the submission of regulatory reports. Core banking also aids the customers in opening accounts, calculating interest, completing quick routine transactions of cash deposits and withdrawals, and offering banking services anywhere. Furthermore, the growing shift towards online banking solutions due to hectic work schedules of the consumers is also augmenting the market growth. Additionally, core banking software helps in receiving e-payments instantly and transferring funds remotely, thereby providing a positive outlook to the market. Besides this, the rising integration of core banking software with Big Data, artificial intelligence (AI) and Software-as-a-Service (SaaS) technologies to facilitate advanced security and real-time insights, are expected to further propel the market growth in the coming years. Looking forward, IMARC Group expects the global core banking software market to continue its robust growth during the forecast period (2022-2027).
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with 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.
Core Banking Software Market Segmentation:
Breakup by Solution:
- Deposits
- Loans
- Enterprise Customer Solutions
- Others
Breakup by Service:
- Professional Service
- Managed Service
Breakup by Deployment:
- Cloud-based
- On-premise
Breakup by End Use:
- Banks
- Financial Institutions
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa.
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- 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.
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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.
IMARC’s 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 company’s expertise.
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