The global Core Banking Software Market size is expected to reach USD 21.61 billion by 2030, registering
at a CAGR of 8.9% from 2022 to 2030, according to a new report by Grand View
Research, Inc. Capgemini, Finastra, FIS, Fiserv, Inc., HCL Technologies
Limited, Infosys Limited are some of the key players in this industry. The
market growth can be attributed to the surge in the adoption of core banking
technology across banks and financial institutions globally. This technology is
helping numerous banks across the globe synchronize their front, mid, and
back-office tasks.
Core banking software offers a comprehensive suite of
capabilities to power the digital transformation of financial
institutes. Numerous banks across the globe are adopting core banking solutions
to gain a comprehensive set of capabilities, including extensive
parameterization, flexible product factories, reusable business components, and
product bundling. These capabilities are helping banks achieve innovation-led
growth.
In recent years, the amount of structured and unstructured
data available to banks has increased significantly. With advances in machine
learning and cloud computing technologies, Artificial
Intelligence (AI) is shaping the prospects of financial and banking
services. Moreover, with the data history captured using AI-based solutions,
core banks across the globe can make more informed business decisions on
various functions, including customer experience, back-office operations,
product management, and marketing.
The COVID-19 pandemic adversely affected the growth of
the market for core banking software. However, banks across the globe are
focusing on adopting time and cost-efficient modes of banking that are capable
of reducing their operational expenses and improving customer experience. This
is expected to create growth opportunities for the market over the forecast
period.
Related Press Release@ Core Banking Software Market Report
Core Banking Software Market
Report Highlights
- In terms of solutions, the enterprise customer solutions segment is
expected to witness significant growth over the forecast period. These
solutions help banks effectively track and process every customer
transaction that occurs at a bank
- The core banking managed services model offers banks and financial
institutions a competitive edge by ensuring high usability, complete
functionality, bug-fixing, and timely upgrades. Modern banks need multiple
complex systems to run in parallel to effectively ensure uninterrupted
service delivery and availability. This is expected to drive the demand
for managed services over the forecast period
- Banks and financial institutions can leverage the power of
cloud-based applications. These solutions are deployed and developed as a
set of flexible microservices with the help of Platform-as-a-Service
(PaaS) tools. These solutions help banks and financial institutions in
reducing operational costs, boost performance, and accelerate business
growth, thereby driving the adoption of cloud-based solutions
- The growing need to increase the productivity and operational
efficiency of banks is expected to drive the adoption of core banking
software across banks over the forecast period. This software enables
banking customers to manage their accounts from any part of the world
- The increasing inclination of banks and other financial
institutions toward digital transformation and the rising partnerships
between banks and IT businesses in the Asia Pacific region are anticipated
to drive the regional market growth over the forecast period
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
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business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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