Pune, India, April 21, 2022 (GLOBE NEWSWIRE) -- The core banking software market size was USD 10.80 billion in 2021. The market size 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 Share, 2022-2029". As per the report,
Key Industry Development:
- October 2021: 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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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.
Report Scope
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| 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 | 2018-2020 |
| No. of Pages | 140 |
| Segments covered | By Deployment, Banking Type, End-user, Region |
| Core Banking Solution Market Growth Drivers | Adoption of AI in Banking Systems to Propel Growth |
| Remote Working Culture Amid Pandemic to Bolster Market Growth |
COVID-19 Impact:
Remote Working Culture Amid Pandemic to Bolster Market Growth
The ICT sector has positively impacted market growth due to the COPVID-19 pandemic. Governments issued various rules to implement remote working and virtual operations in various industries. Banking sectors have digitized their operations to avoid spreading viruses and maintain social distancing norms. The key market players adopted technological advancements in the core banking software industry, which supported the market during the pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this Core Banking Solution Market,
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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.
Segments:
SaaS/Hosted Deployment Technology Dominates Market Due to Technological Feasibility
By deployment, the market is bifurcated into SaaS/hosted and licensed.
Based on banking type, the market is divided into large banks, midsize banks, small banks, community banks, and credit unions.
On the basis of end-user, the market is categorized into retail banking, treasury, corporate banking, and wealth management.
Regionally, the market share is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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Report Coverage:
The report provides complete information regarding market development and recent trends in the industry. Also, drivers and restraints affecting market development during the forecast period are highlighted further in this report. Furthermore, the impact of COVID-19 pandemic on service demand and market expansion is discussed in the report. The recent launches and advancements in the industry introduced by the key players are elaborated further in this report. A list of key market players is given, along with the regional information for segmented market areas.
Competitive Landscape:
Innovation Management Allow 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.
Companies Profiled in the Core Banking Software Market Share 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 Points of Table:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Core Banking Software Key Players Market Share Insights and Analysis, 2021
- Global Core Banking Solution Market Share 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 Share 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 Share Estimates and Forecasts, By Segments, 2018-2029
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