Core Banking Software Market To Reach $21.61 Billion By 2030

Core Banking Software Market Growth & Trends

The global core banking software market size is expected to reach USD 21.61 billion by 2030, expanding at a CAGR of 9.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The expansion of the market can be accredited to the upsurge in the embrace of core banking technology by banks and financial institutions on a global scale. This technological advancement is facilitating the synchronization of front, middle, and back-office operations for numerous banks worldwide.

Core banking software enables banks and financial institutions to scale operations and achieve economies of scale. Moreover, the rise of digital and online banks has changed customer preferences for convenient and easy-to-use channels. Core banking software solutions help traditional banks innovate, launch new products quickly, and reduce time to market.

In recent years, the amount of structured and unstructured data available to banks has increased significantly. Automation enables banks to leverage advanced analytics tools to study customer data and identify patterns and trends. With predictive analytics, banks can anticipate customer preferences, behavior, and potential needs, enabling them to offer targeted and timely offers and recommendations.

The pandemic adversely affected financial institutions that lacked the technology to adapt. While initially, firms, such as banks, were taken aback, they realized the need for technological enhancements for continued operations. The accelerated digital transformation initiatives are expected to bode well for market growth over the forecast period.

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Core Banking Software Market Report Highlights

• Within the solutions segment, the enterprise customer solutions segment is expected to grow significantly over the forecast period. Enterprise customer solutions help banks effectively track and process every transaction that a customer does at a bank. It also helps in improving the efficiency of operations

• The core banking managed services model provides banks and financial institutions with a competitive advantage by guaranteeing superior user-friendliness, comprehensive functionality, bug resolution, and timely enhancements. Contemporary financial institutions require several intricate systems to operate concurrently, ensuring seamless service provision and optimal availability. This aspect is anticipated to bolster the requirement for managed services throughout the projected timeframe

• Traditional infrastructure deployed on-site necessitates substantial initial expenditures and continuous upkeep expenses. Cloud computing eradicates the requirement for costly hardware and infrastructure, as financial institutions can procure resources based on a consumption-driven approach. This financially efficient paradigm assists banks in optimizing their information technology expenditures

• The growing necessity to enhance the productivity and operational effectiveness of banks is projected to propel the uptake of core banking software within the banking sector throughout the forecast period. Core banking software empowers customers to oversee their accounts globally, concurrently streamlining the intricacies of banking operations and transactions

• The Asia Pacific region is anticipated to emerge as the fastest-growing market over the forecast period. The primary drivers of growth include the high penetration of smartphones and digital services. Moreover, rising awareness of the use of the latest technology among the youth is expected to drive growth

Core Banking Software Market Segmentation

Grand View Research has segmented the global core banking software market based on solution, service, deployment, end-use, and region.

Core Banking Software Solution Outlook (Revenue, USD Million, 2017 - 2030)

• Deposits

• Loans

• Enterprise Customer Solutions

• Others

Core Banking Software Service Outlook (Revenue, USD Million, 2017 - 2030)

• Professional Service

• Managed Service

Core Banking Software Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• Cloud

• On-premise

Core Banking Software End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Banks

• Financial Institutions

• Others

Core Banking Software Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • Kingdom of Saudi Arabia (KSA)

  • UAE

  • South Africa

List of Key Players in the Core Banking Software Market

• Capgemini

• Finastra

• FIS

• Fiserv, Inc.

• HCL Technologies Limited

• Infosys Limited

• Jack Henry & Associates, Inc.

• Oracle Corporation

• Temenos Group

• Unisys