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Global core banking software market
DUBLIN, February 12, 2024 (GLOBE NEWSWIRE) — Core Banking Software Market Size, Share and Trends by Solution (Deposits, Loans), Service (Professional Services, Managed Services), Deployment (Cloud, Online) Added “-premise), Forecast by End Use, Region, and Segment, 2023-2030” report ResearchAndMarkets.com Recruitment.
The global core banking software market size is expected to reach USD 21.61 billion by 2030 and is expected to expand at a CAGR of 9.3% from 2023 to 2030.
The market expansion can be attributed to the rapid adoption of core banking technologies by banks and financial institutions on a global scale. This technological advancement is facilitating the synchronization of front, middle, and back office operations for many banks around the world.
Core banking software allows banks and financial institutions to scale their operations and realize economies of scale. Additionally, the rise of digital and online banks has also changed customer preferences for convenient and easy-to-use channels. Core banking software solutions help traditional banks innovate, launch new products faster, and reduce time to market.
In recent years, the amount of structured and unstructured data available to banks has increased significantly. Automation allows banks to leverage advanced analytical tools to examine customer data and identify patterns and trends. Predictive analytics allows banks to predict customer preferences, behaviors, and potential needs and provide targeted and timely offers and recommendations.
The pandemic negatively impacted financial institutions, which lacked the technology to adapt. Banks and other businesses were initially taken aback, but realized they needed to improve their technology to continue operating. Acceleration in digital transformation efforts is expected to bode well for market growth during the forecast period.
Core Banking Software Market Report Highlights
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Among the solutions segment, the enterprise customer solutions segment is expected to grow significantly during the forecast period. Enterprise customer solutions help banks effectively track and process all transactions that customers make with the bank.Also contributes to operational efficiency
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The Core Banking Managed Services model provides banks and financial institutions with a competitive advantage by ensuring superior ease of use, comprehensive functionality, bug resolution, and timely enhancements. Modern financial institutions must operate multiple complex systems simultaneously to ensure seamless service delivery and optimal availability.This aspect is expected to increase requirements for managed services over the expected period.
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Traditional infrastructure deployed on-site requires significant initial costs and ongoing maintenance costs. Cloud computing allows financial institutions to procure resources based on a consumption-driven approach, eliminating the requirement for expensive hardware and infrastructure. This financial efficiency paradigm helps banks optimize their information technology spending.
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The growing need to improve productivity and operational efficiency of banks is expected to drive the adoption of core banking software within the banking sector throughout the forecast period. Core Banking His software allows customers to monitor their accounts worldwide, while streamlining complex banking operations and transactions.
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Asia Pacific is expected to emerge as the fastest growing market during the forecast period. Key drivers of growth include high penetration of smartphones and digital services.Additionally, growing awareness of using modern technology among young people is expected to drive growth
Key attributes:
|
report attributes |
detail |
|
number of pages |
140 |
|
Forecast period |
2022-2030 |
|
Estimated market value in 2022 (USD) |
$10.89 billion |
|
Projected market value to 2030 (USD) |
$21.61 billion |
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compound annual growth rate |
9.3% |
|
Target area |
global |
Main topics covered:
Chapter 1 Methodology and Scope
1.1 Research method
1.2 Research scope and prerequisites
1.3 List of data sources
Chapter 2 Summary
2.1 Market snapshot
2.2 Segment Snapshot
2.3 Snapshot of the competitive landscape
Chapter 3 Core Banking Software Industry Outlook
3.1 Market segmentation and scope
3.2 Core Banking Software Market – Value Chain Analysis
3.3 Core Banking Software Market – Market Trends
3.3.1 Analysis of market driving factors
3.3.1.1 Increasing customer demand for advanced banking technology
3.3.1.2 Increasing demand to manage customer accounts from a single server
3.3.2 Analysis of market issues
3.3.2.1 Lack of awareness
3.4 Core Banking Software Market – Porter’s Five Forces Analysis
3.5 Core Banking Software Market – PESTEL Analysis
Chapter 4 Core Banking Software Solutions Outlook
4.1 Core Banking Software Market Share by Solution, 2022
4.2 Deposit
4.3 Loans
4.4 Enterprise Customer Solutions
4.5 Others
Chapter 5 Core Banking Software Service Outlook
5.1 Core Banking Software Market Share by Service, 2022
5.2 Professional Services
5.3 Managed Services
Chapter 6 Prospects for introducing core banking software
6.1 Core Banking Software Market Share by Implementation, 2022
6.2 Cloud
6.3 On-premises
Chapter 7 End-use prospects for core banking software
7.1 Core Banking Software Market Share by End Use, 2022
7.2 Banks
7.3 Financial institutions
7.4 Others
Chapter 8 Core Banking Software Regional Outlook
8.1 Core Banking Software Market Share by Regions, 2022
Chapter 9 Competitive Analysis
9.1 Recent developments and impact analysis by major market participants
9.2 Company classification
9.4 Company analysis tools
Chapter 10 Competitive Environment
For more information about this report, please visit https://www.researchandmarkets.com/r/g03ak0.
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source of international market research reports and market data. We provide the latest data on international and regional markets, key industries, top companies, new products and latest trends.
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