PUBLISHER: SkyQuest | PRODUCT CODE: 1165242
PUBLISHER: SkyQuest | PRODUCT CODE: 1165242
Global Core Banking Software Market was valued at USD 10.5 billion in 2021, and it is expected to reach a value of USD 21.12 billion by 2028, at a CAGR of 10.5% over the forecast period(2022-2028).
Banks have been compelled to improve their current product lines by integrating core banking solutions in order to offer cost-effective and efficient banking services as a result of the rapid shift in customer behavior and preferences toward utilizing banking products & services. Furthermore, to modernize banking capabilities and provide real-time financial services, banks are utilising technologies including data analytics, application programming interfaces (APIs), cloud computing, robotic process automation (RPA), and artificial intelligence. As a result, the demand for core banking software is growing in the global market.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Core Banking Software Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global Core Banking Software Market is segmented based on Deployment, Banking Type, End-User, and Region. Based on Deployment, it is categorized into: SaaS/Hosted and Licensed. Based on Banking Type, it is categorized into Large Banks, Midsize Banks, Small Banks, Community Banks, Credit Unions. Based on End-User, it is categorized into Retail Banking, Treasury, Corporate Banking, Wealth Management. Based on the region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Driver
Core banking software provides a full range of capabilities to support financial institutions' digital transformation. In order to achieve a great variety of capabilities, such as thorough parameterization, adaptable product factories, reusable business components, and product bundling, numerous banks all over the world are using core banking systems. These skills aid banks to grow and evolve with technology.
Restraint
As the popularity of core banking software grows, the concerns related to security breach also increases. Some of the concerns are related to application vulnerability, information loss, unencrypted data, and mobile malware. Rising concerns regarding these issues can result in hindrances during the forecast period. Moreover, not all core banking software delivers flexibility thus, further hampering the market growth.
Market Trends
The opportunity for core banking solution providers to expand their product offerings is abundant in developing economies as numerous banks and financial institutions integrate cutting-edge technology into their daily operations. The main drivers projected to drive market expansion are improving operations to satisfy customer demands, high expenditures for converting and expanding existing product lines, and raising the productivity of corporate operations. In addition, key core banking solution users in Australia, China, India, Singapore, and South Korea are expected to fuel market expansion in the coming years.