IMARC Group has recently released a new research study titled “Core Banking Software Market Report by Solution (Deposits, Loans, Enterprise Customer Solutions, and Others), Service (Professional Service, Managed Service), Deployment (Cloud-based, On-premise), End Use (Banks, Financial Institutions, and Others), and Region 2024-2032”, offers a detailed analysis of the global market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How big is the core banking software market?

The global core banking software market size reached US$ 14.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 41.3 Billion by 2032, exhibiting a growth rate (CAGR) of 12.2% during 2024-2032.

Global Core Banking Software Market Trends:

The significant shift towards cloud-based solutions represents one of the key factors influencing the growth of the core banking software market across the globe. This is offering banks scalability, cost efficiency, and the ability to rapidly deploy and update services which is crucial for banks aiming to stay competitive in a digital-first landscape. The market is also driven by the increasing integration of Artificial Intelligence (AI) and machine learning, thus enhancing personalized customer experiences, improving risk management, and automating routine tasks.

There's also a growing emphasis on cybersecurity in core banking systems, as the frequency and sophistication of cyber threats increase. Open banking is another emerging trend, where banks are adopting open APIs to facilitate secure data sharing with third-party providers, promoting innovation and offering customers more tailored services.

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Factors Affecting the Growth of the Core Banking Software Industry:

• Digital Transformation in the Banking Sector:

A pivotal factor propelling the core banking software market is the widespread digital transformation within the banking sector. In an era where digital banking has become the norm, financial institutions are under constant pressure to modernize their legacy systems to meet evolving customer expectations for speed, convenience, and accessibility. This digital shift is not just a response to consumer demand but also a strategic move to stay competitive in a market increasingly disrupted by fintech startups and digital-only banks. Core banking software plays a crucial role in this transformation, offering scalable and flexible solutions that enable banks to streamline operations, launch new products quickly, and provide enhanced digital services. Moreover, the transition to digital banking has been accelerated by the COVID-19 pandemic, which pushed both customers and banks towards more online and mobile banking services, further boosting the demand for sophisticated core banking systems.

• Integration of Advanced Technologies:

The integration of advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), blockchain, and cloud computing is another significant driver in the core banking software market. AI and ML are being leveraged to personalize customer experiences, improve decision-making processes, and enhance risk management. Blockchain technology offers potential in areas like transaction security and fraud prevention. Additionally, the shift towards cloud-based core banking solutions is particularly noteworthy. Cloud computing not only reduces the cost and complexity of banking operations but also provides superior scalability and agility, enabling banks to respond more quickly to market changes and customer needs. These technological advancements are transforming core banking software into more than just a transactional platform; they're turning it into a tool for strategic business transformation.

• Regulatory Compliance and Cybersecurity:

In the highly regulated banking industry, compliance with various regulatory standards is crucial. Core banking software helps banks navigate this complex regulatory landscape by ensuring compliance with local and international banking regulations. As cybersecurity threats become more sophisticated, these systems also play a critical role in protecting sensitive financial data. The need for robust security measures in banking operations is driving the demand for advanced core banking software equipped with the latest security protocols to safeguard against data breaches and cyber-attacks.

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Core Banking Software Market Report Segmentation:

By Solution:

• Deposits
• Loans
• Enterprise Customer Solutions
• Others

Enterprise Customer Solutions lead the core banking software market as they enable banks to provide personalized and efficient services to customers, enhancing customer engagement and loyalty.

By Service:

• Professional Service
• Managed Service

Professional services dominate the service segment due to the need for expert assistance in implementing, updating, and maintaining complex core banking systems.

By Deployment:

• Cloud-based
• On-premise

On-premise deployment remains the largest in the market because of its perceived reliability and security, especially among traditional banks dealing with sensitive financial data.

By End User:

• Banks
• Financial Institutions
• Others

Banks constitute the largest end-user segment for core banking software, as these solutions are fundamental to their operations, streamlining processes like account management, transaction processing, and compliance.

By Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

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Global Core Banking Software Market Trends:

The significant shift towards cloud-based solutions represents one of the key factors driving the growth of the core banking software market across the globe. Banks and financial institutions are increasingly adopting cloud technology for its scalability, cost-effectiveness, and flexibility, allowing for more agile and efficient banking operations. The integration of advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML) is gaining momentum. These technologies enhance customer service through personalized banking experiences and improve risk management and compliance through predictive analytics.

Additionally, the need for enhanced security and compliance measures is driving advancements in cybersecurity within core banking solutions, ensuring the protection of sensitive financial data against escalating cyber threats.

Competitive Landscape:

The competitive landscape of the core banking software market has been studied in the report with the detailed profiles of the key players operating in the market.

• Capgemini
• Fidelity Information Services Inc.
• Finastra
• Fiserv Inc.
• HCL Technologies Limited
• Infosys Limited
• Jack Henry & Associates Inc.
• Oracle Corporation
• SAP SE
• Tata Consultancy Services Limited
• Temenos AG
• Unisys Corporation

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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