Core Banking Software Market size to grow by USD 20.63 billion from 2022 to 2027 | Growth driven by Technological Advancements| Technavio

NEW YORK, Aug. 21, 2023 /PRNewswire/ -- The "core banking software market report has been added to Technavio's offering, with ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 17+ years. The core banking software market is expected to grow at a CAGR of 19.9% between 2022 and 2027, resulting in a forecasted increase of USD 20,638.03 million in market size. Several factors drive the core banking software market, including technological advancements, the increasing demand for seamless customer experiences and personalized banking services, and the need for regulatory compliance. Technavio report also provides historical market data from 2017 to 2021, enabling a comprehensive understanding of market drivers, trends, challenges, and developments.

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Key Market Dynamics:

Market Drivers:

The core banking software market's growth is driven by technological advancements, rising customer expectations for personalized experiences, and the need for regulatory compliance in the banking sector. As consumers demand seamless digital interactions, banks are adopting these software solutions to streamline processes and enhance operational efficiency. Additionally, the shift toward personalized banking services and the benefits of cloud-based solutions for scalability and cost reduction are driving the market's expansion. Ultimately, these factors support the core banking software market's approach towards more efficient, customer-centric, and digitally driven banking operations.

Challenges faced by the core banking software market:

• Legacy system modernization and integration complexity.
• Data security and privacy in the face of cyber threats and regulations.
• Adapting to the fast-changing regulatory environment.
• Overcoming customer resistance to technological changes.
• Ensuring seamless interoperability with diverse third-party systems.

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Market Segment Highlights:

The core banking software market report is segmented by Deployment (On-premise and Cloud), End-user (Banks and Financial institutions), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

Here's an overview of regional opportunities in the core banking software market:

• APAC Growth: Expanding economies in Asia-Pacific drive demand for digital banking solutions.
• North America's Transformation: Digital shift in North America creates scope for enhanced solutions.
• European Compliance: Complex regulations in Europe open avenues for compliance-focused software.
• MEA Modernization: Middle East and Africa seek modernization in banking systems.
• South American Fintech: Growing fintech ecosystem in South America offers collaboration prospects.

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The on-premise segment is set to experience significant market share growth during the forecast period, remaining prominent in the core banking software market due to specific market demands and regulatory requirements like GDPR and PCI-DSS. Despite the rise of cloud-based solutions, the on-premise segment's market share has gradually increased from USD 4,600.70 million in 2017 to 2021. This preference is especially notable among large banks and organizations with complex infrastructures seeking enhanced control, security, and compliance with data protection regulations.

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Some Companies Mentioned with their Offerings 

Fidelity National Information Services Inc. -The company offers cloud-based digital core banking software such as Universal Banking Platform Solutions.

Finastra - The company offers core banking software called CapitalBanker.

Fiserv Inc. - The company offers core banking software such as FIS ClearEdge and FIS Integrated Banking Solutions. 

Companies name in bullets

The research analysis provided by Technavio also contains an in-depth study of the market's competitive landscape and data on major companies, including:

• Infosys Ltd.
• Intellect Design Arena Ltd.
• Mambu B.V.
• Nidec Corp.
• Nucleus Software Exports Ltd.
• Oracle Corp.
• SAP SE
• SoFi Technologies Inc.
• Sopra Steria Group SA
• Tata Consultancy Services Ltd.
• Temenos Headquarters SA
• Unisys Corp.

Related Reports:

Third-Party Banking Software Market: The third-party banking software share is expected to increase by USD 3.04 billion from 2020 to 2025, and the market's growth momentum will decelerate at a CAGR of 10%. The report covers third-party banking software segmentations by end-user (retail users and corporate users), deployment (on-premises and cloud-based), application (core banking software, asset and wealth management software, and other banking software), and geography (Europe, North America, APAC, South America, and MEA).

Digital Banking Platforms Market: The digital banking platforms market share is expected to increase by USD 21.07 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 14.52%.The report extensively covers the digital banking platforms market segmentation by type (retail banking and corporate banking) and geography (North America, Europe, APAC, South America, and the Middle East and Africa)

ToC

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Deployment

7 Market Segmentation by Grade End-users

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About US
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