Core Banking Software Market to Drive Growth at USD 23.63 billion by 2031 | SkyQuest Technology

/EIN News/ -- Westford, USA, Nov. 29, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global core banking software market will reach a value of USD 23.63 billion by 2031, with a CAGR of 9.20% during the forecast period (2024-2031). Increasing adoption of technology for core banking operations and services is one of the key factors driving core banking market growth. Digitization of operations has improved the quality of banking services and minimized turnover times. Evolving technology has also assisted financial firms in adjusting to evolving customer make-up and needs, one of the perfect examples can be easy access to omnichannel banking. Core banking software has numerous advantages apart from enabling the customer to manage their accounts online via mobile and other channels. These solutions connect several branches to a centralized system making them interconnected and enabling efficient search and comparison of data. Banks can utilize core banking software to analyze data and enhance internal processes. Additionally, core banking solutions with the help of monitoring and screening transaction can prevent money laundering.

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Browse in-depth TOC on the “Core Banking Software Market"  

• Pages - 157  
• Tables - 92  
• Figures – 76  

Core Banking Software Market Overview:  

Report Coverage	Details
Market Revenue in 2023	$ 11.68 Billion
Estimated Value by 2031	$ 23.63 Billion
Growth Rate	Poised to grow at a CAGR of 9.20%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Solution, Service, Deployment, End Use, and Region
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights	Increasing adoption of AI-based banking systems
Key Market Opportunities	Rapid digital transformation in the banking sector
Key Market Drivers	Growing popularity of cloud-based solutions among enterprises

Growing Need to have Control Over Data Security to Increase Demand for On-Premises Solutions

As control over data is one of the top concerns of financial institutions, the on-premises solution is dominating the market with largest core banking software market share. This gives banks complete autonomy over their data and allows them to customize security measures according to individual organizational requirements. Furthermore, the rising inclination towards performance factors as on-premises provides faster data access and transaction processing is propelling the market growth. Furthermore, several financial institutions still deploy on-premises hardware and software owing to its high compatibility with the financial institutions legacy systems. In addition, on-premises solution allows intensive customization which is another factor driving the growth of this segment significantly. Furthermore, some financial institutions are being established in areas with relatively poorer quality internet connection, so implementation of cloud solutions is not practical, positively impacting the growth of the segment in the market.

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Rising Popularity of Core Banking Software Among Banks to Process Massive Amount of Complex Transactions

Banks are witnessing the fastest growth in the market with expanding core banking software market size. This is because they process a huge number of complex transactions across currencies, regulatory structures, and financial products. Core banking software allows these institutions to handle such complexities easily at scale. In addition, the software helps banks meet their strict regulatory requirements by keeping very detailed records and having strong security system. In addition, traditional banks have a huge and diverse customer base by providing different types of financial services which encourages the adoption the software to accommodate different needs of their clientele. Furthermore, core banking software offers banks the opportunity to upgrade its infrastructure which is propelling growth of the market. It also enables innovations such as tailored banking experience, faster launch of products, and real-time analytics, granting banks a competitive advantage.

Increasing Use of Mobile-Based Banking Applications to Lead Market of Asia Pacific

Asia-Pacific is dominating the core banking software industry with the largest market share. Asia-Pacific is anticipated to observe a significant growth owing to the growing deployment of mobile and web-based enterprise applications in the banking industry. In addition, many banks in the region are now implementing core banking software that can manage high-volume transactions and banking services without any type of interruption. In addition, the growing economies of Asia-Pacific nations including India and China can be expected to propel the adoption of core banking software within the region. The increasing focus on R&D activities and technological innovations within these countries will further drive growth of the regional market.

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Core Banking Software Market Insights

Drivers

• Growing demand and adoption of core banking solutions
• Rising demand for customer-centric solutions
• Increasing popularity of digital transformation among financial institutions

Restraints

• Compliance to strict regulatory guidelines from government bodies
• Increasing information and security concerns related with banking systems
• Challenges with modernization of legacy system

Segments covered in Core Banking Software Market are as follows:

• Solution
  • Deposits, Loans, Enterprise Customer Solutions, Others
• Service
  • Professional Service, Managed Service
• Deployment
  • Cloud, On-premises
• End Use
  • Banks, Financial Institutions, Others

Key Players Operating in Core Banking Software Market

• Capgemini (France)
• FIS (US) 
• Fiserv, Inc. (US) 
• HCL Technologies Limited (India) 
• Infosys Limited (India) 
• Jack Henry & Associates, Inc. (US) 
• Oracle Corporation (US) 
• Temenos Group (Switzerland) 
• Unisys (US) 
• SAP SE (Germany) 
• NCR Corporation (US) 
• TCS BaNCS (India) 
• Intellect Design Arena (India) 

Key Questions Answered in the Core Banking Software Market Report

• Which region held the largest share of the market?
• Who are the prominent players of the market?
• What are the latest trends influencing growth of the market?

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This report provides the following insights:   

• Analysis of key drivers (growing demand and adoption of core banking solutions, rising demand for customer-centric solutions), restraints (compliance to strict regulatory guidelines from government bodies, increasing information and security concerns related with banking systems), opportunities (increasing popularity of digital transformation among financial institutions), and challenges (challenges with modernization of legacy system) influencing the growth of core banking software market  

• Market Penetration: Comprehensive information on the product offered by the top players in the core banking software market   

• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the core banking software market   

• Market Development: Comprehensive information on emerging regions   

• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market   

• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.   

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.    

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.   

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SkyQuest Technology   

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