The global core banking software market size is projected to reach USD 40.67 billion by 2029, exhibiting a CAGR of 18.3% during the forecast period. The growing presence of fintech startups in the banking industry will be one of the primary accelerators for this market, postulates Fortune Business Insights™ in its report, titled “Core Banking Software Market Growth, 2022-2029”. In 2021, the value of the market stood at USD 10.80 billion.
Industry Development
December 2020: Larsen & Toubro Infotech (LTI) collaborated with the banking software specialist, Temenos, to roll out the Digital Banking Platform in Nordic countries. The idea behind the launch is to modernize core banking systems in these countries and make financial institutions more agile and scalable.
Request Sample Copy of the Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/core-banking-software-market-104392
Core Banking Software Market Overview:
The banking sector in most countries is getting speedily digitized, stoking the need for innovative technology-based solutions to facilitate smooth banking services. These emerging needs have led to the spawning startups specializing in financial technologies. For example, Germany-based solarisBank is a startup that offers a banking-as-a-service platform that enables businesses to extend clean financial services to their end customers. The company also holds a full-fledged banking license within Germany. Another example is Thought Machine, a startup based in London that provides VaultOS, its core banking software platform. Since 2016, the company has entered into high-profile partnerships with Lloyds Banking Group, Atom Bank, and IBM. The steadily expanding operations of these entities are widening the scope of this market in a promising manner.
Regional Insights
North America Generates USD 4.26 Billion in Revenue; Asia Pacific to Exhibit Fastest Growth
North America is expected to lead the core banking software market share during the forecast period owing to the release of advanced virtual banking solutions by key players in the regions. For example, Fidelity National Information Services (FIS) launched ClearEdge, its core banking solution for community banks, in August 2020.
In Asia Pacific, the market for core banking software is set to gain larger ground on account of the rapidly expanding formal banking sector in the region’s growing economies of India, China, and Vietnam. On the other hand, the Europe market is anticipated to showcase steady growth due to the strong presence of global fin-tech companies in the region.
Driving Factor
Increasing Adoption of Virtual Tools by Banks amid COVID-19 to Fuel Market Growth
The outbreak of the COVID-19 pandemic has been a blessing in disguise for the core banking software market growth, with the market registering growth of 15.1% in 2020 and reaching a value of USD 10.84 billion in 2021, as banks around the globe are rapidly transforming their processes through virtual technologies. For example, in April 2020, TSB, the British commercial bank, introduced a Smart Agent application on its website to ensure immediate access to customers to the various steps taken by the bank amid the coronavirus pandemic. Moreover, to provide employees secure remote access to bank data, some banks have installed systems to simplify work from home. For example, in the US, in March 2020, New Orleans-based Gulf Coast Bank allowed its employees to access VPNs to ensure enhanced security while working from home or while working from personal devices. Thus, digitization trends in the banking industry have accelerated due to the coronavirus and with countries grappling with the second and third waves of the contagion, these trends are likely to get an additional push and boost the uptake of core banking software.
Ask For Customization: https://www.fortunebusinessinsights.com/enquiry/customization/core-banking-software-market-104392
Highlights of the Report
The Core Banking Software Market report contains valuable insights into the market drivers, trends, opportunities, and hindrances and supplies a detailed study of all market segments, individually and collectively. Furthermore, the report also offers a comprehensive analysis of the regional dynamics influencing market growth and provides a microscopic evaluation of the key players’ profiles and growth strategies.
Segmentation
On the basis of deployment, the market is bifurcated into SaaS/hosted and licensed.
Based on banking type, this market has been segregated into large banks, midsize banks, small banks, community banks, and credit unions. The large banks segment held a dominant share of 34.3% in 2020 in the global and a share of 35.8% in the US market in 2020.
By end-user, the Core Banking Software Market has been categorized into retail banking, treasury, corporate banking, and wealth management.
In terms of geography, the global market has been divided into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.
Competitive Landscape
Operational Expansion in Profitable Regions to be the Focal Area for Key Players
With the demand for efficient core banking software and solutions surging worldwide, key players in this market are identifying regions where their investments will bring maximum returns. These regions usually comprise countries where the digitization of banking services and networks is simplified due to low populations. The introduction of virtual banking solutions in such countries is enabling companies to secure a firm foothold in the global market.
List of Key Players Profiled in Core Banking Software Market Report
· C-Edge Technologies Ltd. (Mumbai, India)
· VSoft Technologies Pvt. Ltd. (Telangana, India)
· Jack Henry & Associates, Inc. (Missouri, United States)
· Temenos AG (Geneva, Switzerland)
· Wipro Limited (Bengaluru, India)
· NCR Corporation (Georgia, United States)
· HCL Technologies Limited (Noida, India)
· Tata Consultancy Services Limited (Mumbai, India)
· Microsoft Corporation (Washington, United States)
· International Business Machines Corporation (IBM) (New York, United States)
· Alphabet Inc. (Google LLC) (California, United States)
· Computer Services, Inc. (CSI) (Kentucky, United States)
· Unisys Corporation (Pennsylvania, United States)
· Fidelity National Information Services, Inc. (FIS) (Florida, United States)
· Fiserv, Inc. (Wisconsin, United States)
· Finastra (London, United Kingdom)
· Intellicus Technologies (California, United States)
· Capgemini SE (Paris, France)
· Infosys Limited (Bengaluru, India)
· Oracle Corporation (California, United States)
· SAP SE (Walldorf, Germany)
Quick Buy – Core Banking Software Market Report:
https://www.fortunebusinessinsights.com/checkout-page/104392
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
Email: [email protected]
Phone: US:+1 424 253 0390, UK: +44 2071 939123, APAC: +91 744 740 1245