SAN FRANCISCO, April 7, 2022 /PRNewswire/ — The global core banking software market size is expected to reach USD 21.61 billion by 2030, registering at a CAGR of 8.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the surge in the adoption of core banking technology across banks and financial institutions globally. This technology is helping numerous banks across the globe synchronize their front, mid, and back-office tasks.

Key Insights & Findings from the report:

• In terms of solutions, the enterprise customer solutions segment is expected to witness significant growth over the forecast period. These solutions help banks effectively track and process every customer transaction that occurs at a bank.
• The core banking managed services model offers banks and financial institutions a competitive edge by ensuring high usability, complete functionality, bug-fixing, and timely upgrades. Modern banks need multiple complex systems to run in parallel to effectively ensure uninterrupted service delivery and availability. This is expected to drive the demand for managed services over the forecast period.
• Banks and financial institutions can leverage the power of cloud-based applications. These solutions are deployed and developed as a set of flexible micro services with the help of Platform-as-a-Service (PaaS) tools. These solutions help banks and financial institutions in reducing operational costs, boost performance, and accelerate business growth, thereby driving the adoption of cloud-based solutions.
• The growing need to increase the productivity and operational efficiency of banks is expected to drive the adoption of core banking software across banks over the forecast period. This software enables banking customers to manage their accounts from any part of the world.
• The increasing inclination of banks and other financial institutions toward digital transformation and the rising partnerships between banks and IT businesses in the Asia Pacific region are anticipated to drive the regional market growth over the forecast period.

Read 136-page market research report, “Core Banking Software Market Size, Share & Trends Analysis Report By Solution (Deposits, Loans), By Service (Professional Service, Managed Service), By Deployment, By End Use, By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.

Core Banking Software Market Growth & Trends

Core banking software offers a comprehensive suite of capabilities to power the digital transformation of financial institutes. Numerous banks across the globe are adopting core banking solutions to gain a comprehensive set of capabilities, including extensive parameterization, flexible product factories, reusable business components, and product bundling. These capabilities are helping banks achieve innovation-led growth.

In recent years, the amount of structured and unstructured data available to banks has increased significantly. With advances in machine learning and cloud computing technologies, Artificial Intelligence (AI) is shaping the prospects of financial and banking services. Moreover, with the data history captured using AI-based solutions, core banks across the globe can make more informed business decisions on various functions, including customer experience, back-office operations, product management, and marketing.

The COVID-19 pandemic adversely affected the growth of the market for core banking software. However, banks across the globe are focusing on adopting time and cost-efficient modes of banking that are capable of reducing their operational expenses and improving customer experience. This is expected to create growth opportunities for the market over the forecast period.

Core Banking Software Market Segmentation

Grand View Research has segmented the global core banking software market based on solution, service, deployment, end-use, and region:

Core Banking Software Solution Outlook (Revenue, USD Million, 2017 – 2030)

• Deposits
• Loans
• Enterprise Customer Solutions
• Others

Core Banking Software Service Outlook (Revenue, USD Million, 2017 – 2030)

• Professional Service
• Managed Service

Core Banking Software Deployment Outlook (Revenue, USD Million, 2017 – 2030)

• Cloud
• On-premise

Core Banking Software End-use Outlook (Revenue, USD Million, 2017 – 2030)

• Banks
• Financial Institutions
• Others

Core Banking Software Regional Outlook (Revenue, USD Million, 2017 – 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Middle East & Africa

List of Key Players of the Core Banking Software Market

• Capgemini
• Finastra
• FIS
• Fiserv, Inc.
• HCL Technologies Limited
• Infosys Limited
• Jack Henry & Associates, Inc.
• Oracle Corporation
• Temenos Group
• Unisys

Check out more related studies published by Grand View Research:

• Managed Services Market – The global managed services market size is expected to reach USD 552.35 billion by 2028, according to a new study conducted by Grand View Research, Inc. It is projected to expand at a CAGR of 12.7% from 2021 to 2028. The growing reliance of organizations on IT infrastructure for driving the productivity of their business is anticipated to drive the growth of the market over the forecast period. Benefits associated with the implementation of managed services, such as considerable reduction in IT operational costs, and improvement in organizational efficiency, also bode well for the growth.
• Insurance Fraud Detection Market – The global insurance fraud detection market size is expected to reach USD 9.7 billion by 2025, registering a CAGR of 13.7% over the forecast period, according to a new report by Grand View Research, Inc. Detecting and preventing fraudulent activities is a global challenge for insurers. However, the emergence of advanced solutions such as the use of automated business rules, self-learning models, text mining, predictive analytics, image screening, network analysis, and device identification is expected to deliver actionable insights to improve claims processes. As a result, insurance organizations are adopting fraud detection solutions that not only recognize the genuine claims process but also reduce the number of false positives.
• Neobanking Market – The global neobanking market size is expected to reach USD 2,048.53 billion by 2030, growing at a CAGR of 53.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. Factors, such as a faster process of loan approval and funding, compared to traditional banks, with low-interest rates via banking applications are driving the growth of the market. Increasing technological advancements, such as Artificial Intelligence (AI) and IoT, in online banking platforms, are also expected to boost the market growth over the forecast period. The rising popularity of mobile-based applications for making international fund transfers and online payments is also propelling the market growth. Governments in various countries are making efforts to promote internet services across rural areas.

Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.