SAN FRANCISCO, Dec. 3, 2020 /PRNewswire/ -- The global core banking software market size is expected to reach USD 16.38 billion by 2027, registering a CAGR of 7.5% from 2020 to 2027 according to a new report by Grand View Research, Inc. Core banking software and services are seeing an increased rise in demand as they enable customers to access their bank accounts and undertake basic transactions from any branch office of their bank, among other benefits. Core banking is often associated with retail banking, with many banks treating their retail customers as core banking customers and managing businesses via their corporate divisions.
Key suggestions from the report:
- The enterprise customer solutions segment is expected to witness significant growth over the forecast period as these solutions help banks in streamlining current business processes with advanced banking technology
- The core banking managed services model provides banks and financial institutions with a competitive edge by ensuring high usability, complete functionality, bug-fixing, and timely upgrades. This, in turn, is expected to drive the growth of the segment over the forecast period
- Banks and financial institutions can leverage the power of cloud-based applications. Core banking solutions are deployed and developed as a set of flexible microservices 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 productivity and operational efficiency of banks is expected to drive the adoption of core banking software across banks over the forecast period
- The promising rate of development of rural and private banking in developing economies such as China and India is anticipated to create growth opportunities for the Asia Pacific regional market
Read 130 page research report with ToC on "Core Banking Software Market Size, Share & Trends Analysis Report By Solution (Enterprise Customer Solutions, Deposits), By Service, By Deployment, By End-use, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/core-banking-software-market
The advent of telecommunication and computer technology is allowing businesses to share banking information with bank branches efficiently and quickly. Moreover, banks are focusing on moving to core banking applications to support their banking operations via a Centralized Online Real-time Exchange (CORE) of transaction data. Financial institutions and banks are adopting core banking software as it enables them to facilitate decision making through real-time reporting and analytics.
Large financial institutions are focusing on implementing their custom care core banking systems. Additionally, credit unions and numerous community banks are outsourcing their core banking systems, thereby driving the market growth. Large financial institutions and banks are increasingly realizing the need to focus on ways of achieving customer delight, thereby creating growth opportunities for the market.
While the market is expected to witness steady growth in the near future, the COVID-19 pandemic is anticipated to adversely impact the market to a certain extent. However, the increasing demand for managing customer accounts from a single or centralized server is expected to fuel market growth. Increasing investments in core banking system updates to handle a growing volume of product-channel banking transactions is anticipated to propel the market growth over the forecast period.
Grand View Research has segmented the global core banking software market on the basis of solution, service, deployment, end-use, and region:
- Core Banking Software Solution Outlook (Revenue, USD Million, 2016 - 2027)
- Enterprise Customer Solutions
- Core Banking Software Service Outlook (Revenue, USD Million, 2016 - 2027)
- Professional Service
- Managed Service
- Core Banking Software Deployment Outlook (Revenue, USD Million, 2016 - 2027)
- Core Banking Software End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Financial Institutions
- Core Banking Software Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players of Core Banking Software Market
- Fiserv, Inc.
- HCL Technologies Limited
- Infosys Limited
- Jack Henry & Associates, Inc.
- Oracle Corporation
- Temenos Group
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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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