Core Banking Software Market (By Solution: Deposits, Loans, Enterprise Customer Solutions; By Service: Professional Service, Managed Service; By Deployment: Cloud, On-premise; By End-use: Banks, Financial Institutions) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 20222030

The global core banking software market size was valued at USD 10.31 billion in 2021, and is predicted to be worth around USD 22.61 billion by 2030, registering a CAGR of 8.8% during the forecast period 2022 to 2030.

Growth Factors

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.

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.

The growth can be attributed to the increasing customer demand for advanced banking technologies. Moreover, the increasing demand for a digital banking experience from Gen Z and millennials is transforming how the banking industry operates. The increasing consumer demand to access banking services from digital channels has led to a surge in advanced banking technologies. These factors are expected to drive the growth prospects of the market over the forecast period.

Report Coverage

By Solution Analysis

The enterprise customer solutions segment dominated the market in 2021 and accounted for more than 47.0% share of the global revenue. Enterprise customer solutions seamlessly integrate with CRM and ERP systems and administrate management tools and customer information through the central database of a bank.

Core banking solutions allow inter-connectivity between branches of the same financial institution and bank and facilitate the management of loan, deposit, and credit processing. These solutions are integrated with a back-end system, which efficiently processes various banking transactions across the multiple branches of a bank.

By Service Analysis

The professional service segment dominated the market in 2021 and accounted for more than a 76.0% share of the global revenue. Banks across the globe are focusing on adopting open-system architecture and platform-independent and cutting-edge technology. 

Maintaining a full-time IT department can be expensive, inefficient, and time-consuming for small- to medium-sized businesses. Professional service providers offer on-demand support and resources at affordable IT service costs to small and medium enterprises, thereby fueling the segment growth.

The managed service segment is anticipated to register the highest growth over the forecast period. Banks and financial institutions across the globe are focusing on integrating their systems using APIs to reduce upgrade and maintenance costs, thereby creating growth opportunities for managed services segment.

By Deployment Analysis

The on-premise segment dominated the market in 2021 and accounted for more than 60.0% share of the global revenue. When building an on-premise system, businesses assume the full responsibility of integration and any IT-related and security issues. 

The cloud segment is anticipated to register the highest growth over the forecast period. Financial institutions and banks with on-premise infrastructure are focusing on adopting cloud-based solutions to compete against more innovative digital opponents.

By End-use Analysis

The banks segment dominated the market in 2021 and accounted for more than 56.0% share of the global revenue. The growth of the segment can be attributed to the vast advancements in information technology and the growing network of the internet across the globe. 

The core banking software is installed at multiple bank branches and then interconnected by computer networks based on satellite, telephones, and the internet. Benefits offered by core banking solutions, including increased efficiency and accessibility, reduced additional costs, and increased system flexibility, are expected to drive their adoption across banks.

Network technology and core banking solutions allow banks to centralize record-keeping and permit access from any location. Numerous banks across the globe are focusing on implementing custom applications for core banking. The financial institutions segment is expected to witness significant growth over the forecast period.

By Regional Analysis

North America dominated the market for core banking software in 2021 and accounted for over 28.0% share of global revenue. The large-scale adoption of advanced core banking software by leading banks in the region is expected to fuel the growth of the regional market.

Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. Market growth in Asia Pacific is likely to be primarily driven by the increasing adoption of mobile and web-based business applications in the banking sector.

Key Players

• Capgemini

• Finastra

• FIS

• Fiserv, Inc.

• HCL Technologies Limited

• Infosys Limited

• Jack Henry & Associates, Inc.

• Oracle Corporation

• Temenos Group

• Unisys 

Market Segmentation

• By Solution 

  • Deposits

  • Loans

  • Enterprise Customer Solutions

  • Others

• By Service 

  • Professional Service

  • Managed Service

• By Deployment

  • Cloud

  • On-premise

• End-use 

  • Banks

  • Financial Institutions

  • Others

• Regional

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa

The core banking software market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of core banking software market for the base year 2022 and the forecast between 2022 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global core banking software market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the core banking software market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted core banking software market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the core banking software capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of core banking software by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global core banking software market. These figures have been provided in terms of both revenue and volume for the period 2019 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major core banking software market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of core banking software market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the core banking software industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

core banking software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to core banking software market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of core banking software market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new core banking software market. These factors have benefited the growth of the global market for core banking software. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for core banking software. The global market is segmented on the basis of region, application, end-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of core banking software are as follows:

• History Year: 2019-2021

• Base Year: 2022

• Forecast Year 2022  to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2019-2022) and forecast (2022-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.