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Core banking Software Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated all its market reports with the latest information for the year 2024, projecting trends and forecasts until 2033
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LONDON, GREATER LONDON, UNITED KINGDOM, October 17, 2024 /EINPresswire / -- The core banking software market has experienced robust growth in recent years, expanding from $12.45 billion in 2023 to $13.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to operational efficiency, customer experience, globalization, digital transformation, open banking initiatives, economic trends, legacy system replacement.
What Is The Estimated Market Size Of The Global Core Banking Software Market And Its Annual Growth Rate?
The core banking software global market is projected to continue its strong growth, reaching $20.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to real-time payments, scalability, cost pressures, data security and privacy, real-time reporting, sustainable banking. Major trends in the forecast period include cloud adoption, data analytics and ai, cybersecurity, customer experience enhancement, blockchain integration, api economy, microservices architecture.
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Growth Driver Of The Core Banking Software Market
The increasing demand for digital banking solutions from Gen Z and the millennial population is expected to propel the growth of the market forward. The people born between 1981 and 1996 are called millennials, while those born between 1997 and 2012 are the Gen Z population. Millennials and Gen Z populations prefer to use digital banking rather than physically visiting the banks, as a result, increasing demand for digital banking increases the demand for the market.
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Who Are The Leading Competitors In The Core Banking Software Market Share?
Key players in the market include SAP SE, Capgemini SE, Fidelity National Information Services, Inc., Infosys Limited, Oracle Corporation, Alkami Technology Inc., Avaloq Group AG, Computer Business Solutions Inc., eClerx Services Ltd., Fidelity National Information Services Inc., Finastra International Ltd., FinnOne Neo Customer Acquisition System, Fiserv Inc., HCL Technologies Ltd., Infrasoft Technologies Ltd., Intellect Design Arena Ltd., Jack Henry & Associates Inc., Mambu GmbH, NCR Corporation, Neptune Software Ltd., Newgen Software Technologies Ltd., Path Solutions India Pvt. Ltd., Virtusa Corporation, Profile Systems and Software S.A., Silverlake Axis Ltd., Sopra Banking Software Ltd., T24 Ltd., Tata Consultancy Services, Temenos AG, Virmati Software & Telecommunications Ltd.
What Are The Dominant Trends In Core Banking Software Market Growth?
Technological advancements are a key trend gaining popularity in the core banking software market. Major companies in the market are launching new technologies, such as core banking chatbots based on artificial intelligence technology.
How Is The Global Core Banking Software Market Segmented?
1) By Service: Professional Service, Managed Service
2) By Solution: Deposits, Loans, Enterprise Customer Solutions, Other Solutions
3) By Software Deployment: Cloud, On-Premise
4) By End-Use: Banks, Financial Institutions, Other End Users
Geographical Insights: North America Leading The Core Banking Software Market
North America was the largest region in the market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the core banking software global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Core Banking Software Market Definition
Core banking software is software that contains day-to-day banking features and is used to support the most common transactions in the banking industry.
Core Banking Software Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global core banking software market report covering trends, opportunities, strategies, and more
The Core Banking Software Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on core banking software market size, core banking software market drivers and trends, major players, core banking software competitors' revenues, core banking software market positioning, and core banking software market growth across geographies. The core banking software market global report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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