EINPresswire/ -- How Much Is The Software As A Service (Saas)-Based Core Banking Software Market Worth?
The market size for core banking software deployed via Software as a Service (SaaS) has seen mammoth growth in recent past. It is projected to expand from a value of $11.27 billion in 2024 to $13.92 billion in 2025, representing a compound annual growth rate (CAGR) of 23.5%. Factors responsible for this growth during the historic period include wider acceptance of online banking, growing usage of mobile channels, escalating customer expectations, intensified market rivalry, and mounting cost pressure.

The market size for core banking software based on Software as a Service (SaaS) is set to experience substantial growth in the coming years, reaching a total worth of $31.98 billion by 2029, growing at a Compounded Annual Growth Rate (CAGR) of 23.1%. Factors such as an enhanced focus on digitisation, a surge in the demand for cloud solutions, and the growing need for effective operational strategies can be credited for this growth during the forecast period. The period will also see the emergence of major trends like the growth of AI-driven automation, integration of banking through application programming interfaces, real-time processing enabled by advanced technology, progress in the architecture of microservices and innovative composable banking made possible through technology.

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What Are The Factors Driving The Software As A Service (Saas)-Based Core Banking Software Market?
The increasing need for cloud-based solutions is predicted to drive the expansion of the core banking software market, which operates on a Software as a Service (SaaS) basis. Cloud models provide various service structures that deliver digitally based computing resources, including infrastructure (IaaS), platforms (PaaS), and software (SaaS). These models grant scalable, accessible as per demand resources. The surge in demand for these cloud scenarios comes from their economic efficiency, as businesses are choosing flexible expenditure and pay-per-use options that shrink initial costs and correlate expenses with actual usage. SaaS-based core banking software contributes to this by providing scalable, safe, and cost-effective banking solutions that facilitate access to real-time data, accelerate deployment, and boost regulatory compliance. For instance, according to AAG IT Services, a UK-based managed IT service provider, over half of the workloads (57%) and data (56%) of small and medium-sized businesses (SMB) were hosted on public clouds in 2022. They also anticipated an additional 6% to migrate within the next year, bringing the total to 63% for workloads and 62% for data by 2023. Consequently, the burgeoning need for cloud models is powering the expansion of the SaaS-based core banking software market.

Who Are The Major Players In The Software As A Service (Saas)-Based Core Banking Software Market?
Major players in the Software As A Service (Saas)-Based Core Banking Software Global Market Report 2025 include:
• Oracle Corporation
• Fiserv Inc.
• TEMENOS AG
• Q2 Holdings Inc.
• nCino Inc.
• MeridianLink Inc.
• Alkami Technology Inc.
• Backbase
• Mambu B.V.
• MX Technologies Inc.

What Are The Key Trends And Market Opportunities In The Software As A Service (Saas)-Based Core Banking Software Sector?
Key companies in the SaaS-based core banking software market are prioritizing innovations in technology, like cloud-native core banking systems, to offer financial institutions scalable, flexible, and secured solutions that fast-track innovation, optimize customer experience, and ensure adherence to changing regulatory requisites. A cloud-native core banking system is a state-of-the-art banking software specifically designed to function optimally within cloud settings. For instance, in October 2023, Sopra Banking Software, a fintech firm from France, unveiled the SBP Core Platform, a futuristic, modular, real-time core banking solution that leverages artificial intelligence, providing scalability and security while enhancing operational efficiency, regulatory compliance, and customer experience. The SBP Core Platform is flexible in design, supporting a vast array of banking services such as deposits, loans, and payments, backed by its modular structure and robust AI integration, hence providing improved operation results and customer-centric innovation.

Which Segment Accounted For The Largest Software As A Service (Saas)-Based Core Banking Software Market Share?
The software as a service (SAAS)-based core banking software market covered in this report is segmented

1) By Component: Software, Services
2) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
3) By Banking Type: Large Banks, Midsize Banks, Small Banks, Community Banks, Credit Unions
4) By End-User: Retail Banking, Treasury, Corporate Banking, Wealth Management

Subsegments:
1) By Software: Open Application Programming Interface Banking, Customer Relationship Management Solutions, Enterprise Payment Solutions, Risk And Compliance Management Solutions, Business Intelligence And Analytics Solutions
2) By Services: Professional Services, Managed Services, Consulting Services, Implementation And Integration Services, Support And Maintenance Services

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What Are The Regional Trends In The Software As A Service (Saas)-Based Core Banking Software Market?
In 2024, North America held the leading position in the global market for software as a service (SaaS)-based core banking software. Meanwhile, the Asia-Pacific region is anticipated to witness the quickest growth during the predicted period. The report encompasses a broad regional scope which includes Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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