The global core banking software market size is expected to reach USD 18.05 billion by 2028 according to a new study by Polaris Market Research. The report “Core Banking Software Market Share, Size, Trends, Industry Analysis Report, By Solution (Deposits, Loans, Enterprise Customer Solutions, Others), By Service, By Deployment (Cloud, On-Premises), By End Use, By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is emerging at a significant rate due to the digitalization of banking functionalities and increasing demand for developed technologies. In addition, core banking solutions aids in offering real-time transaction processes, supporting banking accounts by using interconnecting branches facilities, and reducing operational costs. Moreover, rising inclination towards maximizing customer satisfaction by presenting advanced services is the factor that propels the industry growth over the foreseen period.
Based on services, the professional service segment is leading the industry and accounted for the highest shares. The growing requirements for support at each level in the software deployment process consist of integration, pre-deployment of scope & consulting, and project management.
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The increasing number of acquisitions & mergers in financial sectors propel the industry growth across various regions. Improving automated services on sole platforms as well as fulfilling consumer demand, banks need modernization of the systems. In addition, the growing adoption of various new approaches among banks and financial institutions for continuing business operations is leading them to collaborate with several IT companies.
Accordingly, with the help of these strategies, financial institutions and banks can operate smarter & faster and supply real-time digital experience of customers. They are more inclined towards the solutions. Therefore, major players are developing their products which may accelerate the market growth in the forecasting years. Major Participants such as Fiserv, NTT DATA, Finastra, FIS, Unisys, HCL Technologies Limited, Infosys, Sopra Steria, Jack Henry & Associates, Inc., Avaloq, Oracle, Temenos AG, SAP, Silverlake Axis, Tata Consultancy Services, and Capgemini, are some of the key players operating in the global market.
Numerous market competitors are developing products and are involve in partnerships for intensifying their business operations. For instance, in June 2021, Infosys’s digital core system offering Finacle has further added digital system SaaS (software-as-a-service), which was progressed in the partnership with the Best of Breed Software Solutions and Saraswat Infotech. This end-to-end digital solution is served to the consumer as a subscription, comprises Finacle Core System and other solutions from the partners of Finacle.
Polaris Market Research has segmented the core banking software market report on the basis of solution, service, deployment, end-use and region:
Core Banking Software, Solution Outlook (Revenue, USD Billion, 2016 – 2028)
- Enterprise Customer Solutions
Core Banking Software, Service Outlook (Revenue, USD Billion, 2016 – 2028)
- Professional Service
- Managed Service
Core Banking Software, Deployment Outlook (Revenue, USD Billion, 2016 – 2028)
Core Banking Software, End-Use Outlook (Revenue, USD Billion, 2016 – 2028)
- Financial Institutions
Core Banking Software, Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa