Core Banking Software Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Core Banking Software Market
The Core Banking Software Market Size was valued at USD 14.54 billion in 2023, and the Market is now projected to grow from USD 17.00 billion in 2024 to USD 62.75 billion by 2032, exhibiting a CAGR of 17.7% during the forecast period of 2024-2032.
Currently, it has been seen that COVID-19 has not only intensified the trends observed in the banking industry but has also taken the process of digitalization to the next level though the process was in the pipeline even before COVID-19. As a result of the COVID-19 outbreak; Alternatively, the brick-and-mortar structures and branches physically become hardly functional, if not closed down; The traditional ways of delivering services physically were nondisputable because working from home or social distancing was restricted; These challenges therefore entailed that the banks had to lean heavily on the online platforms to create awareness to the consumers. This led to the need to have core banking software that would be able to cater for the normal and mobile banking systems as well as electronic and online payments and account access from a distance, impeding the rise of Core Banking Software Market Growth.
The demand for Core Banking Software has risen due to the Shift towards Cloud-based Solutions, resulting in the expansion of Core Banking Software Market share globally. This is even more so considering that subscriptions over the cloud, as well as SaaS based models, are becoming increasingly popular and the new paradigm for commodity options on core banking software solutions. Some benefits of using cloud computing solutions include; flexibility, quick implementation, cost effectiveness, and scalability which is important for the banks today that seek an operational environment IT.
Additionally, the usage of some of the modern technologies like artificial intelligence and machine learning in several fields of the banking sector is gradually becoming a part of the frameworks of the core banking software applications to enhance its performance with automation of several functions, MAK, and customer information gathering. Many of the new methods, such as chatbots, predictive analysis, and algorithms that are specific to the detection of fraud allow the banks to individualize themselves, plan their work properly and minimize risks factors successfully.
Comprehensive Analysis of Core Banking Software Market
The Core Banking Software Market is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the Information & Communication Technology Industry. These Segmentations are methodically segregated by Deployment, by Banking Type and by End-User. The Deployment includes SaaS/Hosted and Licensed. The Banking Type include Large Banks, Midsized Banks, Small Banks, Community Banks, and Credit Unions. However, The End-User includes Retail Banking, Treasury, Corporate Banking, and Wealth Management.
The North American Region leads the Core Banking Software Market by benefitting a market size of USD 6.36 billion in 2023 due to being home to some of the World’s largest and technically advanced banks, including multinational banks, regional banks, and community banks.
The top players in the market play a crucial role in the Information & Communication Technology Industry assuring industrial prospectus growth and setting market standards. These players include Oracle Corporation (US), SAP SE (Germany), Tata Consultancy Services Limited (India), Finastra International Limited (UK), Capital Banking Solutions (US), EdgeVerve Systems Limited (India), Fidelity National Information Services, Inc. (US), Fiserv Inc. (US), Mambu GmbH (Germany), Temenos AG(Switzerland). These market players provide a level playing competitive landscape.
In October 2023, Some of the developing products are the new generation core-banking solution which was recently launched in the market by Sopra Banking Software (SBS for short), a Fintech start-up that offers solutions on the ace on the software as a service mode. This Platform is completely a cloud-based machine learning based system implementation designed for a real-time environment.
Segmentation Table
Study Period 2019 – 2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024 – 2032
Historical Period 2019 – 2022
Growth RateCAGR of 17.7% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Deployment
SaaS/Hosted
Licensed
By Banking Type
Large Banks (Greater than USD 30 Billion in Assets)
Midsize Banks (USD 10 billion to USD 30 Billion in Assets)
Small Banks (USD 5 billion to USD 10 Billion in Assets)
Community Banks (Less than USD 5 Billion in Assets)
Credit Unions
By End-user
Retail Banking
Treasury
Corporate Banking
Wealth Management
By Region
North America (By Deployment, By Banking Type, By End-user, By Country)
- U.S. (By Banking Type)
- Canada (By Banking Type)
- Mexico (By Banking Type)
Europe (By Deployment, By Banking Type, By End-user, By Country)
- U.K. (By Banking Type)
- Germany (By Banking Type)
- France (By Banking Type)
- Italy (By Banking Type)
- Spain (By Banking Type)
- Russia (By Banking Type)
- Benelux (By Banking Type)
- Nordics (By Banking Type)
- Rest of Europe
Asia Pacific (By Deployment, By Banking Type, By End-user, By Country)
- China (By Banking Type)
- India (By Banking Type)
- Japan (By Banking Type)
- South Korea (By Banking Type)
- ASEAN (By Banking Type)
- Oceania (By Banking Type)
- Rest of Asia Pacific
Middle East & Africa (By Deployment, By Banking Type, By End-user, By Country)
- Turkey (By Banking Type)
- Israel (By Banking Type)
- GCC (By Banking Type)
- North Africa (By Banking Type)
- South Africa (By Banking Type)
- Rest of Middle East & Africa
South America (By Deployment, By Banking Type, By End-user, By Country)
- Brazil (By Banking Type)
- Argentina (By Banking Type)
- Rest of South America
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Regions
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
- 4.3. Latest Technological Advancement
- 4.4. Insights on Regulatory Scenario
- 4.5. Porters Five Forces Analysis
- 4.6. Impact of Covid-19 on the Market
- 5. Global Color Cosmetics Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. By Target Market (Value)
- 5.2.1. Prestige Products
- 5.2.2. Mass Products
- 5.3. By Distribution (Value)
- 5.3.1. Offline
- 5.3.2. Online
- 5.4. By Application (Value)
- 5.4.1. Nail Products
- 5.4.2. Hair Products
- 5.4.3. Lip Products
- 5.4.4. Face Products
- 5.4.5. Others
- 5.5. By Region (Value)
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America
- 5.5.5. Middle East & Africa
- 6. North America Color Cosmetics Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. By Target Market (Value)
- 6.2.1. Prestige Products
- 6.2.2. Mass Products
- 6.3. By Distribution (Value)
- 6.3.1. Offline
- 6.3.2. Online
- 6.4. By Application (Value)
- 6.4.1. Nail Products
- 6.4.2. Hair Products
- 6.4.3. Lip Products
- 6.4.4. Face Products
- 6.4.5. Others
- 6.5. By Country (Value)
- 6.5.1. U.S.
- 6.5.1.1. By Application (Value)
- 6.5.1.1.1. Nail Products
- 6.5.1.1.2. Hair Products
- 6.5.1.1.3. Lip Products
- 6.5.1.1.4. Face Products
- 6.5.1.1.5. Others
- 6.5.1.2. By Target Market (Value)
- 6.5.1.2.1. Offline
- 6.5.1.2.2. Online
- 6.5.2. Canada
- 6.5.2.1. By Application (Value)
- 6.5.2.1.1. Nail Products
- 6.5.2.1.2. Hair Products
- 6.5.2.1.3. Lip Products
- 6.5.2.1.4. Face Products
- 6.5.2.1.5. Others
- 6.5.2.2. By Target Market (Value)
- 6.5.2.2.1. Offline
- 6.5.2.2.2. Online
- 7. Europe Color Cosmetics Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. By Target Market (Value)
- 7.2.1. Prestige Products
- 7.2.2. Mass Products
- 7.3. By Distribution (Value)
- 7.3.1. Offline
- 7.3.2. Online
- 7.4. By Application (Value)
- 7.4.1. Nail Products
- 7.4.2. Hair Products
- 7.4.3. Lip Products
- 7.4.4. Face Products
- 7.4.5. Others
- 7.5. By Country (Value)
- 7.5.1. Germany
- 7.5.1.1. By Application (Value)
- 7.5.1.1.1. Nail Products
- 7.5.1.1.2. Hair Products
- 7.5.1.1.3. Lip Products
- 7.5.1.1.4. Face Products
- 7.5.1.1.5. Others
- 7.5.1.2. By Target Market (Value)
- 7.5.1.2.1. Offline
- 7.5.1.2.2. Online
- 7.5.2. France
- 7.5.2.1. By Application (Value)
- 7.5.2.1.1. Nail Products
- 7.5.2.1.2. Hair Products
- 7.5.2.1.3. Lip Products
- 7.5.2.1.4. Face Products
- 7.5.2.1.5. Others
- 7.5.2.2. By Target Market (Value)
- 7.5.2.2.1. Offline
- 7.5.2.2.2. Online
- 7.5.3. U.K.
- 7.5.3.1. By Application (Value)
- 7.5.3.1.1. Nail Products
- 7.5.3.1.2. Hair Products
- 7.5.3.1.3. Lip Products
- 7.5.3.1.4. Face Products
- 7.5.3.1.5. Others
- 7.5.3.2. By Target Market (Value)
- 7.5.3.2.1. Offline
- 7.5.3.2.2. Online
- 7.5.4. Italy
- 7.5.4.1. By Application (Value)
- 7.5.4.1.1. Nail Products
- 7.5.4.1.2. Hair Products
- 7.5.4.1.3. Lip Products
- 7.5.4.1.4. Face Products
- 7.5.4.1.5. Others
- 7.5.4.2. By Target Market (Value)
- 7.5.4.2.1. Offline
- 7.5.4.2.2. Online
- 7.5.5. Spain
- 7.5.5.1. By Application (Value)
- 7.5.5.1.1. Nail Products
- 7.5.5.1.2. Hair Products
- 7.5.5.1.3. Lip Products
- 7.5.5.1.4. Face Products
- 7.5.5.1.5. Others
- 7.5.5.2. By Target Market (Value)
- 7.5.5.2.1. Offline
- 7.5.5.2.2. Online
- 7.5.6. Poland
- 7.5.6.1. By Application (Value)
- 7.5.6.1.1. Nail Products
- 7.5.6.1.2. Hair Products
- 7.5.6.1.3. Lip Products
- 7.5.6.1.4. Face Products
- 7.5.6.1.5. Others
- 7.5.6.2. By Target Market (Value)
- 7.5.6.2.1. Offline
- 7.5.6.2.2. Online
- 7.5.7. Rest of Europe
- 7.5.7.1. By Application (Value)
- 7.5.7.1.1. Nail Products
- 7.5.7.1.2. Hair Products
- 7.5.7.1.3. Lip Products
- 7.5.7.1.4. Face Products
- 7.5.7.1.5. Others
- 7.5.7.2. By Target Market (Value)
- 7.5.7.2.1. Offline
- 7.5.7.2.2. Online
- 8. Asia-Pacific Color Cosmetics Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. By Target Market (Value)
- 8.2.1. Prestige Products
- 8.2.2. Mass Products
- 8.3. By Distribution (Value)
- 8.3.1. Offline
- 8.3.2. Online
- 8.4. By Application (Value)
- 8.4.1. Nail Products
- 8.4.2. Hair Products
- 8.4.3. Lip Products
- 8.4.4. Face Products
- 8.4.5. Others
- 8.5. By Country (Value)
- 8.5.1. China
- 8.5.1.1. By Application (Value)
- 8.5.1.1.1. Nail Products
- 8.5.1.1.2. Hair Products
- 8.5.1.1.3. Lip Products
- 8.5.1.1.4. Face Products
- 8.5.1.1.5. Others
- 8.5.1.2. By Target Market (Value)
- 8.5.1.2.1. Offline
- 8.5.1.2.2. Online
- 8.5.2. India
- 8.5.2.1. By Application (Value)
- 8.5.2.1.1. Nail Products
- 8.5.2.1.2. Hair Products
- 8.5.2.1.3. Lip Products
- 8.5.2.1.4. Face Products
- 8.5.2.1.5. Others
- 8.5.2.2. By Target Market (Value)
- 8.5.2.2.1. Offline
- 8.5.2.2.2. Online
- 8.5.3. Japan
- 8.5.3.1. By Application (Value)
- 8.5.3.1.1. Nail Products
- 8.5.3.1.2. Hair Products
- 8.5.3.1.3. Lip Products
- 8.5.3.1.4. Face Products
- 8.5.3.1.5. Others
- 8.5.3.2. By Target Market (Value)
- 8.5.3.2.1. Offline
- 8.5.3.2.2. Online
- 8.5.4. South Korea
- 8.5.4.1. By Application (Value)
- 8.5.4.1.1. Nail Products
- 8.5.4.1.2. Hair Products
- 8.5.4.1.3. Lip Products
- 8.5.4.1.4. Face Products
- 8.5.4.1.5. Others
- 8.5.4.2. By Target Market (Value)
- 8.5.4.2.1. Offline
- 8.5.4.2.2. Online
- 8.5.5. Rest of Asia Pacific
- 8.5.5.1. By Application (Value)
- 8.5.5.1.1. Nail Products
- 8.5.5.1.2. Hair Products
- 8.5.5.1.3. Lip Products
- 8.5.5.1.4. Face Products
- 8.5.5.1.5. Others
- 8.5.5.2. By Target Market (Value)
- 8.5.5.2.1. Offline
- 8.5.5.2.2. Online
- 9. Latin America Color Cosmetics Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. By Target Market (Value)
- 9.2.1. Prestige Products
- 9.2.2. Mass Products
- 9.3. By Distribution (Value)
- 9.3.1. Offline
- 9.3.2. Online
- 9.4. By Application (Value)
- 9.4.1. Nail Products
- 9.4.2. Hair Products
- 9.4.3. Lip Products
- 9.4.4. Face Products
- 9.4.5. Others
- 9.5. By Country (Value)
- 9.5.1. Brazil
- 9.5.1.1. By Application (Value)
- 9.5.1.1.1. Nail Products
- 9.5.1.1.2. Hair Products
- 9.5.1.1.3. Lip Products
- 9.5.1.1.4. Face Products
- 9.5.1.1.5. Others
- 9.5.1.2. By Target Market (Value)
- 9.5.1.2.1. Offline
- 9.5.1.2.2. Online
- 9.5.2. Mexico
- 9.5.2.1. By Application (Value)
- 9.5.2.1.1. Nail Products
- 9.5.2.1.2. Hair Products
- 9.5.2.1.3. Lip Products
- 9.5.2.1.4. Face Products
- 9.5.2.1.5. Others
- 9.5.2.2. By Target Market (Value)
- 9.5.2.2.1. Offline
- 9.5.2.2.2. Online
- 9.5.3. Colombia
- 9.5.3.1. By Application (Value)
- 9.5.3.1.1. Nail Products
- 9.5.3.1.2. Hair Products
- 9.5.3.1.3. Lip Products
- 9.5.3.1.4. Face Products
- 9.5.3.1.5. Others
- 9.5.3.2. By Target Market (Value)
- 9.5.3.2.1. Offline
- 9.5.3.2.2. Online
- 9.5.4. Rest of Latin America
- 9.5.4.1. By Application (Value)
- 9.5.4.1.1. Nail Products
- 9.5.4.1.2. Hair Products
- 9.5.4.1.3. Lip Products
- 9.5.4.1.4. Face Products
- 9.5.4.1.5. Others
- 9.5.4.2. By Target Market (Value)
- 9.5.4.2.1. Offline
- 9.5.4.2.2. Online
- 10. Middle East & Africa Color Cosmetics Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. By Target Market (Value)
- 10.2.1. Prestige Products
- 10.2.2. Mass Products
- 10.3. By Distribution (Value)
- 10.3.1. Offline
- 10.3.2. Online
- 10.4. By Application (Value)
- 10.4.1. Nail Products
- 10.4.2. Hair Products
- 10.4.3. Lip Products
- 10.4.4. Face Products
- 10.4.5. Others
- 10.5. By Country (Value)
- 10.5.1. Saudi Arabia
- 10.5.1.1. By Applucation (Value)
- 10.5.1.1.1. Nail Products
- 10.5.1.1.2. Hair Products
- 10.5.1.1.3. Lip Products
- 10.5.1.1.4. Face Products
- 10.5.1.1.5. Others
- 10.5.1.2. By Target Market (Value)
- 10.5.1.2.1. Offline
- 10.5.1.2.2. Online
- 10.5.2. South Africa
- 10.5.2.1. By Application (Value)
- 10.5.2.1.1. Nail Products
- 10.5.2.1.2. Hair Products
- 10.5.2.1.3. Lip Products
- 10.5.2.1.4. Face Products
- 10.5.2.1.5. Others
- 10.5.2.2. By Target Market (Value)
- 10.5.2.2.1. Offline
- 10.5.2.2.2. Online
- 10.5.3. Rest of Middle East & Africa
- 10.5.3.1. By Application (Value)
- 10.5.3.1.1. Nail Products
- 10.5.3.1.2. Hair Products
- 10.5.3.1.3. Lip Products
- 10.5.3.1.4. Face Products
- 10.5.3.1.5. Others
- 10.5.3.2. By Target Market (Value)
- 10.5.3.2.1. Offline
- 10.5.3.2.2. Online
- 11. Company Profiles
- 11.1.
- 11.1.1. L'Oréal S.A
- 11.1.1.1. Overview
- 11.1.1.2. Description
- 11.1.1.3. Product Portfolio
- 11.1.1.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.1.5. Recent Developments
- 11.1.2. Unilever
- 11.1.2.1. Overview
- 11.1.2.2. Description
- 11.1.2.3. Product Portfolio
- 11.1.2.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.2.5. Recent Developments
- 11.1.3. Avon Products Inc.
- 11.1.3.1. Overview
- 11.1.3.2. Description
- 11.1.3.3. Product Portfolio
- 11.1.3.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.3.5. Recent Developments
- 11.1.4. Estée Lauder Inc
- 11.1.4.1. Overview
- 11.1.4.2. Description
- 11.1.4.3. Product Portfolio
- 11.1.4.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.4.5. Recent Developments
- 11.1.5. Shiseido Company, Limited
- 11.1.5.1. Overview
- 11.1.5.2. Description
- 11.1.5.3. Product Portfolio
- 11.1.5.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.5.5. Recent Developments
- 11.1.6. Revlon, Inc.
- 11.1.6.1. Overview
- 11.1.6.2. Description
- 11.1.6.3. Product Portfolio
- 11.1.6.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.6.5. Recent Developments
- 11.1.7. Coty Inc.
- 11.1.7.1. Overview
- 11.1.7.2. Description
- 11.1.7.3. Product Portfolio
- 11.1.7.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.7.5. Recent Developments
- 11.1.8. Amway
- 11.1.8.1. Overview
- 11.1.8.2. Description
- 11.1.8.3. Product Portfolio
- 11.1.8.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.8.5. Recent Developments
- 11.1.9. KRYOLAN
- 11.1.9.1. Overview
- 11.1.9.2. Description
- 11.1.9.3. Product Portfolio
- 11.1.9.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.9.5. Recent Developments
- 11.1.10. CIATÉ
- 11.1.10.1. Overview
- 11.1.10.2. Description
- 11.1.10.3. Product Portfolio
- 11.1.10.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.10.5. Recent Developments
- 11.1.11. CHANEL
- 11.1.11.1. Overview
- 11.1.11.2. Description
- 11.1.11.3. Product Portfolio
- 11.1.11.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.11.5. Recent Developments
- 11.1.12. Sunrider International
- 11.1.12.1. Overview
- 11.1.12.2. Description
- 11.1.12.3. Product Portfolio
- 11.1.12.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.12.5. Recent Developments
- 12. Strategic Recommendations
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