Global Core Banking Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Core Banking Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A core banking system is the software used to support a bank’s most common transactions. Elements of core banking include: Making and servicing loans. Opening new accounts. Processing cash deposits and withdrawals. Processing payments and cheques. Calculating interest. Customer relationship management (CRM) activities.

Market Overview:

The latest research study on the global Core Banking Software market finds that the global Core Banking Software market reached a value of USD 9386.69 million in 2022. It’s expected that the market will achieve USD 12559.27 million by 2028, exhibiting a CAGR of 4.97% during the forecast period.

Influence of COVID-19 Outbreak on Core Banking Software Market

Many companies have responded to the global challenge of COVID-19. It is certain that the clients, employees, and communities come first. Many companies continue to seamlessly support their clients across sales, implementations and SaaS. Some also made on-line learning platforms available to banks for free and are working with banks and governments to support the rapid roll-out of new products to support customers at this time, including SME crisis loans in the US and Apprentices and Trainees’ Wage Subsidies in Australia.

In addition, companies from all walks of life feel troubled by a sharp decline in revenue and financial volatility. Therefore, cash forecasts change rapidly as the virus spreads, and obtaining access to liquidity becomes crucial. The Coronavirus pandemic may have a significant impact on new license signings. In this case, business models without resilience will be affected hard. This will drag those companies without strong visibility on cash flow and profitability in the face of such a crisis.

However, companies with intact and wholesome structural drivers of digital, regulation, cost pressures, and ready move to open banking are likely to enjoy sound development post-crisis, which gives the industry confidence in sustainable long-term annual growth targets in some extent.

Market Challenges

After running core banking software for many years, problems such as high maintenance costs, closed system architecture, difficulty in adding new features, and downtime may occur. With the continuous updating of the banking business, the core software of the bank also needs to be improved. Although the risk of system replacement is reduced as technology advances, updating old systems is still very complex and may disrupt business operations during system replacement.

Region Overview:

From 2023-2028,North America is estimated to witness robust growth prospects.

Company Overview:

Fiserv, Temenos AG, Jack Henry & Associates, Finastra and Sopra Steria are the five key players in the global Core Banking Software market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Core Banking Software market in the past 5 years.
Fiserv Inc. is a global organization serving 12,000 clients around the globe and has approximately 24,000 employees. It is a fintech giant offering a full breadth of products in areas such as payments, core processing, risk and compliance, customer and channel management, commercial services, and insights and optimization.

Temenos AG AG provides integrated software solutions. The Company offers analytics, channels, financial crime mitigation, funds and securities, risk and compliance, and front office and digital banking suits for the management of administrative tasks at banks and financial services companies. Temenos AG operates worldwide.

Segmentation Overview:

Among different product types, On-premise segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Retail Banks segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Core Banking Software market covered in Chapter 3:

HCL Technologies
Oracle
Infrasoft Technologies
SAP
Finastra
Temenos AG
FIS
Tata
Infosys
Jack Henry & Associates
Sopra Steria
Fiserv

In Chapter 4 and Chapter 14.2, on the basis of types, the Core Banking Software market from 2018 to 2029 is primarily split into:

Acrylics
Polyurethane
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Core Banking Software market from 2018 to 2029 covers:

Roofing
Wall
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)