USD 9.96 billion
Report ID: SQSG45E2014 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 92 | Figures: 76
Global Core Banking Software Market size was valued at USD 9.96 billion in 2021 and is poised to grow from USD 10.89 billion in 2022 to USD 24.24 billion by 2030, growing at a CAGR of 9.3% in the forecast period (2023-2030).
A core banking system is a software that is used to process the daily transactions taking place. These keep a track of the banking transactions and post updates to the accounts and other financial records. These are designed in such a way that they help in modernizing the bank’s core software and further help in progressing the bank towards its digital transformation. With the rapid development in technology and the increased usage of cloud-based systems, the demand for core banking systems will be increasing in the future as these cloud-based systems allow the banks to monitor the transactions that are taking place.
During the wake of the pandemic as most of the offices were forced to shut down and with the beginning of work from home, the earlier methods to capture the financial transaction were not as effective, hence there was a need for better and improved software for processing the transaction. This led to a slight dip in the market during the pandemic, but the key market players immediately started investing in the development of advanced software, as capturing the transactions is a vital process and needs to be constantly carried out with great efficiency. This led to the growth of the global core banking software market and will further continue in the forecast period.
US Core Banking Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 9.96 billion
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Global core banking software market is segmented based on the deployment, banking type, end-user, and region. Based on the deployment, the global core banking software market is segmented as SaaS/hosted, licensed. Based on banking type, the global core banking software market is segmented into large banks, midsize banks, small banks, and community banks. credit unions. Based on end user, the global core banking software market is segmented as retail banking, treasury, corporate banking, and wealth management. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Deployment
In 2021, the SaaS segment held the largest share in the global core banking software market. Due to the rapid technological advancements and the ease of data storage and usage, most organizations are shifting to cloud-based storage systems for the ready availability of data. With this, the investment in SaaS solutions has increased as the demand for real-time calculations for various financial purposes including interests is increasing, which is facilitated by these solutions, therefore, their demand in the current time is increasing and is expected to continue during the forecast period.
Furthermore, with the increase in public domain cloud solutions, there is an increase in security breaches which is resulting in the organizations opting for licensed solutions that provide security while processing the transactions. There, this segment is also expected to see substantial growth during the forecast period.
Analysis by Banking Type
In 2021, the large banking segment held the largest share in the global core banking software market. This is owing to the factor that there are rapid advancements in the connectivity and internet, and there is a rise in demand for devices that are connecting the banking sector to the audience, further increasing the penetration. This will further boost the growth of the segment during the forecast period.
Following this, the community banking segment is expected to observe the highest growth during the forecast period owing to the fact that there is a need for efficient and better banking systems in small regions and local areas with the increase in digitization and automation processes the need for efficient banking purposes is also increasing and will continue to do so during the forecast period.
Analysis by End User
In 2021, the corporate banking segment held the largest share in the global core banking software market. This was owing to the rapid digitization and automation that is taking place in the sector. Furthermore, with better internet connectivity people have largely adopted the use of digital transactions, especially during the wake of the Covid-19 pandemic. This is further expected to boost the growth of the corporate banking segment during the forecast period.
The wealth management segment held the largest share in the global core banking software market. Due to the increase in automation and digitization, the need for better management is also increased, which is further boosting growth of the global core banking software market. Furthermore, the high-end clients are in need of these solutions as their finance need to be better managed and there are efficient methods being developed, which will further boost the market growth during the forecast period.
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North America dominated the global core banking software market in 2021 and is expected to continue to do so during the forecast period. This is owing to the growing need for efficient banking solutions and presence of prominent banks in this region, such as HSBC that will further require more development in the software development regarding banking solutions. Due to Covid-19 pandemic, there was a shift from the normal working routine to the work from home and hybrid work culture, therefore more efficient ways of monitoring the finances were needed to be developed, which provided a significant push to the market and will continue the same during the forecast period.
Following this, the Asia-Pacific region is expected to see the largest growth rate owing to rapid launch of new businesses along with rise in employment in the region that has resulted in an increase in the need for efficient banking solutions. Also, as mentioned above, this region is also facing drastic changes in the technology sector, which is expected to boost the growth of the global core banking software market in the present time and will continue to do so during the forecast period.
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Global core banking software market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. There is high competition in the market, which is resulting in the key players investing a lot in the development of various software that will be accepted by the users at large.
Top Players in Global Core Banking Software
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global core banking software market analysis, in terms of deployment, the SaaS solutions segment held the largest market share in the year 2021, because of its ability to readily process transactions and carry out various calculations. By end-user, corporate banking held the largest share in the global core banking software market, owing to rising technological advancements resulting in an increase in the banking solutions provided. By banking type, the large banking segment held the largest market share in the year 2021 and will continue to do so during the forecast period. By region, the largest market share was held by the North American region owing to the presence of prominent banks in the region hence increasing the demand for effective banking solutions.
|Market size value in 2021||USD 9.96 billion|
|Market size value in 2030||USD 10.89 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Core Banking Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Core Banking Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Core Banking Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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