Core Banking Software Market Size, Share, Growth Analysis, By Deployment(SaaS/Hosted, Licensed), By Banking Type(Large Banks, Midsize Banks), By End-User(Retail Banking, Treasury) - Industry Forecast 2024-2031

Core Banking Software Market size was valued at USD 9.96 billion in 2019 and is poised to grow from USD 10.89 billion in 2023 to USD 24.24 billion by 2031, growing at a CAGR of 9.3% in the forecast period (2024-2031).

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.