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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).

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. 'Avaloq Group AG', 'COBIS (Cooperative Business International Solutions)', 'EdgeVerve Systems Limited', 'Finastra', 'FIS Global', 'HCL Technologies Limited', 'IBM Corporation', 'Infosys Limited', 'Intellect Design Arena Limited', 'Mambu GmbH', 'Nucleus Software Exports Limited', 'Oracle Corporation', 'SAP SE', 'Sopra Banking Software', 'Temenos AG', 'TCS Financial Solutions', 'Technisys', 'Tata Consultancy Services ', 'Unisys Corporation', 'Wipro Limited'

Due to the rapid technological developments various platforms have been integrated for efficient working of organizations. This includes the cloud-based technology that has been incorporated in most organizations, which further makes it easier for SaaS solutions that are required to process various kinds of transactions that are taking place. This will boost the core banking software market during the forecast period.

The banking business is evolving due to the increasing usage of technologies like AI, big data, and the cloud. These technologies are incorporated into the banking process to improve visualization capabilities, respond to client inquiries, and make complex data understandable. These technologies support improved communication while offering cutting-edge security measures in banks and other financial institutions.

North America dominated the 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.

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Global Core Banking Software Market

Product ID: SQMIG45E2199