Press release
Core Banking Software Market to Reach $49.7 Billion, Globally, by 2032 at 17.6% CAGR
Allied Market Research published a report, titled, "Core Banking Software Market by Component (Solution and Service), Deployment Model (On-premise and Cloud) and End User (Banks, Financial Institutions, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global core banking software industry generated $10.2 billion in 2022, and is anticipated to generate $49.7 billion by 2032, witnessing a CAGR of 17.6% from 2023 to 2032.
Core Banking is a back-end system through which banking transactions related to deposit, loans, and credit can be processed daily. Banks have become more sophisticated, more user-friendly, and are able to provide their consumers with a simple and transparent banking experience with the help of core banking software.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/5028
Prime determinants of growth
The growth of the core banking software market is majorly impacted by rise in adoption of cloud-based solutions and improved customer relationships. In addition, lower operational costs of core banking software have been a significant driver of the core banking software market. However, privacy concerns associated with banking systems and low flexibility and insufficient scalability hamper the market growth. On the contrary, integration of artificial intelligence in banking systems is anticipated to open new avenues for the growth of the core banking software market during the forecast period.
The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global core banking software market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that core banking solutions allow inter-connectivity between branches of the same financial institution and bank and facilitate the management of loan, deposit, and credit processing. These solutions are integrated with a back-end system, which efficiently processes various banking transactions across the multiple branches of a bank. However, the service segment is projected to manifest the highest CAGR of 19.6% from 2023 to 2032, owing to the increase in demand for personalized and efficient banking solutions. As banks strive to offer better customer experiences, they require tailored services and support from software providers to meet their specific needs.
The cloud segment to maintain its leadership status throughout the forecast period
Based on deployment model, the on-premise segment held the highest market share in 2022, accounting for more than three-fifths of the global core banking software market revenue, owing to the growing need for data security and compliance. Many financial institutions prefer on-premise deployment as they are hosted on a bank's own in-house servers and can be integrated seamlessly with existing IT infrastructure. However, the cloud segment is projected to manifest the highest CAGR of 21.7% from 2023 to 2032, owing to increase in demand for cloud-based banking systems. A cloud-based core banking system is hosted entirely in the cloud, eliminating the need for on-premise infrastructure, and reducing hardware and maintenance costs for banks and financial institutions.
Want to Access the Statistical Data & Graphs, and Key Players' Strategies: https://www.alliedmarketresearch.com/core-banking-software-market/purchase-options
The banks segment to maintain its leadership status throughout the forecast period
Based on end user, banks segment held the highest market share in 2022, accounting for more than three-fifths of the global core banking software market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the significant advancements in information technology and the global expansion of the internet network. These technologies enable banks to reduce manual labor while increasing operational efficiency. However, the financial institutions segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032, owing to the increase in adoption of core banking software among financial institutions to prevent theft and fraud with real-time banking facilities.
North America to maintain its dominance by 2022
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global core banking software market revenue, owing to the large-scale adoption of advanced core banking software by leading banks in the region. However, Asia-Pacific is expected to witness the fastest CAGR of 21.4% from 2023 to 2032 and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the rise in adoption of web-based and mobile applications in the banking sector. Furthermore, banks in Asia-Pacific are investing in modernizing their systems to provide better customer experiences, seamless transactions, and real-time data access.
Procure Complete Report (428 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/4884kEx
Leading Market Players: -
Capgemini
Finastra
FIS
Fiserv, Inc.
HCL Technologies Limited
Infosys Limited
Jack Henry & Associates, Inc.
Oracle
Temenos
Unisys
The report provides a detailed analysis of these key players of the global core banking software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
📝𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞:
Capital Expenditure Market
https://www.alliedmarketresearch.com/capital-expenditure-market-A07601
NFC Payments Market
https://www.alliedmarketresearch.com/nfc-payments-market-A08282
Usage-Based Insurance Market
https://www.alliedmarketresearch.com/usage-based-insurance-market
Private Equity Market
https://www.alliedmarketresearch.com/private-equity-market-A06949
Life Reinsurance Market
https://www.alliedmarketresearch.com/life-reinsurance-market-A06698
Cash Advance Services Market
https://www.alliedmarketresearch.com/cash-advance-services-market-A10399
Cross-border Payments Market
https://www.alliedmarketresearch.com/cross-border-payments-market-A288119
Engineering Insurance Market
https://www.alliedmarketresearch.com/engineering-insurance-market-A14988
Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
https://medium.com/@kokate.mayuri1991
https://www.scoop.it/u/monika-718
https://bfsibloghub.blogspot.com/
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Core Banking is a back-end system through which banking transactions related to deposit, loans, and credit can be processed daily. Banks have become more sophisticated, more user-friendly, and are able to provide their consumers with a simple and transparent banking experience with the help of core banking software.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/5028
Prime determinants of growth
The growth of the core banking software market is majorly impacted by rise in adoption of cloud-based solutions and improved customer relationships. In addition, lower operational costs of core banking software have been a significant driver of the core banking software market. However, privacy concerns associated with banking systems and low flexibility and insufficient scalability hamper the market growth. On the contrary, integration of artificial intelligence in banking systems is anticipated to open new avenues for the growth of the core banking software market during the forecast period.
The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global core banking software market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that core banking solutions allow inter-connectivity between branches of the same financial institution and bank and facilitate the management of loan, deposit, and credit processing. These solutions are integrated with a back-end system, which efficiently processes various banking transactions across the multiple branches of a bank. However, the service segment is projected to manifest the highest CAGR of 19.6% from 2023 to 2032, owing to the increase in demand for personalized and efficient banking solutions. As banks strive to offer better customer experiences, they require tailored services and support from software providers to meet their specific needs.
The cloud segment to maintain its leadership status throughout the forecast period
Based on deployment model, the on-premise segment held the highest market share in 2022, accounting for more than three-fifths of the global core banking software market revenue, owing to the growing need for data security and compliance. Many financial institutions prefer on-premise deployment as they are hosted on a bank's own in-house servers and can be integrated seamlessly with existing IT infrastructure. However, the cloud segment is projected to manifest the highest CAGR of 21.7% from 2023 to 2032, owing to increase in demand for cloud-based banking systems. A cloud-based core banking system is hosted entirely in the cloud, eliminating the need for on-premise infrastructure, and reducing hardware and maintenance costs for banks and financial institutions.
Want to Access the Statistical Data & Graphs, and Key Players' Strategies: https://www.alliedmarketresearch.com/core-banking-software-market/purchase-options
The banks segment to maintain its leadership status throughout the forecast period
Based on end user, banks segment held the highest market share in 2022, accounting for more than three-fifths of the global core banking software market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the significant advancements in information technology and the global expansion of the internet network. These technologies enable banks to reduce manual labor while increasing operational efficiency. However, the financial institutions segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032, owing to the increase in adoption of core banking software among financial institutions to prevent theft and fraud with real-time banking facilities.
North America to maintain its dominance by 2022
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global core banking software market revenue, owing to the large-scale adoption of advanced core banking software by leading banks in the region. However, Asia-Pacific is expected to witness the fastest CAGR of 21.4% from 2023 to 2032 and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the rise in adoption of web-based and mobile applications in the banking sector. Furthermore, banks in Asia-Pacific are investing in modernizing their systems to provide better customer experiences, seamless transactions, and real-time data access.
Procure Complete Report (428 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/4884kEx
Leading Market Players: -
Capgemini
Finastra
FIS
Fiserv, Inc.
HCL Technologies Limited
Infosys Limited
Jack Henry & Associates, Inc.
Oracle
Temenos
Unisys
The report provides a detailed analysis of these key players of the global core banking software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
📝𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞:
Capital Expenditure Market
https://www.alliedmarketresearch.com/capital-expenditure-market-A07601
NFC Payments Market
https://www.alliedmarketresearch.com/nfc-payments-market-A08282
Usage-Based Insurance Market
https://www.alliedmarketresearch.com/usage-based-insurance-market
Private Equity Market
https://www.alliedmarketresearch.com/private-equity-market-A06949
Life Reinsurance Market
https://www.alliedmarketresearch.com/life-reinsurance-market-A06698
Cash Advance Services Market
https://www.alliedmarketresearch.com/cash-advance-services-market-A10399
Cross-border Payments Market
https://www.alliedmarketresearch.com/cross-border-payments-market-A288119
Engineering Insurance Market
https://www.alliedmarketresearch.com/engineering-insurance-market-A14988
Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
https://medium.com/@kokate.mayuri1991
https://www.scoop.it/u/monika-718
https://bfsibloghub.blogspot.com/
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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