IMARC Group, a leading market research company, has recently releases report titled “Core Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” The study provides a detailed analysis of the industry, including the global core banking software market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is the Market Prediction for Core Banking Software Market?
|Growth rate (2022 to 2027)||CAGR of 7.78%|
|Base Year of the Analysis||2021|
What is Core Banking Software?
Core banking software (CBS) refer to the tools that are generally used for handling banking activities, including transactions, payments, and financial records. These services aid in processing day-to-day banking transactions, such as publishing updates to reports. CBS also assist in calculating interests, floating new accounts, servicing loans, processing deposits and withdrawals, and managing customer relationships. In addition, these services reduce operational costs, minimize human errors, facilitate the decision-making process, ensure lesser workforce requirements for execution, and enable greater accountability of the customers. As a result, CBS find widespread applications in banks and financial institutions across the globe.
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What Are the Growth Prospects and Trends in the Core Banking Software Market?
The escalating demand for these services, as they offer various benefits, including process standardization, transaction accuracy, improved management of documentation and records, and ease in the submission of regulatory reports, is among the primary factors driving the core banking software market. Besides this, the elevating requirement for these tools, owing to the increased guidance to consumers in opening accounts, calculating interest, completing quick routine transactions of cash deposits and withdrawals, and offering banking services anywhere, is further augmenting the market growth. Moreover, the growing popularity of core banking software across the globe, as they receive e-payments instantly and transfer funds remotely, and the gradual shift toward online banking solutions are also catalyzing the global market. Apart from this, the leading service providers are integrating big data, artificial intelligence (AI), and software as a service (SaaS) technology to offer unique financial experiences and accelerate digital transformation, which is expected to bolster the core banking software market in the coming years.
Who Are the Key Players Operating in the Core Banking Software Market?
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Fidelity Information Services Inc.
- Fiserv Inc.
- HCL Technologies Limited
- Infosys Limited
- Jack Henry & Associates Inc.
- Oracle Corporation
- SAP SE
- Tata Consultancy Services Limited
- Temenos AG
- Unisys Corporation.
What is Included in Market Segmentation?
The report has categorized the market based on solution, service, deployment and end use.
Breakup by Solution:
- Enterprise Customer Solutions
Breakup by Service:
- Professional Service
- Managed Service
Breakup by Deployment:
Breakup by End Use:
- Financial Institutions
Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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