Jul 30, 2021 (The Expresswire) -- The global core banking software market is set to gain impetus from the increasing adoption of innovative technologies, such as cloud, artificial intelligence, and machine learning in the banking industry. This information is given by Fortune Business Insights™ in a new study, titled, “ Core Banking Software Market Size, Share and COVID-19 Impact Analysis, By Deployment (SaaS/Hosted, Licensed), By Banking Type (Large Banks, Midsize Banks, Small Banks, Community Banks, and Credit Unions), By End-user (Retail Banking, Treasury, Corporate Banking, and Wealth Management), and Regional Forecast, 2020-2027 .”
The study further mentions that the market size was USD 9.40 billion in 2019 and is projected to reach USD 34.48 billion by 2028, exhibiting a CAGR of 17.4% during the forecast period.
How Did We Develop This Report?
The Core Banking Software Market for core banking software houses regulatory firms and processors in its supply chain. We have used both primary and secondary research to obtain quantitative and qualitative data about the supply and demand sides. We have also analyzed competitive developments, such as collaborations, new product launches, mergers and acquisitions, joint ventures, collaborations, and agreements. Lastly, the report includes profiles of the prominent organizations and the strategies adopted by them to increase sales.
North America to Dominate Backed by Presence of Prominent Manufacturers
Geographically, in 2019, North America procured USD 3.71 billion in terms of revenue and is set to lead throughout the forthcoming years. This growth is attributable to the presence of reputed core banking software providers, such as VSoft Corporation, Fidelity National Information Services, Inc., and others in the region. Asia Pacific, on the other hand, is expected to be the fastest-growing market because of the increasing adoption of mobile and web-based business applications in the banking sector.
COVID-19 Pandemic to Hinder Growth by Changing Interest Rates
The emergence of the COVID-19 pandemic has changed the work culture of various industries across the globe. Numerous financial and baking institutes are implementing the work from home (WFH) policy. Besides, delays in lease payments and changes in interest rates would affect growth negatively. We are delivering accurate reports to help you gain more insights into the current situation of the market.
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Large Banks Segment to Grow Rapidly Fueled by Higher Penetration of Internet
Based on banking type, the large banks segment generated 34.8% in terms of the core banking software market share. It is likely to remain at the forefront stoked by the rising penetration of the internet and the increasing usage of connected devices for analyzing banking processes.
Drivers and Restraints-
Increasing Need to Monitor Banking Processes Efficiently Will Bolster Growth
The increasing adoption of SaaS-based or cloud-based core banking software solutions provided by various manufacturers, such as Temenos AG and Finastra would propel the market growth in the near future. These help banks in monitoring transactions and payments effectively. However, the surging concerns about mobile malware, application vulnerabilities, information loss, and unencrypted data may obstruct the demand for core banking software market solutions.
Key Players Focus on Launching Novel Core Banking Software to Intensify Competition
This Core Banking Software Market contains a large number of companies. They are mainly focusing on the development of innovative software solutions to cater to the high demand worldwide. Some of the others are also engaging in the partnership strategy to enhance their positions. Below are the two latest industry developments:
August 2020 : COK Sodality Co-operative Credit Union Limited introduced its latest Universa Digital Core Banking Suite. It is available for both desktop and mobile devices. It will help COK’s members to use a single username and password for going through the authentication process in every electronic channel.
August 2020 : Fidelity National Information Services, Inc. (FIS) launched ClearEdge, its latest subscription-based core banking software solution. It will simplify and speed up the access to the advanced technology that banks will utilize for serving their customers amid the post-pandemic phase.
List Of Key Companies Profiled in Core Banking Software Market Are:
Alphabet Inc. (Google LLC) (California, United States)
SAP SE (Walldorf, Germany)