Core Banking Software Market Revenue to outshine USD 29.21 BN By 2027
Posted On February 15, 2021
The Global Core Banking Software Market revenue is anticipated to grow to around USD 29.21 BN by 2027 with a CAGR of 7.5% during the year 2020-2027 as per the report published by Value Market Research. Core banking software is a strategic tool that can be used as an integral part of any modular banking system. The highly intense competition in the banking sector and next-generation banks trying to win a large portion of the market share are the key trends stimulating the banking software market's growth. The open, automated, cross-compatible, and infinitely scalable real-time solutions offered by this software, along with the platform's ability to upgrade, adapt, customize, and integrate seamlessly, will benefit market growth. The robust scalability and diversity of software modules applicable to a wide variety of financial entities will be a market booster. Installation and development of an in-house core banking software can be a complicated and time-consuming process.
Core banking software is a back-end system that can process different banking transactions and post updates to accounts and other financial records. It is an integral part of every bank and allows a centralized online real-time transaction between the banks and the customer. It is the engine behind creating and managing accounts, transactions, journal entries, client data, and receipts' storage. An efficient core banking software boasts a composable architecture interlinked by APIs for decoupling distribution channels, products, and client data. It can be an in-house, on the cloud, dedicated hosting, or a managed service.
The elaborate study "Global Core Banking Software Market Report By Solution (Deposits, Loans, Enterprise Customer Solutions, Others), By Service (Professional Service, Managed Service), By Deployment (Cloud, On-Premise), By End-Use (Banks, Financial Institutions, Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2020-2027" poses a refreshing view of the market taking into consideration all the aspects affecting the market.
On the basis of solution the market is segmented into Deposits, Loans, Enterprise Customer Solutions, Others. By service the core banking software market is categorised as Professional Service, Managed Service. By deployment the core banking software market is categorised as Cloud, On-Premise. Based on end-use the core banking software market is segmented as Banks, Financial Institutions, Others. The report covers North America (North America, United State and Rest of North America), Europe (United Kingdom, France , Germany, Rest of Europe), Asia Pacific (China, Japan, India, Rest of Asia Pacific), Latin America (Brazil, Rest of Latin America) and Middle East & Africa. The data tables in these chapters give the market estimates on the basis of all the segments.
The Report Segments Global Core Banking Software Market -
- Enterprise Customer Solutions
- Professional Service
- Managed Service
- Financial Institutions
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Players Profiled In the Report:
Capgemini, Finastra, FIS, Fiserv, Inc., HCL Technologies Limited, Infosys Limited, Jack Henry & Associates, Inc., Oracle Corporation, Temenos Group, and Unisys.
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