Core Banking Software Market to Hit $34.48 Billion by 2028; Rapid Digitalization

List of Key Players Profiled in this Core Banking Software Market Report: C-Edge Technologies Ltd. (Mumbai, India), VSoft Technologies Pvt. Ltd. (Telangana, India), Jack Henry & Associates, Inc. (Missouri, United States), Temenos AG (Geneva, Switzerland), Wipro Limited (Bengaluru, India), NCR Corporation (Georgia, United States), HCL Technologies Limited (Noida, India), Tata Consultancy Services Limited (Mumbai, India), Microsoft Corporation (Washington, United States), International Business Machines Corporation (IBM) (New York, United States), Alphabet Inc. (Google LLC) (California, United States)

Pune, India, May 18, 2021 (GLOBE NEWSWIRE) — The global core banking software market size is projected to reach USD 34.48 billion by 2028, exhibiting a CAGR of 18.0% during the forecast period. The growing presence of fintech startups in the banking industry will be one of the primary accelerators for this market, postulates Fortune Business Insights™ in its report, titled “Core Banking Software Market, 2021-2028”. In 2020, the value of the market stood at USD 9.40 billion.

The banking sector in most countries is getting speedily digitized, stoking the need for innovative technology-based solutions to facilitate smooth banking services. These emerging needs have led to the spawning startups specializing in financial technologies. For example, Germany-based solarisBank is a startup that offers a banking-as-a-service platform that enables businesses to extend clean financial services to their end customers. The company also holds a full-fledged banking license within Germany. Another example is Thought Machine, a startup based in London that provides VaultOS, its core banking software platform. Since 2016, the company has entered into high-profile partnerships with Lloyds Banking Group, Atom Bank, and IBM. The steadily expanding operations of these entities are widening the scope of this market in a promising manner.

To get to know more about the short-term and long-term impact of COVID-19 on this Core Banking Software Market

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Segmentation

On the basis of deployment, the market is bifurcated into SaaS/hosted and licensed.

Based on banking type, this market has been segregated into large banks, midsize banks, small banks, community banks, and credit unions. The large banks segment held a dominant share of 34.3% in 2020 in the global and a share of 35.8% in the US market in 2020.

By end-user, the Core Banking Software Market has been categorized into retail banking, treasury, corporate banking, and wealth management.

In terms of geography, the global market has been divided into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.

Driving Factor

Increasing Adoption of Virtual Tools by Banks amid COVID-19 to Fuel Market Growth

The outbreak of the COVID-19 pandemic has been a blessing in disguise for the core banking software market growth, with the market registering growth of 15.1% in 2020 and reaching a value of USD 10.84 billion in 2021, as banks around the globe are rapidly transforming their processes through virtual technologies. For example, in April 2020, TSB, the British commercial bank, introduced a Smart Agent application on its website to ensure immediate access to customers to the various steps taken by the bank amid the coronavirus pandemic. Moreover, to provide employees secure remote access to bank data, some banks have installed systems to simplify work from home. For example, in the US, in March 2020, New Orleans-based Gulf Coast Bank allowed its employees to access VPNs to ensure enhanced security while working from home or while working from personal devices. Thus, digitization trends in the banking industry have accelerated due to the coronavirus and with countries grappling with the second and third waves of the contagion, these trends are likely to get an additional push and…