Core Banking Software Global Market Exhibit a Remarkable CAGR of 10.4% and is expected to reach $20.23 Billion By 2028 | SAP SE, Capgemini SE, Infosys Limited, Oracle Corporation, Alkami Technology Inc.

The core banking software market size has grown strongly in recent years. It will grow from $12.45 billion in 2023 to $13.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to operational efficiency, customer experience, globalization, digital transformation, open banking initiatives, economic trends, legacy system replacement.

The core banking software market size is expected to see rapid growth in the next few years. It will grow to $20.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to real-time payments, scalability, cost pressures, data security and privacy, real-time reporting, sustainable banking. Major trends in the forecast period include cloud adoption, data analytics and ai, cybersecurity, customer experience enhancement,blockchain integration, api economy, microservices architecture.

Market Overview -
Core banking software is software that contains day-to-day banking features and is used to support the most common transactions in the banking industry.

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Rising Demand For Digital Banking Solutions
The increasing demand for digital banking solutions from Gen Z and the millennial population is expected to propel the growth of the core banking software market forward. The people born between 1981 and 1996 are called millennials, while those born between 1997 and 2012 are the Gen Z population. Millennials and Gen Z populations prefer to use digital banking rather than physically visiting the banks, as a result, increasing demand for digital banking increases the demand for the core banking software market. For instance, in 2022, according to a survey conducted by GoCardless, an American payment company, more than half of millennials (56%) and Gen Z (54%) agreed that they would be willing to fully switch from traditional banking to peer-to-peer and social media apps to make payments, as compared to 31% of Gen X and 14% of the boomers. Therefore, the increasing demand for digital banking experience from Gen Z and millennials is driving the core banking software market.

Competitive Landscape -
Major companies operating in the core banking software market report are SAP SE, Capgemini SE, Fidelity National Information Services, Inc., Infosys Limited, Oracle Corporation, Alkami Technology Inc., Avaloq Group AG, Computer Business Solutions Inc., eClerx Services Ltd., Fidelity National Information Services Inc., Finastra International Ltd., FinnOne Neo Customer Acquisition System, Fiserv Inc., HCL Technologies Ltd., Infrasoft Technologies Ltd., Intellect Design Arena Ltd., Jack Henry & Associates Inc., Mambu GmbH, NCR Corporation, Neptune Software Ltd., Newgen Software Technologies Ltd., Path Solutions India Pvt. Ltd., Virtusa Corporation, Profile Systems and Software S.A., Silverlake Axis Ltd., Sopra Banking Software Ltd., T24 Ltd., Tata Consultancy Services, Temenos AG, Virmati Software & Telecommunications Ltd.

Focus On Lauch Of New Technologies
Technological advancements are a key trend gaining popularity in the core banking software market. Major companies in the core banking software market are launching new technologies, such as core banking chatbots based on artificial intelligence technology. For instance, in January 2022, Temenos, a Switzerland-based banking software company, introduced the first AI-driven buy-now-pay-later banking service on the Temenos banking cloud. It's rationalist of the core banking system, being deployed by Temenos Transact or any other core banking solution and integrates industry best practices while offering dependable loaning abilities to assist suppliers with adjusting to evolving regulations.

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Key Segments -
The core banking software market covered in this report is segmented -
1) By Service: Professional Service, Managed Service
2) By Solution: Deposits, Loans, Enterprise Customer Solutions, Other Solutions
3) By Software Deployment: Cloud, On-Premise
4) By End-Use: Banks, Financial Institutions, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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