Monday, August 23, 2021

Core Banking Software Market to Reach USD 28.83 Billion by 2027; Adoption of Artificial Intelligence & Cloud in Banking Industry to Aid Growth: Fortune Business Insights™

 

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 2020-2027.” The study further mentions that the core banking software market size was USD 8.17 billion in 2019 and is projected to reach USD 28.83 billion by 2027, exhibiting a CAGR of 17.4% during the forecast period.

A List Of Players Covered in the Report:

  • Alphabet Inc. (Google LLC) (California, U.S.)
  • SAP SE (Walldorf, Germany)
  • International Business Machines Corporation (IBM) (New York, U.S.)
  • Oracle Corporation (California, U.S.)
  • Microsoft Corporation (Washington, U.S.)
  • Infosys Limited (Bengaluru, India)
  • Tata Consultancy Services Limited (Mumbai, India)
  • Capgemini SE (Paris, France)
  • HCL Technologies Limited (Noida, India)
  • Intellicus Technologies (California, U.S.)
  • NCR Corporation (Georgia, U.S.)
  • Finastra (London, U.K.)
  • Wipro Limited (Bengaluru, India)
  • Fiserv, Inc. (Wisconsin, U.S.)
  • Temenos AG (Geneva, Switzerland)
  • Fidelity National Information Services, Inc. (FIS) (Florida, U.S.)
  • Jack Henry & Associates, Inc. (Missouri, U.S.)
  • Unisys Corporation (Pennsylvania, U.S.)
  • VSoft Technologies Pvt. Ltd. (Telangana, India)
  • Computer Services, Inc. (CSI) (Kentucky, U.S.)
  • C-Edge Technologies Ltd. (Mumbai, India)


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Report Coverage-

The 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 & acquisitions, joint ventures, collaborations, and agreements. Lastly, the report includes profiles of the prominent organizations and the strategies adopted by them to increase sales.

 

Drivers & 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 core banking software 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 solutions.

 

Read a Detailed Summary of This Report: mailto:https://www.fortunebusinessinsights.com/core-banking-software-market-104392

 

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.

 

Regional Insights-

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.

 

Competitive Landscape-

Key Players Focus on Launching Novel Core Banking Software to Intensify Competition

The market for core banking software 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.  

 

Read Press Release: mailto:https://www.fortunebusinessinsights.com/press-release/global-core-banking-software-market-10411

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