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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