Global Core Banking Software Market
Dublin, Nov. 14, 2022 (GLOBE NEWSWIRE) — The “Core Banking Software Market Size, Share and Trend Analysis Report by Solution (Deposits, Lending), Service (Professional Service, managed), by Deployment, by End Use, by Region, and Segment Forecasts, 2022-2030″ report has been added to from ResearchAndMarkets.com offer.
The global core banking software market size is expected to reach USD 21.61 billion by 2030, registering a CAGR of 8.9% from 2022 to 2030. The market growth can be attributed to the surge in adoption basic banking technology in banks and financial institutions. globally. This technology helps many banks around the world to synchronize their front, mid and back office tasks.
The core banking software offers a full suite of features to power the digital transformation of financial institutes. Many banks around the world are adopting basic banking solutions to gain a comprehensive feature set, including extensive parameterization, flexible product factories, reusable business components, and product bundling. These capabilities help banks achieve innovation-driven growth.
In recent years, the amount of structured and unstructured data available to banks has increased dramatically. With advancements in machine learning and cloud computing technologies, artificial intelligence (AI) is shaping the outlook for financial and banking services. Additionally, with historical data captured using AI-powered solutions, leading banks around the world can make more informed business decisions across various functions including customer experience, back-end operations, and more. -office, product management and marketing.
The COVID-19 pandemic has adversely affected the growth of the basic banking software market. However, banks around the world are focusing on adopting time- and cost-efficient ways of banking management that can reduce operational expenses and improve customer experience. This is expected to create growth opportunities for the market over the forecast period.
Core Banking Software Market Report Highlights
In terms of solutions, the enterprise client solutions segment is expected to witness significant growth over the forecast period. These solutions help banks efficiently track and process every customer transaction made at a bank.
The basic managed banking model gives banks and financial institutions a competitive edge by ensuring ease of use, comprehensive functionality, bug fixes and timely upgrades. Modern banks require multiple complex systems operating in parallel to efficiently ensure uninterrupted service delivery and availability. This is expected to boost the demand for managed services over the forecast period.
Banks and financial institutions can leverage the power of cloud-based applications. These solutions are deployed and developed as a set of flexible microservices using Platform-as-a-Service (PaaS) tools. These solutions help banks and financial institutions reduce operational costs, improve performance, and accelerate business growth, driving the adoption of cloud-based solutions.
The growing need to increase the productivity and operational efficiency of banks is expected to drive the adoption of basic banking software across all banks over the forecast period. This software allows bank customers to manage their accounts from anywhere in the world.
The growing inclination of banks and other financial institutions towards digital transformation and growing partnerships between banks and IT companies in the Asia-Pacific region are expected to drive the growth of the regional market during the forecast period.
Main topics covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Core Banking Software Industry Outlook
Chapter 4 Core Banking Software Solution Outlook
Chapter 5 Core Banking Software Service Outlook
Chapter 6 Core Banking Software Deployment Outlook
Chapter 7 Prospects for End Use of Basic Banking Software
Chapter 8 Core Banking Software Regional Outlook
Chapter 9 Competitive Analysis
Chapter 10 Competitive Landscape
For more information on this report visit https://www.researchandmarkets.com/r/y1k59i
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