According to the latest report of the IMARC group, entitled “Core Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global market showed strong growth during the period 2015-2020. Basic banking software helps in processing day-to-day banking transactions, such as posting account updates. It also helps manage loans, open new accounts, calculate interest, process deposits and withdrawals, and manage customer relationships. Basic banking software reduces operational costs, minimizes human error, facilitates the decision-making process, reduces labor requirements for execution, and enables greater customer accountability.
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A significant increase in market growth can be attributed to the numerous benefits offered by basic banking software, such as standardization of processes, accuracy of transactions, improved management of documentation and records, and ease of submission of regulatory reports. Basic banking services also help customers open accounts, calculate interest, perform quick routine transactions of cash deposits and withdrawals, and offer banking services anywhere. Additionally, the increasing shift to online banking solutions owing to the busy work schedules of consumers is also augmenting the market growth. Moreover, the basic banking software helps in receiving electronic payments instantly and transferring funds remotely, thus providing a positive outlook to the market. Additionally, the growing integration of core banking software with big data technologies, artificial intelligence (AI) and software as a service (SaaS) to facilitate advanced security and real-time insights is expected to further propel the market growth in the coming years. Looking ahead, IMARC Group expects the global core banking software market to grow at a CAGR of around 9% during the forecast period (2021-2026).
Like the novel coronavirus (COVID-19[female[feminine) the crisis is taking over the world, we are constantly monitoring the changes in the markets, as well as the behaviors of the consumers of the sector in the world and our estimates on the latest market trends and forecasts are made after taking into account the impact of this pandemic.
Competitive landscape with key players:
- Fidelity Information Services Inc.
- Fiserv Inc.
- HCL Technologies Limited
- infosys limited
- Jack Henry & Associates Inc.
- Oracle Corporation
- SAP SE
- Tata Consultancy Services Limited
- Temenos SA
- Unisys Corporation.
Core Banking Software Market Segmentation:
Breakdown by solution:
- Enterprise Client Solutions
Breakdown by department:
- professional service
- Managed service
Breakdown by deployment:
Breakdown by end use:
- Financial institutions
Breakdown by region:
- North America (USA, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, others)
- Middle East and Africa.
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Main highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market trends
- Market drivers and success factors
- Impact of COVID-19
- Value chain analysis
- Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.
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