Pune,India, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The Core Banking Software Market Size was USD 10.80 billion in 2021 and is expected to rise from USD 12.51 billion in 2022 to USD 40.67 billion by 2029 at a CAGR of 18.3% during the projected period. The market of core banking software is projected to grow during the forecast period due to rising adoption of latest technologies and cloud-based banking solutions. Fortune Business Insights™ publishes this information in a report titled, "Core Banking Software Market Forecast, 2023-2029". As per the report,

Key Industry Development -

Temenos AG partnered with Mbanq, a Banking-as-a-Service (BaaS) provider. Through this partnership, Mbanq caters to innovative Credit Union-as-a-Service (CUaaS) offering powered by Temenos for US Credit Unions.

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Report Scope & Segmentation

Report CoverageDetails
Forecast Period2022 to 2029
Forecast Period 2022 to 2029 CAGR18.3%
2029 Value ProjectionUSD 40.67 Billion
Base Year2021
Core Banking Software Market Size in 2021USD 10.80 Billion
Historical Data for2018 to 2020
No. of Pages140
Segments coveredComponent, Banking, End-User, Region




Key Takeaways-

Drivers & Restraints-

The Core Banking Solution Market is predicted to experience significant growth in the forecast period, driven by the increasing adoption of cloud-based applications and banking services.

The implementation of artificial intelligence and Big Data is also expected to boost market growth by improving connectivity and the feasibility of services.

Key players are prioritizing the adoption of these technologies to offer high-quality visualization and real-time resolution of customer queries. Despite these growth drivers, the market's expansion may be hindered by concerns over information security and privacy risks during the forecast period.

Regional Insights-

North America is the leading region in the global core banking software market, thanks to the growing demand for advanced banking solutions. The market is expected to experience significant growth in the forecast period, driven by the increasing adoption of innovative development ideas and the presence of major market players. The North American market is currently valued at USD 4.90 billion in 2021.

In the meantime, Asia Pacific is predicted to hold the second-highest market position during the forecast period, fueled by the increasing digitization in developing countries. This trend is expected to drive the market's growth in the coming years.

List of Key Players Mentioned in the Report-

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Major Table of Contents-

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FAQ:

How big is the Core Banking Software Market?

The market is expected to grow from USD 12.51 billion in 2022 to USD 40.67 billion by 2029, exhibiting a CAGR of 18.3% during the forecast period. 

Core Banking Software Market Market Sustainability Market in North America?

The market in North America stood at USD 4.90 Billion in 2021 and is expected to gain a huge portion of the market share in the coming years.


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