Core Banking Software Helping Banks Achieve Innovation-led Growth | Market Report, 2022
The global core banking software market size is expected to reach USD 21.61 billion by 2030, registering at a CAGR of 8.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the surge in the adoption of core banking technology across banks and financial institutions globally. This technology is helping numerous banks across the globe synchronize their front, mid, and back-office tasks.
Core banking software offers a comprehensive suite of capabilities to power the digital transformation of financial institutes. Numerous banks across the globe are adopting core banking solutions to gain a comprehensive set of capabilities, including extensive parameterization, flexible product factories, reusable business components, and product bundling. These capabilities are helping banks achieve innovation-led growth.
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In recent years, the amount of structured and unstructured data available to banks has increased significantly. With advances in machine learning and cloud computing technologies, Artificial Intelligence (AI) is shaping the prospects of financial and banking services. Moreover, with the data history captured using AI-based solutions, core banks across the globe can make more informed business decisions on various functions, including customer experience, back-office operations, product management, and marketing.
The COVID-19 pandemic adversely affected the growth of the market for core banking software. However, banks across the globe are focusing on adopting time and cost-efficient modes of banking that are capable of reducing their operational expenses and improving customer experience. This is expected to create growth opportunities for the market over the forecast period.
Grand View Research has segmented the global core banking software market based on solution, service, deployment, end-use, and region
