Core Banking Software Market to Reach $21.12 Billion By 2028 | Oracle Corporation, Fiserv, TCS, and SAP AG Collectively Generates 39% of Revenue
Global core banking software market was valued at US$ 10.5 billion in 2021, and it is expected to reach a value of US$ 21.12 billion by 2028, at a CAGR of more than 10.5% over the forecast period (2022–2028).
Westford, USA, Sept. 01, 2022 (GLOBE NEWSWIRE) — From the last few years, a growing number of businesses in the core banking software market are adopting core banking software in order to streamline their operations. The software enables these businesses to manage their finances, customer relationships, and marketing efforts all from one platform. This saves time and money, and makes it easier for businesses to keep track of their finances.
As per SkyQuest’s analysis, many businesses in the global core banking software market are finding that core banking software is a valuable tool for managing their finances. It helps them to stay organized and make efficient decisions about where to spend their money. The software also makes it easy for businesses to keep track of their customers’ activity and progress. In fact, our recently published market research report showed that core banking software is now being adopted by almost 89% of all banks in the world. The study also found that for every 10% increase in customer churn rates, there was a corresponding 1.5% decrease in revenue in 2021. Through its automation capabilities, CBS can help banks prevent customers from churning and instead keep them locked into their relationships with the bank.
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SkyQuest Study Reveals Public Cloud Emerged as the Most Preferred Choice by Financial Institutes for Core Banking Software Deployment
Public cloud has become an integral part of the modern data center in the global core banking software market. It provides a cost-effective, scalable, and more reliable way to store, access, and manage company’s core banking applications. By using public clouds, banks or NBFCs can reduce their overall technology cost and improve security and disaster recovery planning.
One of the most popular public clouds for core banking is Amazon AWS. Amazon has released many innovations in cloud computing that make it an ideal choice for organizations looking for a public cloud to store their core banking applications. Amazon AWS includes features such as Auto Scaling, Multiple Roles Support, Security Groups and Quick Start Templates that make it easy to get started with the cloud. Additionally, AWS integrates with most major banking software platforms, making it easy to move current applications to the cloud.
In 2021, SkyQuest’ study om the core banking software market found that 85% of financial institutions evaluated public clouds as their preferred option when deploying core banking software, up from 76% in 2017. The primary reasons cited for this change were that public clouds offer global reach and the ability to deploy on demand. In addition, 88% of respondents cited lower total cost of ownership (TCO) as a benefit of using public clouds, compared to 65% who cited this as a benefit of using private clouds.
SkyQuest has identified the current trends in the global core banking software market. This will help the market participants in identifying what end-users are preferring and why are making the choice. The report would help in gaining deeper insights about their behavior, key players in the market, their growth strategies, targeting channel, impact of pricing on brand selection, impact of features of making purchasing decision, among others.
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Oracle Corporation, Fiserv, TCS, and SAP AG to hold 39% Share of the Global Core Banking Software Market
A research analyst at SkyQuest has estimated that Oracle Corporation, Fiserv, TCS, and SAP AG will dominate the global core banking software market with combined market share of 39%. The four companies are expected to benefit from the growth of the banking sector and the shift towards digital banking. The report attributes this growth to multiple factors, including the increasing use of mobile apps and cloud-based solutions.
The companies are also benefiting from their investments in R&D and their dominance in specific markets. Oracle Corporation has a strong presence in ERP systems, while Fiserv is dominant in payments processing. TCS is a leading provider of customer experience software, while SAP is a global leader in business process automation (BPA).
The companies across the global core banking software market are also focusing on expanding their products into new geographies and markets. Oracle Corporation is already active in over 160 countries around the world, while Fiserv has operations in over 50 countries, and TCS has operations in over 80 countries. SAP AG is also expanding its product offerings into new geographies, with plans to have products available in 100 countries by the end of 2022.
Our study suggests that Oracle Corporation has consistently been leading in terms of global core banking software market share and is expected to maintain its stronghold over the forecast period owing to its wide clientele such as HDFC Bank, Westpack, KeyBank, Interbanking, MKB Bank, among others.
SkyQuest has published report on global core banking software market. The report would help the market participants in identifying current growth opportunities, strength and weakness of leading market players, their clientele, market share analysis, competitive landscape, consumers base, revenue generation by each company, growth and marketing strategies and solution they provide to vendor. This information would come handy for devising growth strategies and gain a competitive edge over other competitors.
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Recent Developments in Global Core Banking Software Market
- In August 2022, Bank of Queensland (BOQ) went live with a new cloud-based core banking system. The system is developed by Temenos, a banking tech vendor, for its BOQ and Virgin Money brands
- In August 2022, Heritage Bank entered into new core banking system
- In August 2022, Galoy, raised $4m in funding to launch its open-source core bitcoin banking platform
- In August 2022, Savana, a US based player in the global core banking software market, raised $45 million to launch digitize banks’ services
- In August 2022, Advanced Mobile Factoring Solutions partnered with еfcom and Software Group for developing easier working capital financing solution
- In August 2022, MANTL announced a partnership with Credit Unions to develop an omnichannel deposit origination platform
SkyQuest has tracked over 100 key developments in the global core banking software market. These developments would help in gaining insights about new product launch, partnership, joint venture, new client acquisition, investment, vision of companies, and their growth plans in the near future.
Top Players in Global Core Banking Software Market
- Oracle Corporation (U.S.)
- SAP SE (Germany)
- Tata Consultancy Services Limited (India)
- Capital Banking Solutions (U.S.)
- EdgeVerve Systems Limited (India)
- Finastra International Limited (U.K.)
- Fidelity National Information Services, Inc. (U.S.)
- Fiserv, Inc. (U.S.)
- Mambu GmbH (Germany)
- Temenos AG (Switzerland)
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