The global core banking software market size is seemingly set for some impressive growth in the next seven years and is expected to reach a value of $16.38bn in 2027.
That represents a compound annual growth rate of $7.5% between 2020 and 2027, according research by Grand View Research.
The growth in the market is driven by telecommunication and computer technology enabling businesses to more easily share banking information with bank branches efficiently and quickly.
“Financial institutions and banks are adopting core banking software as it enables them to facilitate decision making through real-time reporting and analytics,” the researchers wrote.
“Large financial institutions are focusing on implementing their custom care core banking systems. Additionally, credit unions and numerous community banks are outsourcing their core banking systems, thereby driving the market growth. Large financial institutions and banks are increasingly realizing the need to focus on ways of achieving customer delight, thereby creating growth opportunities for the market.”
That being said, the researchers said that the Covid-19 pandemic may have slowed down the growth of the core banking software market, but that increasing demand from customers will still nurture it.
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