[Latest] Global Core Banking Software Market Size/Share Worth USD 64.65 Billion by 2034 at a 15.3% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth Rate, Value, SWOT Analysis)

Austin, TX, USA, June 09, 2025 (GLOBE NEWSWIRE) — Custom Market Insights has published a new research report titled “Core Banking Software Market Size, Trends and Insights By Component (Solution, Service), By Deployment (Cloud, On-premise), By End Use (Banks, Financial Institutions, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2025–2034“ in its research database.

“According to the latest research study, the demand of the global Core Banking Software Market size & share was valued at approximately USD 15.83 Billion in 2024 and is expected to reach USD 17.94 Billion in 2025 and is expected to reach a value of around USD 64.65 Billion by 2034, at a compound annual growth rate (CAGR) of about 15.3% during the forecast period 2025 to 2034.”

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Core Banking Software Market Overview

As per the industry experts at CMI, the landscape of core banking software is changing rapidly, driven by the need for flexibility, cloud-based solutions, and customer-driven banking experiences across retail, commercial banking, and digital banking. Organizations like Temenos, Oracle, and Finastra are innovating at a frenetic pace with advances in AI-enhanced risk management, real-time transaction processing, and flexible, modular banking capabilities.

Governments are supporting digital banking transformation to improve financial inclusion and meet strict banking regulations. Digital-only banks and fintech partnerships are changing traditional banking models, especially for emerging economies that require solutions that are highly scalable and cost-effective. Omnichannel banking experiences, open banking, and API ecosystems are providing seamless customer journeys.

As competition heats up, strategic partnerships, continued innovation, and localization strategies will be required of core banking providers focused on de-risking and delivering personalized, secure, regulated banking experiences to create customer loyalty and ensure operations remain sustainable into the future.

Core Banking Software Market Growth Factors and Dynamics

• Increasing demand for digital transformation in banking operations: The transformation of banking operations across the globe continues to accelerate at a rapid pace as evolving customer expectations and competitive challenges force banks to digitize their operations. Digital transformation is the use of modern day, digital core banking systems software, enabling banks to offer services to customers online and through mobile banking apps while increasing customer expectations for immediate transactions. As banks transition away from their legacy systems and transition towards agile, cloud core banking solutions, financial institutions are realizing operational efficiencies, new revenue opportunities, and improved customer engagement. All of these developments are also enabling banks to innovate products and launch them faster, personalize customer experiences, and engage the fintech industry. Rising consumer demand for cashless transactions and de-banking, accelerated by COVID-19, has led financial institutions to realize the need for digital change, which is fundamentally shifting the entire banking landscape. Overall, digital transformation has established itself as a significant driver of growth for the market of core banking software. For instance, in May 2024, Temenos unveiled a novel Generative AI solution for the banking platform. This solution can be integrated with Temenos Core and Financial Crime Mitigation (FCM) solutions. Integration of generative AI technology will transform the way banks relate to their data and enhance profitability and productivity, resulting in a substantial return on investment.

• Growing adoption of cloud-based core banking solutions: Adoption of cloud-based core banking systems continues to rise rapidly as cloud technology itself provides a means for banks to scale and unify systems while promoting a cost-effective approach to modernizing antiquated core banking systems. Cloud-based core banking systems facilitate real-time information sharing, allow banks to reduce expenditure on infrastructure, and offer rapid deployment of new capabilities. The shared cloud environment supports real-time integrations with third-party fintech through Application Program Interfaces (APIs), which promote easier experiences, innovation, and improved customer engagement. For instance, in January 2023, Kenya-based fintech company Kwara acquired IRNET Coop to deploy a cloud-based core banking platform. This acquisition also provided access to IRNET’s existing consumer base, as it was a subsidiary of the Kenya Union of Savings and Credit Cooperatives (KUSCC). Such advancements aim to accelerate cloud adoption among enterprises, offering comprehensive banking functionalities to consumers. Additionally, cloud-based core banking systems support remote banking channels and disaster recovery for service continuity, enabling banks to flexibly use resources as needed and pay for usage through a subscription or pay-as-you-go model, which encourages banks of all sizes to embark on a cloud journey and contributes to overall market growth.

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• Rising need for real-time transaction processing and instant payments: Consumers and businesses increasingly expect fast and efficient payment solutions that process transactions instantly. Real-time transaction processing is essential for enabling immediate fund transfers, reducing fraud risks, and improving liquidity management. Core banking software is evolving to support instant payments, real-time balance updates, and 24/7 transaction capabilities. Such functionality is critical in enhancing customer satisfaction and staying competitive as digital payment ecosystems grow. Furthermore, regulatory bodies across many countries are mandating faster payment systems, pushing banks to upgrade their infrastructure. The demand for real-time processing drives banks to invest heavily in advanced core banking platforms that can handle high transaction volumes securely and efficiently.

• Rapid growth of mobile and internet banking users worldwide: The global surge in smartphone penetration and internet access has revolutionized banking, shifting the majority of transactions to digital channels. Mobile and internet banking offer convenience, speed, and 24/7 access, driving customers away from traditional branch visits. Core banking software must support this digital shift by enabling secure, scalable, and user-friendly online platforms. Banks are investing in enhancing mobile app capabilities, integrating biometric security, and offering personalized digital services to meet customer demands. This growth in digital users creates immense pressure on banking systems to handle increased traffic, ensure uptime, and deliver seamless omnichannel experiences, which in turn fuels demand for sophisticated core banking solutions.

Report Scope