Core Banking Software Market to Exhibit 17.7% CAGR over 2024 to 2032; Azentio Joins Forces with Path Solutions to Strengthen Industry Footing

The global core banking software market size stood at USD 14.54 billion in 2023. The market value is slated to rise from USD 17.00 billion in 2024 to USD 62.75 billion by 2032 at a CAGR of 17.7% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Core Banking Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (SaaS/Hosted and Licensed), By Banking Type (Large Banks, Midsize Banks, Small Banks, Community Banks, and Credit Unions), By End-user (Retail Banking, Treasury, Corporate Banking, and Wealth Management), and Regional Forecast, 2023-2030”.

Surge in Market Value Owing to Rising Inclination Toward the Development of Advanced Systems Amid Coronavirus Pandemic

The COVID-19 pandemic witnessed the adoption of work from home culture by various financial institutions. Many banks faced a range of challenges for restoring the changes associated with the credit scenario and overall loan management. Additional factors hindering industry expansion included lockdown restrictions. However, the ease of the same helped in the revival of industry growth.

Azentio Software Inked a Partnership with Path Solutions to Acquire Software Assets

In August 2021, Azentio Software entered into a binding agreement with a leading provider of core banking software, Path Solutions. The deal was aimed at acquiring certain software assets. The acquisition will bolster Azentio’s banking portfolio via the addition of a full spectrum of next generation solutions with Islamic financial institutions and banks at the center.

Path Solutions is known for the provision of an inclusive range of retail banking, core banking, lending, transaction banking, digital banking, treasury, and analytics solutions to financial institutions and banks.

Soaring Deployment of Cloud-based Solutions to Impel Market Growth

The core banking software market growth is set to exhibit substantial expansion over the forecast period. The surge can be attributed to the escalating adoption of Software as a Service (SaaS)-based or cloud-based banking platforms. The solutions allow enterprises to monitor payments, transactions, and other banking activities.

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Major Industry Players Enter into Collaborations to Expand Product Reach

Leading core banking software companies are centered on the formulation and implementation of a range of strategic initiatives for the consolidation of industry position. These include merger agreements, acquisitions, and the rollout of new products. Some of the additional initiatives comprise an increase in research activities.

Key Players Covered in the Report:

• Oracle Corporation (U.S.)


• SAP SE (Germany)


• Tata Consultancy Services Limited (India)


• Finastra International Limited (U.K.)


• Capital Banking Solutions (U.S.)


• EdgeVerve Systems Limited (India)


• Fidelity National Information Services, Inc. (U.S.)


• Fiserv, Inc. (U.S.)


• Mambu GmbH (Germany)


• Temenos AG (Switzerland)

Notable Industry Development

• April 2023 – Oracle FS in association with Profinch (Oracle’s FLEXCUBE implementation partner) has been finalized by Ethiopia-based OMO Bank to implement core banking software along with new fraud prevention and anti-money laundering (AML) software.


• March 2021 – Hellenic Bank entered into a collaboration with Backbase, a provider of supplementary digital banking services and engagement banking platforms. The deal led to the rollout of a retail core banking platform.

Further Report Findings

• The North America core banking software market share is poised to grow at an appreciable pace throughout the estimated period. The surge is driven by the increasing adoption of innovative banking solutions by major banks in the region.


• The Asia Pacific market is set to emerge as the fastest-growing region over the forecast period. The rise can be credited to the escalating adoption of mobile applications and web-based businesses.


• Based on deployment, the SaaS/hosted segment is estimated to record substantial expansion throughout the study period. The growth is on account of the rising demand for cloud-based banking systems from businesses.

Table of Segmentation