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Core Banking Software Market to Surge at 18.0% CAGR till 2028; Improving Access to Formal Banking Systems in Emerging Economies to Boost the Market: Fortune Business Insights™

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Pune, India, Oct. 28, 2021 (GLOBE NEWSWIRE) — The global core banking software market size is projected to reach USD 34.48 billion by 2028, exhibiting a CAGR of 18.0% during the forecast period. The growing presence of fintech startups in the banking industry will be one of the primary accelerators for this market, postulates Fortune Business Insights™ in its report, titled “Core Banking Software Market, 2021-2028”. In 2020, the value of the market stood at USD 9.40 billion.

The banking sector in most countries is getting speedily digitized, stoking the need for innovative technology-based solutions to facilitate smooth banking services. These emerging needs have led to the spawning startups specializing in financial technologies. For example, Germany-based solarisBank is a startup that offers a banking-as-a-service platform that enables businesses to extend clean financial services to their end customers. The company also holds a full-fledged banking license within Germany. Another example is Thought Machine, a startup based in London that provides VaultOS, its core banking software platform. Since 2016, the company has entered into high-profile partnerships with Lloyds Banking Group, Atom Bank, and IBM. The steadily expanding operations of these entities are widening the scope of this market in a promising manner.

To get to know more about the short-term and long-term impact of COVID-19 on this Core Banking Software Market

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List of Key Players Profiled in Core Banking Software Market Report

  • C-Edge Technologies Ltd. (Mumbai, India)
  • VSoft Technologies Pvt. Ltd. (Telangana, India)
  • Jack Henry & Associates, Inc. (Missouri, United States)
  • Temenos AG (Geneva, Switzerland)
  • Wipro Limited (Bengaluru, India)
  • NCR Corporation (Georgia, United States)
  • HCL Technologies Limited (Noida, India)
  • Tata Consultancy Services Limited (Mumbai, India)
  • Microsoft Corporation (Washington, United States)
  • International Business Machines Corporation (IBM) (New York, United States)
  • Alphabet Inc. (Google LLC) (California, United States)
  • Computer Services, Inc. (CSI) (Kentucky, United States)
  • Unisys Corporation (Pennsylvania, United States)
  • Fidelity National Information Services, Inc. (FIS) (Florida, United States)
  • Fiserv, Inc. (Wisconsin, United States)
  • Finastra (London, United Kingdom)
  • Intellicus Technologies (California, United States)
  • Capgemini SE (Paris, France)
  • Infosys Limited (Bengaluru, India)
  • Oracle Corporation (California, United States)
  • SAP SE (Walldorf, Germany)

Core Banking Software Market Share Report Scope and segmentation:

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 18.0%
2027 Value Projection USD 34.48 Billion
Base Year 2019
Market Size in 2020 USD 10.84 Billion
Historical Data for 2017 to 2019
No. of Pages 140
Segments covered    Deployment; Banking Type; End-user and Region
Growth Drivers North America Generates USD 4.26 Billion in Revenue; Asia Pacific to Exhibit Fastest Growth
Increasing Adoption of Virtual Tools by Banks amid COVID-19 to Fuel Market Growth
 

Pitfalls & Challenges

Information Security and Privacy Concerns Associated with Banking System May Hinder Growth

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Regional Insights

North America Generates USD 4.26 Billion in Revenue; Asia Pacific to Exhibit Fastest Growth

North America is expected to lead the core banking software market share during the forecast period owing to the release of advanced virtual banking solutions by key players in the regions. For example, Fidelity National Information Services (FIS) launched ClearEdge, its core banking solution for community banks, in August 2020.

In Asia Pacific, the market for core banking software is set to gain larger ground on account of the rapidly expanding formal banking sector in the region’s growing economies of India, China, and Vietnam. On the other hand, the Europe market is anticipated to showcase steady growth due to the strong presence of global fin-tech companies in the region.

Driving Factor

Increasing Adoption of Virtual Tools by Banks amid COVID-19 to Fuel Market Growth

The outbreak of the COVID-19 pandemic has been a blessing in disguise for the core banking software market growth, with the market registering growth of 15.1% in 2020 and reaching a value of USD 10.84 billion in 2021, as banks around the globe are rapidly transforming their processes through virtual technologies. For example, in April 2020, TSB, the British commercial bank, introduced a Smart Agent application on its website to ensure immediate access to customers to the various steps taken by the bank amid the coronavirus pandemic. Moreover, to provide employees secure remote access to bank data, some banks have installed systems to simplify work from home. For example, in the US, in March 2020, New Orleans-based Gulf Coast Bank allowed its employees to access VPNs to ensure enhanced security while working from home or while working from personal devices. Thus, digitization trends in the banking industry have accelerated due to the coronavirus and with countries grappling with the second and third waves of the contagion, these trends are likely to get an additional push and boost the uptake of core banking software.

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Highlights of the Report

The Core Banking Software Market report contains valuable insights into the market drivers, trends, opportunities, and hindrances and supplies a detailed study of all market segments, individually and collectively. Furthermore, the report also offers a comprehensive analysis of the regional dynamics influencing market growth and provides a microscopic evaluation of the key players’ profiles and growth strategies.

Segmentation

On the basis of deployment, the market is bifurcated into SaaS/hosted and licensed.

Based on banking type, this market has been segregated into large banks, midsize banks, small banks, community banks, and credit unions. The large banks segment held a dominant share of 34.3% in 2020 in the global and a share of 35.8% in the US market in 2020. 

By end-user, the Core Banking Software Market has been categorized into retail banking, treasury, corporate banking, and wealth management.

In terms of geography, the global market has been divided into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.

Competitive Landscape

Operational Expansion in Profitable Regions to be the Focal Area for Key Players

With the demand for efficient core banking software and solutions surging worldwide, key players in this market are identifying regions where their investments will bring maximum returns. These regions usually comprise countries where the digitization of banking services and networks is simplified due to low populations. The introduction of virtual banking solutions in such countries is enabling companies to secure a firm foothold in the global market.

Industry Development

  • December 2020: Larsen & Toubro Infotech (LTI) collaborated with the banking software specialist, Temenos, to roll out the Digital Banking Platform in Nordic countries. The idea behind the launch is to modernize core banking systems in these countries and make financial institutions more agile and scalable.

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Table Of Content:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Core Banking Software Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
  • Global Core Banking Software Key Players Market Share Insights and Analysis, 2020
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments

TOC Continued…!

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           About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Artificial Intelligence

Cyber insurtech BOXX partners with Zurich Insurance Group in Switzerland to introduce breakthrough personal cyber product

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TORONTO, May 21, 2024 /PRNewswire/ — Award-winning global Insurtech BOXX Insurance Inc. that combines cyber insurance and security has announced the launch of a cutting-edge cyber risk solution in collaboration with Zurich Insurance Group in Switzerland, providing digital protection for individuals and families. 

Recognizing the critical need for comprehensive protection against digital threats Zurich Insurance in Switzerland has partnered with technology partner BOXX Insurance to develop a user-friendly solution designed to help individuals and families better predict and prevent potential scams and digital threats.
Designed for simplicity, the app’s personalized experience puts users’ digital safety front and centre, featuring an easy-to-use interface designed by Zurich Insurance in Switzerland and developed by BOXX in close collaboration with Zurich. The App is now available in Switzerland offering support in English, German, French and Italian.
“We created this to give individuals and families what they want – an app that delivers an essential bundle of tools at users fingertips including access to experts in the event of a cyber emergency,” explained Vishal Kundi, CEO and Founder, BOXX Insurance. “Smartphones have become the fastest-selling gadgets in history. They have penetrated every aspect of daily life. The average person picks their phone up to 100 times a day so if we want to make their world a digitally safer place, we have to ensure their phone and their usage is better secured,” Kundi added.
“An extensive research conducted by Zurich Insurance in Switzerland showed that many are not aware of online dangers and that around a quarter have already been victims of a cyber-attack. In addition, customers are simply overwhelmed with the range of cyber products,” says René Harlacher, Chief Underwriting Officer of Zurich Insurance in Switzerland. “At Zurich, it’s our mission to go beyond mere protection, and also offer our customers tools to help them build resilience and implement preventative measures against cyber risks. Based on these facts, we are expanding our cyber offering for private individuals so that we can provide them with support before, during and after a possible cyber-attack. This is exactly where our joint offering with BOXX Insurance comes in, as a way to lend additional support to our customers,” he adds.
The newly launched solution by Zurich Insurance in Switzerland focuses on providing essential services to help prevent digital threats combined with emergency assistance and support in case of an emergency. Delivered to end customers by Zurich, key features include:
Identity Protection: Identifies if personal data captured in the app shows up on the dark web and notifies users, providing help and advice to reduce threats of identity theft.Secure VPN: By creating a secure and encrypted internet connection the VPN protects data from potential threats such as hacking, identity theft, and phishing attacks. Secure WiFi: Scans WiFi networks for threats and helps proactively detect security issues.Safe Browsing: Warns against harmful websites and links to protect privacy and personal data.Device Protection: Checks and improves the security settings of devices. Devices with the Android operating system are additionally protected against viruses and malware.Password Manager: Creates and manages strong passwords and assists with their use.Edutainment: Educational content in an entertaining way to raise awareness of personal cyber security.Emergency Support and Assistance: Help and assistance from cyber security experts to provide support in cyber emergencies and for many other IT-related problems.   The new offering is available here: https://www.zurich.ch/en/private-customers/living-events/cyberprotection/insurance-prevention
“From providing protection from the dangers of being connected at home and on the go, customers now have the means to keep their devices and data secure and have access to indispensable help in an emergency, all in one easy-to-use app,” Kundi added.
Zurich has been working with BOXX since 2021 and participated in BOXX’s Series A and Series B funding rounds. As a Zurich Global Ventures portfolio company, BOXX is proud to now extend the ongoing collaboration with Zurich to enable Swiss customers to be digitally safer.
About BOXX Insurance 
BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. Privately-held with headquarters in Canada, BOXX has global offices in Toronto, Miami, Zurich, Dubai and Mumbai.
BOXX Insurance is an award-winning global cyber protection and insurance provider. We’re not a typical company. That’s by design. We’re serious about making the world a digitally safer place; creating real, positive changes for our clients and partners, and building a lasting legacy, from what we create, inside the BOXX.
Every day we’re improving the digital health of businesses, families and individuals around the world who rely on BOXX’s solutions and services to predict, prevent and insure them against cyber threats.
Media Contact: Sarah Madden, [email protected] 

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Amp Finalises Commercial Agreements for Cape Hardy Advanced Fuels Precinct

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ADELAIDE, Australia, May 21, 2024 /PRNewswire/ — Amp Energy (“Amp” or the “Company”) announced today it has finalised all required commercial agreements for the development of the Cape Hardy Advanced Fuels Precinct – one of the leading green hydrogen, green ammonia and advanced fuel projects in Australia. The agreements, which were executed with Iron Road Ltd, include the purchase of a 630-hectare parcel of land at Cape Hardy as well as finalised royalty structure and common user infrastructure agreement. Amp will continue to build upon development progress made since announcing the Strategic Framework Agreement with Iron Road Ltd in April 2023 to bring advanced fuel production capacity to Cape Hardy.

The Cape Hardy Advanced Fuels Precinct will provide production at scale with up to 10 GW of planned electrolyser capacity. Development will be structured to initially bring 1 GW online with incremental stages to reach 10 GW of total capacity.   The project will both cater to the domestic Australian market, supporting the Australian Government’s net zero goals, while also featuring global export capabilities.  To facilitate distribution, Cape Hardy will be equipped with Australia’s first purpose-built advanced fuels export terminal.   
Amp has been in discussions to develop the Cape Hardy Advanced Fuels precinct, in collaboration with Iron Road Ltd and The Government of South Australia, for the past two years. During that time, Amp has made significant development progress.  The project’s concept, design, and pre-Front End Engineering Design (FEED) phase have been studied and reviewed by two leading global engineering firms, Arup and Technip Technologies, as Amp targets completion of pre-FEED studies for the first 1 GW electrolyser phase over the next 9 months. FEED scoping and contracting is currently underway ahead of awarding the FEED contract in late 2024 or early 2025.
Desalinated water is to be sourced from the recently announced Northern Water Supply (NWS) seawater desalination plant that will be located at Cape Hardy to meet the project’s demand for electrolyser feed water, cooling water, process plant water, and fire water. Amp is co-funding pre-FID expenditures for the NWS project.
Additionally, Amp is working closely with the Barngarla Determination Aboriginal Corporation RNTBC (“BDAC”).  With continued support from the BDAC, Amp is confident the Cape Hardy Advanced Fuels Precinct will have a meaningful economic impact on the region.  Amp currently estimates this will include approximately 4,000 direct and 6,000 indirect jobs for the first gigawatt of electrolyser capacity alone.
“We are seeing growing demand for Advanced Fuels both in Australia and abroad. This includes green ammonia, liquid hydrogen, methanol, and sustainable aviation fuel. The Cape Hardy Advanced Fuels Precinct will allow for large-scale production of these fuels that will be critical to the energy transition and achieving net zero targets. We could not be more excited about the project’s potential impact, and we are grateful for the partnership and continued support from Iron Road Ltd, the South Australian Government and BDAC as we progress full steam ahead on development” said Paul Ezekiel, Amp President and Co-founder.
Minister for Trade and Investment, Joe Szakacs said “The State Government recognises the strategic importance of the Cape Hardy Advanced Fuels Precinct attracting investment into the state for domestic and export opportunities, as there is an increasing flight to quality for hydrogen projects worldwide.”
About AmpAmp Energy is a global energy transition development platform, which delivers renewables, battery storage, Advanced Fuels and green AI data centers at scale, together with proprietary AI-enabled grid flexibility through its Amp X platform. Since its inception 15 years ago, Amp has developed and built or contracted 14 GW of assets globally. Amp is backed by major investments from institutional capital partners including global private equity firm the Carlyle Group, who has invested over US$440 million. The company has global operations throughout North America, the UK, Australia, Japan, and Spain.
For more information, please visit amp.energy

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GEEKOM A8 AI PC is now available for €799 and up.

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TAIPEI, May 21, 2024 /PRNewswire/ — The GEEKOM A8, a highly anticipated Next-Gen AI mini PC with an AMD HawkPoint Ryzen 8040 processor, is now available.

The A8 employs a metal housing with rounded corners and anodized matte finish, giving it a gorgeous and stylish look. Having a footprint smaller than the palm of a hand, the mini PC will conveniently fit in all types of desktop arrangement and instantly elevate the aesthetics of any workspace.
There are two variants of the GEEKOM A8, users have the option to choose between two processors from the same AMD HawkPoint family: Ryzen 7 8845HS and Ryzen 9 8945HS. Both chips feature 8 Zen 4 CPU cores, 16 threads, 16MB L3 cache, an AMD Radeon 780M integrated GPU as well as a Ryzen AI Engine NPU, but the Ryzen 9 8945HS is designed to offer slightly better performance, thanks to its higher CPU and GPU frequencies.
With a greatly enhanced NPU, the A8 can execute 60% more AI workloads than mini PCs with last-generation Ryzen 7040 chips, allowing users to embrace a new era of AI computing. For average consumers, the A8 will quickly find answers to all questions and turn texts into images and videos. For business users, the A8 will automatically summarize notes, transcribe calls, and take meeting minutes. For professional content creators, the A8 will bring much faster AI-powered photo editing, quicker video output, and speedier multi-tasking, helping bring the most ambitious ideas to life. With the new IceBlast 1.5 cooling technology, the A8 can stay cool and stable even when tasks are loaded.
Besides its powerful performance, the A8 also offers a wide array of ports, including four USB-A (including three USB3.2 Gen2), two HDMI2.0, a 40Gbps USB4, a multi-function Type-C, an SDXC slot, and a 3.5mm audio jack. Users can choose to connect the mini PC to an eGPU, ultra high-speed portable storage, or up to four 4K displays.
The A8 is now available on GEEKOM’s independent website. The 8845HS and 8945HS variants are priced at €799 and €949 respectively. Regardless of the CPU option, each unit is preinstalled with 32GB dual-channel SO-DIMM DDR5-5600 RAM, a fast 1TB M.2 2280 PCIe4.0*4 SSD, a wireless card that supports WiFi 7 and Bluetooth 5.4, and a licensed copy of Windows 11 operating system.
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