Core Banking Solutions Market Growth Report Size Outlook, Share Value, Global Growth Drivers and Industry Forecast to 2027
Global Core Banking Solutions Market Growth Report Scenario:
Global Core Banking Solutions Market Growth Report is estimated to reach USD 9,359.89 Million by 2027, recording a CAGR of 5.61% during the forecast period (2020–2027). Core banking is defined as the service delivered by a group of networked bank branches, where the customers can perform all the banking activities such as money transactions, payments, loans, debts, and accessing accounts from any location through a device of their choice.
Core banking is similar to retail banking and most banks consider retail customers as their core banking customers. Core banking solutions are being adopted by a number of banks for easy flow of banking activities, enhanced risk management, and remote monitoring of transactional activities from any branch of the bank. Internet banking, mobile banking, ATMs, fund transfers, and point of sales systems (POS) are some of the most popular core banking solutions.
The COVID-19 pandemic disruption is estimated to transform the Core Banking Solutions Market Growth Report in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the Core Banking Solutions Market Growth Report meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
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Segmentation:
· The global Core Banking Solutions Market Growth Report has been segmented based on component, deployment, and region.
· Based on the component, the Core Banking Solutions Market Growth Report has been segmented into solution and service. The solution segment accounted for the larger share in the overall market in 2018.
· Based on deployment, the Core Banking Solutions Market Growth Report has been segmented into on-premise and cloud-based software solutions. The cloud-based segment is expected to register the higher CAGR during the forecast period, 2019–2025.
Regional Analysis:
North America is expected to be the largest market for core banking solutions during the forecast period. North America has been segmented into three countries, namely the US, Canada, and Mexico.
Europe is expected to hold the third position (in terms of market share) in the overall market during the forecast period. In Europe, the rest of Europe accounted for the largest share in the year 2018. The rest of Europe includes the Netherlands, Denmark, Spain, and Italy, among others. Italian banking is increasingly encouraging the growth of fintech.
The US is the largest market in the core banking solution industry, owing to the wide presence of vendors offering services to a large number of banks. For instance, Technisys offers Cyberbank Core—a banking software that is designed to minimize operational and technology costs while increasing profits and customer satisfaction. Additionally, the country’s banking industry is becoming increasingly digitalized, and it is projected that by 2022, the US banks are likely to invest heavily in technology for banking.
Competitive Outlook:
The key players of the global Core Banking Solutions Market Growth Report are Jayam Solutions Private Limited (India), UNISYS (US), SAP SE (Germany), Fiserv, Inc. (US), Infosys Limited (India), HCL Technologies Limited (India), Tata Consultancy Services (India), Capgemini SE (France), Oracle Financial Services Software Limited (India), Temenos Group AG (Switzerland), and Fidelity National Information Services, Inc. (US).
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Table of Contents:
1 Executive Summary
2 Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.3 Research Objective
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Coverage Type
3.6 List Of Assumptions
Continued….
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