The new report by Expert Market Research titled, ‘Global Core Banking Solutions Market Size, Share, Price, Growth, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global core banking solutions market, assessing the market based on its segments like component, deployment type, enterprise size, type, end-user and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 11.1 billion
- Forecast CAGR (2023-2028): 14.56%
- Forecast Market Size (2026): USD 25.1 billion
The growth of the global core banking solutions market is being driven by the rapid digitization and increasing technological advancements in the banking services. The ease in transactions such as deposits, fund transfers and other baking activities through core banking solutions is anticipated to further propel the market growth. Moreover, the advancement of remote operation services amidst covid-19 lockdown led to the surge in the demand for core banking technology, thereby bolstering the industry further. Additionally, the increasing penetration of smart phones and easy access to internet is likely to aid the market growth over the forecast period.
Core Banking Solutions Industry Definition and Major Segments
Core banking solutions refer to digital financial services via centralised systems for ensuring smooth and uninterrupted processes such as bank transactions. Core banking solutions digitally pairs the front end and the back-end services of banking structure.
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On the basis of component, the market can be categorised into:
The market, based on deployment model, can be divided into:
Based on enterprise size, the market can be segmented into:
- Large Enterprises
- Small and Medium Enterprises
On the basis of type, the market can be divided into:
- Enterprise Customer Solutions
Based on end user, the market segmentations include:
- Credit Unions and Community Banks
The regional markets for core banking solutions include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Core Banking Solutions Market Trends
Regionally, North America held the largest share in the global market for core banking solutions. This can be attributed to the large-scale adoption of the core baking solutions. Additionally, the increasing technological advances and integration of Big Data, IoT and AI in software sector is expected to bolster the regional growth. Meanwhile, Asia Pacific is projected to witness the fastest growth rate over the forecast period. The increasing adoption of web and mobile app-based banking solutions is projected to aid the growth rate. Moreover, the increasing adoption of UPI, mobile wallets, and internet banking by customers fuelled by growing e-commerce sector in developing economies such as India and China are expected to bolster the regional growth.
Key Market Players
The major players in the market are Capital Banking Solutions, EdgeVerve Systems Limited, Finastra Limited, Fiserv, Inc., Oracle Corporation, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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