Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Core Banking Solutions Market by Deployment Model (Cloud and On-Premise), by Component (Service and Solution), by Enterprise Size (Small & Medium Enterprises (SMEs) and Large Enterprises), by Type (Enterprise Customer Solutions, Deposits, Loans, and Others), and by End User (Credit Unions & Community Banks, Banks, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global core banking solutions industry is projected to gain $28,785.85 million by 2027, having witnessed a value of $9,856.45 million in 2019, exhibiting a CAGR of 14.6% from 2020 to 2027.
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63 – Tables
35 – Charts
270 – Pages
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2020–2027 |
| Base Year | 2019 |
| Market Size in 2019 | $9,856.45 million |
| Market Size in 2027 | $28,785.85 million |
| CAGR | 14.6 % |
| No. of Pages in Report | 270 |
| Segments Covered | Component, Deployment Model, Enterprise Size, Type, End User, And Region. |
| Drivers | Surge in adoption of core banking technology |
| Opportunities | Huge maintenance cost & shortage of skilled workforce |
| Restraints | Growth in mergers & acquisitions among banks & financial institutions across regions |
Prime Determinants of Market Growth:
The global core banking solutions market growth is driven by an increase in the adoption of core banking technology, and the numerous advantages of core banking solutions. However, a lack of awareness of core banking solutions, high maintenance costs, as well as a lack of skilled workers hindered market growth to some extent. On the other hand, the integration of AI into banking systems, and banks are increasingly engaging in mergers and acquisitions to expedite their product development processes by introducing core banking solutions is expected to provide lucrative opportunities for market growth in the coming years.
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The solution segment to retain its dominance throughout the forecast timeframe-
In terms of component, the solution segment held the major market share in 2019, acquiring nearly three-fourths of the global core banking solutions market revenue, and is expected to maintain its dominance throughout the forecast timeframe. This is due to banks and financial institutions increasingly utilizing advanced technology solutions to enhance their business operations. However, the service segment would display the fastest CAGR of 17.5% during the projection period. This is because it facilitates the fulfillment of customer requirements to the maximum extent.
The on-premises segment to rule the roost by 2027-
In terms of deployment model, the on-premises segment held the largest market share in 2019, accounting for nearly three-fifths of the global core banking solutions market revenue, and is projected to rule the roost by 2027. This is because it offers full control over the entire system's infrastructure, including both software and hardware. The cloud segment, on the other hand, would exhibit the fastest CAGR of 15.9% during the projection period. As the demand for infrastructure increases, it is necessary to reduce the amount of investment required.
North America garnered the major share in 2019-
By region, North America held the major market share in 2019, contributing to nearly two-fifths of the global core banking solutions market revenue. This is due to many international investors present in the North American region. They are using advanced technologies and core banking solutions to enhance their offerings. This has contributed to the growth of the market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.3% during the projection period. The banking sector has seen a huge increase in the use of web-based and mobile business applications, as well as a greater emphasis on research and development in the region.
Leading-Industry Players:
- Capital Banking Solutions
- Temenos Headquarters SA.
- Oracle
- Tata Consultancy Services Limited.
- Edge Verve Systems Limited.
- Finastra
- NCR Corporation
- SAP SE
- Fiserv, Inc.
- FIS
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This report offers thorough details of the industry's leading players in the global core banking solutions market. They have intended various strategies, including geographical expansions, the launch of new products, agreements, and joint ventures to gain their foothold in the market and remain dominant in various regions. The report helps to highlight the competitive dynamics of the market, as well as the performance of the business, the top segments, the product portfolio, and the strategic moves of leading players.
Key benefits for stakeholders
- The study provides in-depth analysis of the global core banking solutions market share along with current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the core banking solutions market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- An extensive analysis of the key segments of the industry helps to understand the global core banking solutions market trends.
- The quantitative analysis of the global core banking solutions market from 2020 to 2027 is provided to determine the market potential.
Core Banking Solutions Market Report Highlights
Aspects Details
By COMPONENT
- SOLUTION
- SERVICE
By DEPLOYMENT MODEL
- ON-PREMISE
- CLOUD
By ENTERPRISE SIZE
- LARGE ENTERPRISES
- SMALL & MEDIUM ENTERPRISES (SMES)
By Type
- ENTERPRISE CUSTOMER SOLUTIONS
- LOANS
- DEPOSITS
- OTHERS
By END USER
- BANKS
- CREDIT UNIONS & COMMUNITY BANKS
- OTHERS
By Region
- NORTH AMERICA (U.S., CANADA)
- EUROPE (UK, GERMANY, FRANCE, SPAIN, NETHERLANDS, ITALY, REST OF EUROPE)
- ASIA-PACIFIC (CHINA, INDIA, JAPAN, SINGAPORE, AUSTRALIA, REST OF ASIA-PACIFIC)
By LAMEA
- LATIN AMERICA
- MIDDLE EAST
- AFRICA
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