Core Banking Solutions Market Size is projected to reach USD 50 Billion by 2030, growing at a CAGR of 14.8%: Straits Research

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The global core banking solution market was valued at USD 14 billion in 2021. It is projected to reach USD 50 billion by 2030, growing at a CAGR of 14.8% during the forecast period (2022–2030). North America is the highest revenue contributor and is estimated to grow at a CAGR of 12.7% during the forecast period

New York, United States, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Core Banking Solutions (CBS) is the networking of branches, facilitating the execution of everyday transactions such as withdrawal, passbooks, cash deposits, statements of accounts, and demand draughts. In addition, users can avail of banking services and operate their accounts from any branch of the banks on a single platform supplied by the CBS network. Moreover, fundamental banking solutions rely on computer and internet technologies to give users an optimized banking service experience. Furthermore, fundamental banking solutions enable to address constantly changing market & customer needs, enhancing & simplifying banking operations, speeding up banking transactions, and extending presence in rural & distant locations.

The rapid shift in customer behavior and preferences toward availing banking products & services has driven banks to enhance their existing product lines by incorporating core banking solutions to provide cost-effective and efficient banking services. Moreover, banks are using technology such as application programming interfaces (APIs), data analytics, artificial intelligence, cloud computing, and robotic process automation (RPA) to modernize banking capabilities and deliver real-time financial services. These factors, as a result, boost the core banking solutions market expansion.


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Need to Provide Better Customer Services Drive the Global Core Banking Solutions Market

Banks are upgrading their existing product lines on the market due to a significant shift in consumer preferences for banking products and services. To deliver cost-effective and efficient banking services, the market is anticipated to see an increase in the need for connecting traditional banking systems to a centralized server. Banks are rapidly adopting and deploying core banking systems to provide convenient services and ensure operational transparency. Banks' focus has shifted toward growing existing product lines, enhancing techniques to manage operation costs, and enhancing customer service in the marketplace. Therefore, these factors promote the expansion of the market for core banking solutions.

Emerging Economies Create Lucrative Opportunities for the Global Core Banking Solutions Market

As several banks and financial institutions adopt advanced technology into their business operations, developing economies present core banking solution suppliers with ample opportunity to increase their products. High expenditures in expanding and converting existing product lines, enhancing operations to meet client requests, and increasing the productivity of business operations are anticipated to be the primary factors driving market expansion. In addition, countries such as Australia, China, India, Singapore, and South Korea are critical users of core banking solutions and are anticipated to drive market growth in the following years.


Report Scope

Report Metric

Details

Market Size

USD 50 Billion by 2030

CAGR

14.8% (2020-2030)

Historical Data

2019-2020

Base Year

2021

Forecast Period

2022-2030

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Component, Deployment Model, Enterprise Size, Type, End-user, Regions

Geographies Covered

North America, Europe, Asia-Pacific, LAME and Rest of the World

Key Companies Profiled/Vendors

Capital Banking Solutions, EdgeVerve Systems Limited, Finastra, FIS, Fiserv, Inc., NCR Corporation, Oracle, SAP SE, Tata Consultancy Services Limited, and Temenos Headquarters SA

Key Market Opportunities

Untapped Potential of Emerging Economies

Key Market Drivers

Need to Provide Better Customer Services

Booming Adoption of Core Banking Technology

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Regional Insights

North America is the highest revenue contributor and is estimated to grow at a CAGR of 12.7% during the forecast period. The expansion of the core banking solutions market in the area is primarily driven by advancements in information technology and the development of interactive and consumer-friendly user interfaces for websites and banking applications. In addition, consumers in this region are the most advanced core banking solution users. This is a result of the presence of major global players and the substantial government support for investment and adoption of advanced banking solutions in the region.

Asia-Pacific is the fastest-growing region. This is attributed to the rapid deployment of new architectures to encourage digital banking to preserve brand loyalty, accelerate a better user experience, and extend banking channel operations. In addition, an increase in internet usage and a substantial government budget for expenditure on information technology (IT) for banks are anticipated to stimulate market expansion in the region. The rise in the adoption of different core banking solutions platforms and the shift in consumer preferences toward convenient payment methods are also anticipated to create attractive market prospects in the upcoming years.

Europe is the second-largest region and is projected to reach USD 15 billion by 2030, growing at a CAGR of 14.4%. Increasing use of core banking solutions by banks for tracking and managing significant financial transactions, technological developments, and the expansion of existing banking services are some of the most prominent trends in the region. Major drivers projected to fuel the growth of the European core banking solutions market include increased internet use, improved consumer knowledge of real-time banking solutions, and increased banking payment services.


Key Highlights

  • The global core banking solution market was valued at USD 14 billion in 2021. It is projected to reach USD 50 billion by 2030, growing at a CAGR of 14.8% during the forecast period (2022–2030).

  • By components, the global core banking solutions market is bifurcated into Solutions and Services. The Solution segment is the highest contributor to the market and is estimated to grow at a CAGR of 13.5% during the forecast period.

  • By deployment model, the global core banking solutions market is divided into On-premise and Cloud. The On-premise segment is the highest contributor to the market and is estimated to grow at a CAGR of 13.7% during the forecast period.

  • By enterprise size, the global core banking solutions market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). The Large Enterprises segment is the highest contributor to the market and is estimated to grow at a CAGR of 14% during the forecast period.

  • By type, the global core banking solutions market is segmented into Enterprise Customer Solutions, Loans, Deposits, and Others. The Enterprise Customer Solutions segment is the highest contributor to the market and is estimated to grow at a CAGR of 14.1% during the forecast period.

  • By end-users, the global core banking solutions market is segmented into Banks, Credit Unions & Community Banks, and Others. The Banks segment is the highest contributor to the market and is estimated to grow at a CAGR of 13.8% during the forecast period.

  • By region, the global core banking solutions market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America holds the maximum market share.


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The key players in the global core banking solutions market are

  • Capital Banking Solutions

  • Finastra

  • FIS

  • Fiserv, Inc.

  • NCR Corporation

  • Oracle

  • SAP SE

  • EdgeVerve Systems Limited

  • Tata Consultancy Services Limited

  • Temenos Headquarters SA.


Global Core Banking Solutions Market: Segmentation

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 Regions

  • North America

  • Europe

  • Asia-Pacific

  • LAMEA


TABLE OF CONTENT

  1. Introduction

    1. Market Definition

    2. Market Scope

  2. Research Methodology

    1. Primary Research

    2. Research Methodology

    3. Assumptions & Exclusions

    4. Secondary Data Sources

  3. Market Overview

    1. Report Segmentation & Scope

    2. Value Chain Analysis: Core Banking Solutions Market

    3. Key Market Trends

      1. Drivers

      2. Restraints

      3. Opportunities

    4. Porter’s Five Forces Analysis

      1. Bargaining Power of Suppliers

      2. Bargaining Power of Buyers

      3. Threat of Substitution

      4. Threat of New Entrants

      5. Competitive Rivalry

    5. Market Share Analysis

  4. Component Overview

    1. Introduction

      1. Market Size & Forecast

    2. Solution

      1. Market Size & Forecast

    3. Service

      1. Market Size & Forecast

  5. Deployment Model Overview

    1. Introduction

      1. Market Size & Forecast

    2. On-premise

      1. Market Size & Forecast

    3. Cloud

      1. Market Size & Forecast

  6. Regional Overview

    1. Introduction

      1. Market Size & Forecast

    2. America

      1. North America

      2. U.S.

        1. By Component

        2. By Deployment Model

      3. Canada

        1. By Component

        2. By Deployment Model

      4. Mexico

        1. By Component

        2. By Deployment Model

      5. Latin America

        1. By Component

        2. By Deployment Model

    3. Europe

      1. Market Size & Forecast

      2. Germany

        1. By Component

        2. By Deployment Model

      3. France

        1. By Component

        2. By Deployment Model

      4. U.K.

        1. By Component

        2. By Deployment Model

      5. Italy

        1. By Component

        2. By Deployment Model

      6. Spain

        1. By Component

        2. By Deployment Model

      7. Rest of Europe

        1. By Component

        2. By Deployment Model

    4. Asia Pacific

      1. Market Size & Forecast

      2. Japan

        1. By Component

        2. By Deployment Model

      3. China

        1. By Component

        2. By Deployment Model

      4. Australia

        1. By Component

        2. By Deployment Model

      5. India

        1. By Component

        2. By Deployment Model

      6. South Korea

        1. By Component

        2. By Deployment Model

      7. Rest of Asia-Pacific

        1. By Component

        2. By Deployment Model

    5. Middle East & Africa

      1. Market Size & Forecast

      2. Saudi Arabia

        1. By Component

        2. By Deployment Model

      3. South Africa

        1. By Component

        2. By Deployment Model

      4. Kuwait

        1. By Component

        2. By Deployment Model

      5. Rest of Middle East & Africa

        1. By Component

        2. By Deployment Model

  7. Company Profile

    1. Capital Banking Solutions

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

    2. EdgeVerve Systems Limited

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

    3. Finastra

      1. Company Overview

      2. Financial Performance

      3. Recent Developments

      4. Product Portfolio

  8. Conclusion & Recommendation

  9. Acronyms & Abbreviations


Table of Content and Figure https://straitsresearch.com/report/core-banking-solutions-market/toc


Market News

  • In July 2022, Tata Consultancy Services (TCS) launched TCS Pace Port TM Toronto, its fifth global research and co-innovation center, to help Canadian companies bring digital innovations to life faster.

  • In June 2022, Tata Consultancy Services (TCS) launched the TCS Servitization Engine on Oracle Cloud to help customers create subscription-first business models and provide outcome-based solutions with intelligent service capabilities. The engine offers an industry package with bundled combinations of products, services, support, self-service, and a knowledge base that companies can leverage to add value to their core product offerings and robust front-end customer-facing solutions.


News Media

European Banking Sector to Get Severely Impacted After the COVID Breakout

Top 8 Mobile Banking Applications

Digital Currency — Rethinking Money


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