Core Banking Solutions Market To Garner Exponential Growth By 2023: Global Forecast News ( USD 13 Billion Market)
November 19, 2019 by Market-NewsFlash
Core Banking Solutions Market, By Deployment (Cloud, On-Premise), By Solution (Enterprise Customer Solution, Account Processing Platforms, Loans, Deposits, Others), By Service (Managed Service, Professional Service) — Forecast 2023
Core banking is defined as the service that is delivered by a group of networked bank branches to customers. These services include all important banking activities like account access, debts, loans, money transactions, and payments. Market Research Future (MRFR) has published and released a research report about the global core banking solutions market that estimates growth for this market with 4% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023. In terms of cash, the market has been anticipated to rise to 13 bn by the end of the forecast period.
Analyzing the market structure, this report assays the future growth potential of the market. It observes the strategies of the key players in the market and follows the competitive developments like joint ventures, new product developments, mergers and acquisitions, research and the developments (R & D) in the market.
The major factors that are enhancing the market growth for core banking solutions include cost-effective solutions, customer demand for advanced banking technologies, and the growing need of operating customer accounts from a single server. Customers need to be able to visit the bank anytime and gain information about their account. Adopting core banking solutions enables banks to be helpful to customers in this regard. Core banking solutions also aid centralized banking. The restraints that can restrain the growth of the market include lack of awareness among enterprises of modern banking technologies and no synchronization between core banking solution and global industry expectations.
The global core banking solutions market has been segmented on the basis of deployment, solution, service, and lastly, region. On the basis of deployment, this market has been segmented into cloud deployment and on-premise deployment. The solution-based segmentation segments the market into account processing platform, deposits, enterprise customer solutions, loans, and others. Based on services, the market has been segmented into managed service and professional service.
The regional segmentation of the global core banking solutions market segments the market into continent-based regional markets namely Asia Pacific, North America, Europe and Rest of the World (RoW). Among all regional markets, North America region holds the highest market share in core banking solutions market. The reasons for the market growth in this region include technological advancement and large-scale adoption of advanced core banking solution software by most important banks in the region. Small and medium enterprises in North America are also implementing these solutions for efficient flow of banking activities. The most important country-specific markets in this region are the United States of America (USA) and Canada. Many key players in this market are based in the USA.
Europe is another prominent regional market due to the implementation of core banking solutions by banks. The most important country-specific markets in this region are France, Germany, and the United Kingdom (UK). Due to rising technological advancement, Asia Pacific has the potential of becoming a powerful market. The strongest economies in this region are China, India, and Japan. In Asia Pacific, most of the key market players are based in India.
The key players in the global core banking solutions market include Capgemini SE (France), Fidelity National Information Services Inc. (USA), Fiserv, Inc. (the USA), HCL Technologies Limited (India), Infosys Limited (India), Misys (UK), Oracle Financial Services Software Limited (India), SAP SE (Germany), Tata Consultancy Services (India), and Temenos Group AG (Switzerland).
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