Global Core Banking Solutions Market Size Scenario:
The COVID-19 situation will contribute to the much-needed acceleration towards digitization and optimizing the bank’s backend operations. It has been estimated that the banks will shift their gears to move away from traditional forms of banking. Hence, the market is likely to propel during the pandemic. The most crucial element influencing the global Core Banking Solutions Market Size 2020 is the low-cost, efficient solutions, customer demand for modern banking technologies, managing customer accounts efficiently.
As per the research by Market Research Future Reports (MRFR), the Core Banking Solutions Market Size is estimated to expand at USD 13 billion by 2023, thriving at a CAGR of 4% during the forecast period. Most of the businesses are functioning on the internet and cloud-based technologies since the outbreak of COVID-19.
Moreover, the increasing requirement of operating customer accounts from a single server is the key factor in expanding the market. The success in meeting the demands of their customer has further strengthened the market. At the same time, the banks are also recognizing the importance of CBS and are actively implementing these solutions, which propels the CBS market size at a global level. The new technology in banking helps in digitization and connectivity and provides more security in financial institutions. However, factors such as lack of awareness towards banking technologies and lack of coordination between industrial expectations and core banking solutions are estimated to obstruct the market expansion. Also, the banking sector has been facing a significant challenge in rural areas in meeting the demands of people.
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Competitive Outlook:
The key players of the global Core Banking Solutions Market Size 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).
Segmentation:
- The global Core Banking Solutions Market Size has been segmented based on component, deployment, and region.
- Based on the component, the Core Banking Solutions Market Size 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 Size 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:
The geographical analysis of North America, Asia Pacific, Europe, and the Rest of the World has been performed. As per the analysis, the North American region acquires the maximum market share in the Core Banking Solutions Market Size due to the fast and significant adoption of advanced banking solution software by the major banks. Even the small and medium-sized banks are also adopting CBS technology for the efficient functioning of banks.
The European region is one of the most important markets due to the implementation of core banking solutions by banks. Europe is the fastest-growing market worldwide due to the presence of developed nations. On the other hand, the APAC region is likely to exhibit moderate growth with the increasing adoption of web and mobile-based business applications in the banking sector.
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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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