Core Banking Solution Market Projected to Hit USD 10.31 Billion at a 5.4% CAGR by 2030 - Report by Market Research Future (MRFR)

2022年10月06日14:20

Core Banking Solution Market Growth Boost by Rising Banking Activities Like the Payments, Transactions, Updates and Secured Transactions

New York, US, Oct. 06, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Core Banking Solution Market Research Report: By Component, Deployment, and Region - Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 5.4% to attain a valuation of around USD 10.31 Billion by the end of 2030.

Core Banking Solution Market Overview:

The core banking process refers to the back-end procedure following the banking transaction between various bank branches on a single platform. The global market for core banking has expanded in the recent years. The expanding number of online transactions is the primary parameter supporting the market's growth. Furthermore, the high internet usage in recent days is another crucial parameter boosting the market's growth over the review timeframe. The back-end function of the banking solution is to keep up with the flow of the banking activities such as updates, transactions, payments, user accounts, and the record of financial records. In recent years, utilizing the banking solution, several bank-related activities such as debts, access to their accounts, loan processing, and access to their loans may also be possible.

Competitive Analysis

The catalog of renowned participants across the global market for core banking solutions includes businesses such as:

  • SAP
  • HCL
  • Oracle
  • Temenos
  • Infosys
  • Capgemini
  • FIS
  • Infrasoft
  • Tata
  • Neloto
  • Misys

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Core Banking Solution Market USP Covered

Market Drivers

The global market for core banking solutions has grown immensely in the last few years owing to the rising usage of mobile phones, online transactions, and technology.

Market Restraints

On the other hand, the concerns regarding data loss may restrict the market's growth.

Report Scope:

Report MetricsDetails
Market Size by 2030USD 10.31 Billion
CAGR during 2022-20305.4%
Key Market OpportunitiesRegional assessment in this report unlocks a plethora of untapped core banking solution market opportunities in regional and domestic market spaces.

Detailed company profiling enables users to evaluate company shares analysis, the scope of the existing and emerging product lines in new markets, pricing strategies, innovation possibilities, and much more.

Key Market DriversRising focus of banks on customer interaction & engagement to ensure customer retention is creating a substantial demand for banking solutions that can innovatively deal with critical issues, simplifying them for their customers.

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COVID-19 Impact of Core Banking Solution Market

The global health crisis in the form of COVID-19 has had a considerable effect on the mainstream industry sectors across the globe. Unlike all the other market areas, the global market for core banking solutions witnessed substantially positive growth during the pandemic. With all the financial and industrial activities returning on track, the global market for core banking solutions is likely to witness massive growth over the coming years.

Core Banking Solution Market Segment Analysis

Among all the solutions, the enterprise customer solutions segment is predicted to secure the top position across the global market for core banking solutions over the coming years. Enterprise customer solutions effortlessly incorporate CRM and ERP systems and administrate customer information and management tools via the central database of a bank. This assists financial institutions and banks attain economies of scale through data integration for several purposes, such as regulatory reporting, cross-selling, and CRM. Furthermore, these solutions assist banks in recognizing key business drivers and making decisions to enhance customer satisfaction and loyalty. Core banking solutions enable interconnectivity between branches of the same financial institution and bank and allow the management of credit processing, deposit, and loan.

Among all the services, the professional service segment is predicted to hold the leading position across the global market for core banking solutions over the review era. The segment's growth is credited to the aspects such as a growing focus on adopting open-system architecture and cutting-edge and platform-independent technology. Furthermore, the growing requirement for support at every stage of the software deployment process, such as integration, project management, and pre-implementation of scope and consulting, is also predicted to catalyze the segment's growth. On the other hand, the managed service segment is anticipated to witness maximum growth over the coming years.

Among all the deployment modes, the on-premise segment will dominate the global market for core banking solutions over the review timeframe. However, the cloud segment will likely grow at the maximum CAGR over the coming years.

Among all the end-use sectors, the bank's segment is predicted to lead the global market for core baking solutions over the review era, owing to the internet's growing network and vast information technology advancements. On the contrary, the financial institution segment is predicted to record the highest growth over the coming years.

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Core Banking Solution Market Regional Analysis

The global market for core banking solutions is analysed across five major regions: Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.

According to the research reports by MRFR, the Asia-Pacific region is predicted to secure the top position across the global market for core banking solutions over the assessment era. The central aspect supporting the growth of the regional market is the increase in the usage of online transactions across the Asia Pacific region compared to all the other regions. Furthermore, the rise in technology development is also predicted to boost the regional market's growth over the coming years. Moreover, the factors such as improving the standards of online transactions, growing adoption of mobile and web-based business applications, and several banks in the region emphasizing the implementation of core banking systems are also predicted to catalyze the growth of the regional market over the review timeframe. In addition, aspects such as increasing focus on R&D activities & innovations in technology and developing economies of Asia-Pacific countries, such as India and China, are also likely to influence the growth of the regional market over the review era.

The core banking solutions market for the North American region is likely to thrive substantially over the review timeframe. The main factor causing an upsurge in the regional market's growth is the large-scale adoption of advanced core banking software by prominent players across the region. Moreover, small & medium enterprises across the region are deploying these solutions for the efficient flow of finance activities is another crucial parameter supporting the growth of the regional market. In addition, the aspects such as the growing areas of application of these solutions and rapidly increasing sizes of enterprises are also anticipated to catalyze the growth of the regional market over the coming years. Furthermore, the increasing demand for next-generation cloud-based core banking systems in the last few years is also likely to influence the regional market's growth over the review timeframe.

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The core banking solutions market for the European region is likely to thrive over the coming years. the primary factor boosting the regional market's growth is the drastic changes and the growth in the financial and global capital transactions.

Related Reports:

Digital Banking Market, by Services, By Deployment Type, By Technology, By Industries - Forecast till 2030

Mobile Banking Market, By Solution, By Technology, By Deployment - Global Forecast 2030

Banking as a Service Market Research Report: Information by Type, Organization Size, Application, and Region - Forecast till 2027

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