Portland. Or, March 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global core banking solutions market was estimated at $9.85 billion in 2019 and is expected to hit $28.78 billion by 2027, registering a CAGR of 14.6% from 2019 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in adoption of core banking technology and numerous benefits associated with core banking solutions are major factors that drive growth of the global core banking solutions market. Also, growth in mergers & acquisitions among banks & financial institutions across various regions and untapped potential of emerging economies are anticipated to provide lucrative opportunities for core banking solution providers in the future.
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Covid-19 scenario-
- Increase in use and adoption of online and digitalized financial services globally has impacted the core banking solutions market positively.
- Moreover, the core banking solutions have also helped banks maintain banking operations and sustain in the market during the pandemic situation.
The global core banking solutions market is analyzed across component, deployment model, enterprise size, type, end-user, and region.
Based on component, the solution segment accounted for nearly three-fourths of the total market share in 2019, and is expected to rule the roost by 2027. The services segment, on the other hand, would portray the fastest CAGR of 17.5% throughout the forecast period.
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Based on deployment model, the on-premises segment contributed to nearly three-fifths of the total market revenue in 2019, and is projected to dominate by the end of 2027. Simultaneously, the cloud segment would manifest the fastest CAGR of 15.9% during the forecast period.
Based on region, North America held the major share, garnering nearly two-fifths of the global core banking solutions market. Simultaneously, Asia-Pacific would exhibit the fastest CAGR of 16.3% by 2027. The other two regions studied through the report include LAMEA and Europe.
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The key market players analyzed in the global core banking solutions market report include Capital Banking Solutions, EdgeVerve Systems Limited, Finastra, FIS, Fiserv, Inc., NCR Corporation, Oracle, SAP SE, Tata Consultancy Services Limited, and Temenos Headquarters SA. These market players have combined several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stance in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.