Pune, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Market Analysis
The global core banking solution market is highly lucrative and projected to witness significant growth at a 5.61% CAGR over the forecast period (2019-2025), reveals the Market Research Future (MRFR) report. Core banking is a service that is delivered by a group of networked bank branches. The customers have the flexibility to perform all forms of banking activities like debts, loans, payments, money transactions, and access accounts from just any location with a device of their choice. It is akin to retail banking. Often retail customers are considered core banking customers by most banks. Core banking solutions are adopted by various banks for remote monitoring of transactional activities from any branch, enhanced risk management, and hassle-free flow of banking activities. Some of the popular core banking solutions comprises the point of sales systems (POS), fund transfers, ATMs, mobile banking, and internet banking.
Alluring Features Fuelling Market Growth
As per the Market Research Future report, there are numerous factors that are fuelling the core banking solution market size. These include the growing demand for improved customer service, increasing need for effective management of banking operations, growing demand for core banking technology for security and better service, the rising need to manage accounts of customers from a single server, and the growing adoption of technologies like big data and artificial intelligence. The additional factors propelling the market growth entails the growing adoption of SaaS-based and cloud-based banking, and the rising implementation of mobile banking and online banking by customers.
On the contrary, the global CBS market may backtrack a little in its growth trajectory owing to a lack of awareness about advanced banking technologies, stringent bank regulations, and challenges faced by banks in rural areas to meet the needs of customers with regards to technology.
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COVID-19 Analysis
A lot of companies have faced the brunt of the on-going COVID-19 crisis, with the core banking solution market being no exception. This outbreak has resulted in the repositioning of the financial market worldwide, with the financial industry struggling due to sudden changes in the rates of interest and delayed lease payments. The pandemic has heavily impacted the working culture across different industry verticals. The current situation has compelled banks as well as other financial institutions to work from home. Thus, it is quite a challenge for most financial institutions, especially banks, to restore all the changes in the entire loan management and credit scenario due to the on-going outbreak.
Market Segmentation
The Market Research Future Report provides an inclusive analysis of the core banking solution market based on deployment and component.
By component, the global core banking solution market is segmented into service and solution. Of these, the solution segment will lead the market over the forecast period. It will grow at a 5.99% CAGR by 2025. The service segment, on the other hand, will grow at a 4.82% CAGR by 2025.
By deployment, the global core banking solution market is segmented into on-cloud & on-premise. Of these, the on-premise segment will dominate the market over the forecast period. The on-cloud segment, on the other hand, will grow at a 6.47% CAGR by 2025.
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Regional Segmentation
North America to Spearhead Core Banking Solution Market
By region, the core banking solution market covers growth opportunities and latest trends across Europe, the Asia Pacific (APAC), South America, North America, & the Middle East & Africa (MEA). Of these, North America will spearhead the market over the forecast period. The presence of financial institutions that are attracting international investors, the presence of several local players, foreign investors are getting inclined increasingly towards entering the US market, wide deployment by medium and large banks, the presence of developed economies in Canada and US, high focus on innovations in research and technology, are adding to the global core banking solution market growth in the region. Besides, the focus to launch advanced banking systems to improve their product portfolio is also adding market growth. The US and Canada have the utmost market share.
In Europe, the global core banking solution market is predicted to hold the second-largest share over the forecast period. Digital transformation of banks, strong core banking due to AI, public cloud, and open banking, the presence of leading CBS providers, and benefits such as hassle-free banking services to customers are adding to the global core banking solution market growth in the region.
In the APAC region, the global core banking solution is predicted to have notable growth over the forecast period. The higher penetration of off the shelf core banking system, more rapid development of new architectures to encourage digital banking, use of mobile wallet services, growing adoption of mobile applications and web-based business in the banking sector, and the growing economies of countries like Oceania, Japan, China, South Korea, and India are adding to the global core banking solution market growth in the region.
In the MEA, the global core banking solution is predicted to have healthy growth over the forecast period. Customers are increasingly looking for convenient, compliant, and modern services, and the efficient and smooth operations offered by core banking solutions are adding to the global core banking solution market growth in the region.
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Competitive Landscape
Prominent players profiled in the global core banking solution market report include Fidelity National Information Services, Inc. (US), Temenos Group AG (Switzerland), Oracle Financial Services Software Limited (India), Capgemini SE (France), Tata Consultancy Services (India), HCL Technologies Limited (India), Infosys Limited (India), Fiserv, Inc. (US), SAP SE (Germany), UNISYS (US), and Jayam Solutions Private Limited (India). M&A, strategic alliances, geographic expansions, research and development, and others are the key growth strategies adopted by the industry players to remain competitive and create a foothold in the market.
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Industry Updates
January 2021- The Central Bank of Bahrain or the CBB has launched eKYC for digital transformation in the sector. This platform has been successfully integrated into its core banking services system.
January 2021- TD Bank has created a new commercial bank from combined services. This will help to scale its core businesses and also build the future’s Commercial Bank.
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