Core Banking Solutions (CBS) Market Share and Forecast by SAP SE, FIS, Capgemini, Fiserv, Misys, Infosys, TCS, HCL Technologies, Oracle Financial Services, Temenos Group

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

The core banking solutions market is expected to grow approximately at USD 13 Billion by 2023, at approx. 4% of CAGR between 2017 and 2023.

Market Players:
Infosys Limited (India), HCL Technologies Limited (India), Tata Consultancy Services (India), Capgemini SE (France), Oracle Financial Services Software Limited (India), Temenos Group AG (Switzerland), Fidelity National Information Services Inc. (U.S.), Misys (U.K.), Fiserv, Inc. (U.S.), SAP SE (Germany) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Core Banking Solutions Market.

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Core Banking Solutions Market - Overview
The global core banking solutions market is showing immense growth; mainly due to the emergence of net banking and mobile banking applications. Core banking is similar to that of retail banking and most of the banks consider retail customers as their core banking customers. Core banking solutions software are adopted by number of banks for easy flow of banking activities, enhanced risk management and are able to monitor the transaction activities from any branch of bank.

Based on deployment, cloud based deployment is expected to grow at a significant rate during the forecast period. This is owing to the benefits being offered by cloud based core banking solutions that offer less maintenance and development costs. It also helps the banks to focus more on customers and market. Also, it helps in offering adaptable technology model that provides reduction in usage of IT hardware. According to a recent study report published by Market Research Future, The global Core Banking Solutions Market is booming and expected to gain prominence over the forecast period.

Also, the growing need for operating customer accounts from single server is one of the significant factor driving the growth of core banking solutions market. Reduced cost of operation and flexibility to match custom requirements is one of the major factors driving the growth of core banking solutions market. Also, technological advancements and persistent rise in the complexity of technological solutions is one major factor responsible for driving the growth of core banking solutions market. On the other hand, lack of awareness among the enterprises regarding the modern banking technologies and no synchronization between the core banking solutions and industry expectations are major factors hindering the growth of core banking solutions market. Also, security and privacy issues are other factors that may hamper the market growth.

Industry News
Jan 2018 – Bank Sohar has won an award for its endeavours in these areas at the Infosys Finacle Client Innovation Awards ceremony, held recently at Infosys campus in Mysore, India. The Infosys Finacle Client Innovation Awards ceremony is one of the most prestigious award ceremonies in the banking technology industry. The ceremony is conducted annually and spotlights recognised banks that deliver breakthrough innovations in banking products, customer service, process design, and distribution channels by deploying Finacle solutions.

Jan 2018 – Tata Consultancy Services (TCS) has bagged a multi-billion dollar deal with a multi-year contract from Transamerica worth over $2 billion. TCS said they will digitise the life insurance and annuities business of Transamerica, which is a leading provider of life insurance, retirement and investment solutions in the US. This will amount to servicing 10 million insurance policies through a single platform.

Jan 2018 – TCS celebrates five years of being named a leader in capital markets BPO services by Everest Group. TCS is helping progressive banks experiment with blockchain technology to eliminate redundancies, reduce risk and shorten turnaround times in areas like digital identities and registries, payments, clearing and settlement, and information exchange.

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Core Banking Solutions Market - Competitive Analysis
The market of core banking solutions appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

Core Banking Solutions Market - Segmentation
Segmentation by Solution: Comprises of Deposits, Loans, Enterprise Customer Solutions, Account Processing Platform and Others
Segmentation by Service: Comprises of Managed Services and Professional Services
Segmentation by Deployment: Comprises of Cloud and On Premise
Segmentation by Region: Comprises of Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

Core Banking Solutions Market - Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the core banking solutions market in North America owing to the presence of a large number of established key players such as Fidelity National Information Services Inc. (U.S.), and Fiserv, Inc. (U.S.) among others. Also, U.S. is leading the market in North America due to the rising demand for hybrid deployment of core banking solutions in the region. Also, due to favourable government regulations, companies are investing in the North America market, which is expected to help the region to gain the maximum share of the core banking solutions market. Core banking solutions market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in IT solutions and growing customer demand for advanced banking technologies and cost effective solutions in China and India in the region. Whereas, the Europe market for core banking solutions is expected to grow at a considerable CAGR (2017-2023).

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