Core banking solutions Market Size is projected to reach $28.78 billion by 2027, growing at a CAGR of 14.6% from 2020 to 2027

According to a recent report published by Report Ocean, titled, “Core banking solutions Market by Component, Deployment Model, Enterprise Size, Type, and End User: Opportunity Analysis and Industry Forecast, 2020-2027,” the global core banking solutions industry size was valued at $9.85 billion in 2019, and is projected to reach $28.78 billion by 2027, growing at a CAGR of 14.6% from 2020 to 2027.

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Core banking solutions enhance inter-connectivity between branches of the same bank & facilitates management of loans, deposits, credit processing, and others. Moreover, errors that occur due to multiple entries are eradicated, changes are managed in existing products, and back office data & self-service operations are merged by using these solutions, which, in turn, boosts the market growth. Furthermore, it allows branches of banks to access applications from centralized data centers on a single platform.

Factors such as surge in adoption of core banking technology and numerous benefits provided by core banking solutions are major factors that drive growth of the core banking solutions market. In addition, growth in mergers & acquisitions among banks & financial institutions across various regions and untapped potential of emerging economies are expected to provide lucrative opportunities for core banking solution providers in the upcoming years.

On the basis of type, the enterprise customer solutions management segment dominated the core banking solutions market in 2019, and the highest contributor during the forecast period. In addition, core banking solutions enhances enterprise customer solutions such as opening accounts, servicing loans, processing deposits & withdrawals, customer relationship management activities, and others. These services among banks & other financial sectors are increasingly managed by core banking service model, which is therefore becoming major growth factor for this segment in the market.

By region, the global core banking solutions market was dominated by North America in 2019, and is expected to maintain this trend during the forecast period. Massive presence of international investors, huge number of banks & financial institutions adopting advance technologies, and core banking solutions have been widely deployed by medium & large-sized banks in this region. However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. Surge in adoption of web-based & mobile-based business applications in the banking sector and increased focus towards on R&D activities & innovations in technology are major growth factors in the region.

The core banking solutions industry has experienced significant impact on revenue, owing to imposition of lockdowns & shutdowns, owing to the coronavirus pandemic. Several banks are changing existing business operations & modernizing with digitalized offerings in the market. Therefore, owing to change in consumer behavior & rise in need for banking services, banks & financial institutions across major countries are implementing secured technologies by adopting core banking solutions. Therefore, rise in adoption of advance technologies and increase in need to provide better customer services result in significant revenue growth for core banking solutions providers globally.

Key findings of the study

By deployment model, the on-premise segment led the core banking solutions market size, in terms of revenue in 2019.
By end user, the banks segment accounted for the highest market share in 2019.
By region, North America generated the highest revenue in 2019.
The key players profiled in the core banking solutions market analysis are Capital Banking Solutions, EdgeVerve Systems Limited, Finastra, FIS, Fiserv, Inc., NCR Corporation, Oracle, SAP SE, Tata Consultancy Services Limited, and Temenos Headquarters SA. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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This release was published on openPR.