At 14.6% CAGR Core Banking Solutions Market to Reach $28.78 Bn, Globally, by 2027 | Capital Banking Solutions, EdgeVerve Systems Limited, Finastra, Oracle, SAP SE, Tata Consultancy Services Limited, and Temenos Headquarters SA

Rise in adoption of core banking technology and numerous benefits associated with core banking solutions fuel the 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 expected to provide lucrative opportunities for core banking solution providers in the future.

Allied Market Research published a report, titled, "Core Banking Solutions Market by Component (Solution and Service), Deployment Model (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises [SMEs]), Type (Enterprise Customer Solutions, Loans, Deposits, and Others), and End User (Banks, Credit Unions & Community Banks, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global core banking solutions industry was estimated at $9.85 billion in 2019, and is anticipated to hit $28.78 billion by 2027, registering a CAGR of 14.6% from 2020 to 2027.

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Some key players profiled in the report include Capital Banking Solutions, EdgeVerve Systems Limited, Finastra, 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.

Key benefits for stakeholders

• The study provides in-depth analysis of the global core banking solutions market share along with current & future trends to illustrate the imminent investment pockets.
• Information about key drivers, restrains, and opportunities and their impact analysis on the core banking solutions market size are provided in the report.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
• An extensive analysis of the key segments of the industry helps to understand the global core banking solutions market trends.
• The quantitative analysis of the global core banking solutions market from 2020 to 2027 is provided to determine the market potential.

North America garnered the major share in 2019-

Based on geography, North America held the highest share in 2019, generating nearly two-fifths of the global core banking solutions market, owing to huge presence of international investors in the province. They are adopting advance technologies and core banking solutions to heighten their services. This factor has boosted the market growth. Simultaneously, Asia-Pacific would showcase the fastest CAGR of 16.3% throughout the forecast period, due to surge in adoption of web-based & mobile-based business applications in the banking sector and increased focus toward R&D activities in the region.

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The solution segment to dominate by 2027-

Based on component, the solution segment contributed to nearly three-fourths of the global core banking solutions market revenue in 2019, and is anticipated to lead the trail by 2027. This is attributed to the fact that banks & financial institutions are implementing solutions with better technology capabilities in order to improve their business operations. The services segment, on the other hand, would manifest the fastest CAGR of 17.5% during the forecast period. This is because it helps in meeting customers demand to the fullest.

The on-premises segment to maintain the dominant share-

Based on deployment model, the on-premises segment accounted for nearly three-fifths of the global core banking solutions market share in 2019, and is expected to rule the roost by the end of 2027. This is due to the fact that it provides full control over the whole infrastructure, including software & hardware. At the same time, the cloud segment would portray the fastest CAGR of 15.9% from 2020 to 2027, due to increase in need to reduce infrastructural investment.

Covid-19 scenario-

• The outbreak of the pandemic led to increase in use and adoption of digitalized financial services across the globe, which in turn has impacted the global core banking solutions market positively.
• At the same time, the core banking solutions have also helped financial organizations maintain important business operations and sustain in the market during this adverse situation.

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Key market segments

By Component

• Solution
• Service

By Deployment Model

• On-premise
• Cloud

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By Type

• Enterprise Customer Solutions
• Loans
• Deposits
• Others

By End User

• Banks
• Credit Unions & Community Banks
• Others

By Region

• North America

o U.S.
o Canada

• Europe

o UK
o Germany
o France
o Italy
o Spain
o Netherlands
o Rest of Europe

• Asia-Pacific

o China
o India
o Japan
o Singapore
o Australia
o Rest of Asia-Pacific

• LAMEA

o Latin America
o Middle East
o Africa

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