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Retail Core Banking Solution Market Size, Share, Growth, Analysis And Forecast To 2032
Retail Core Banking Solution Market Report
The Business Research Company's Retail Core Banking Solution Global Market Report 2023 identifies the rising customer demand for mobile and net banking as the major driver for the retail core banking solution market's growth in the forecast period. Net banking refers to a banking service that allows clients to access numerous banking services and conduct financial transactions online. The retail core banking solution is used for connecting net banking services with regular operating channels of the bank to ensure smoother operations across channels. The retail core banking solution is used to offer faster mobile banking services to consumers.
The global retail core banking solution market size is expected to grow from $4.06 billion in 2022 to $4.49 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of retail core banking solution market is expected to reach $6.51 billion in 2027 at a CAGR of 9.7%.
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Major competitors in the retail core banking solution market are Wells Fargo, Mambu GmbH, Oracle Corporation, SAP SE, Tata Consultancy Services Limited.
A key trend in the retail core banking solution market includes technological advancement. Major companies in the retail core banking solution market focus on integrating new technologies like cloud-native platforms and digital transformation tools. For instance, in February 2023, Arvest Bank, a US-based financial services company, launched a new lending service using Thought Machine's cloud-native core banking technology. The product takes advantage of the Vault Core banking platform and eliminates inefficiencies in the more than $1 trillion equipment finance market in the country. With this application, Arvest can quickly distinguish its entire banking experience and produce financial products.
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The retail core banking solution market is segmented -
•By Component: Solution, Services
•By Deployment: Cloud, On-Premises
•By Enterprise Size: Small And Medium Enterprises, Large Enterprises
•By Application: Regulatory Compliance, Risk Management, Digital Banking, Data Storage, Other Applications
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the retail core banking solution market.
The Business Research Company's "Global Retail Core Banking Solution Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Retail Core Banking Solution Market Include:
1. Executive Summary
2. Retail Core Banking Solution Market Characteristics
3. Retail Core Banking Solution Market Trends And Strategies
4. Retail Core Banking Solution Market - Macro Economic Scenario
5. Global Retail Core Banking Solution Historic Market Size and Growth
……
32. Global Retail Core Banking Solution Market Competitive Benchmarking
33. Global Retail Core Banking Solution Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Core Banking Solution Market
35. Retail Core Banking Solution Market Future Outlook and Potential Analysis
29. Appendix
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