Press release
Global Retail Core Banking Solution Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Retail Core Banking Solution Market Size
What Is the Retail Core Banking Solution Market Size and Projected Growth Rate?
The market for retail core banking solutions has expanded significantly in the past few years. Its growth trajectory predicts an increase from $4.94 billion in 2024 to $5.45 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.4%. Factors contributing to this growth during the historic period include regulatory compliance norms, increased consumer preference for digital services, improvements in operational efficiency and cost-cutting measures, heightened data security and privacy, competition, and overall market trends.
The market size of retail core banking solutions is predicted to experience robust growth in the upcoming years, eventually reaching a value of $7.92 billion in 2029, with a compound annual growth rate (CAGR) of 9.8%. The expansion in the predicted period is due to factors such as the implementation of digital transformations, the incorporation of business intelligence and analytics, the move towards cloud-based solutions, the application of open banking and API integrations, and the emphasis on customer experience. Key trends for the predicted period encompass regulatory compliance, instantaneous transactions, improvements in mobile banking, the use of analytics for business understanding, and collaboration in the ecosystem.
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What Are the Major Segments in the Retail Core Banking Solution Market?
The retail core banking solution market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment: Cloud, On-Premises
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Regulatory Compliance, Risk Management, Digital Banking, Data Storage, Other Applications
Subsegments:
1) By Solution: Core Banking Software, Digital Banking Platforms, Payment Processing Solutions, Customer Relationship Management (CRM) Systems
2) By Services: Consulting Services, Implementation Services, Maintenance And Support Services, Training And Education Services
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What Are The Driving Retail Core Banking Solution Market Evolution?
The increasing customer appetite for mobile and internet banking is acting as a primary catalyst for the expansion of the retail core banking solutions market. Mobile banking is a financial provision enabling clients to leverage mobile gadgets like smartphones or tablets to access their bank accounts and execute a variety of financial operations. Internet banking is a service enabling clients to perform a wide range of banking tasks and financial transactions through the internet. The purpose of retail core banking solutions is to integrate these internet banking facilities with the bank's regular functional channels, ensuring operational continuity. Retail core banking solutions also aim to provide speedier mobile banking services to customers. For instance, data from October 2023 from MoneyTransfers.com, a UK-based digital platform, anticipates the number of digital banking users rising from 208 million in 2023 to 212.8 million in 2024, showing a consistent increase in digital banking usage. Consequently, this surge in customer demand for mobile and internet banking is expected to steer the growth of the retail core banking solutions market.
Which Firms Dominate The Retail Core Banking Solution Market Segments?
Major companies operating in the retail core banking solution market include Mambu GmbH, Oracle Corporation, SAP SE, Tata Consultancy Services Limited, Infosys Limited, Fiserv Inc., Fidelity National Information Services Inc. (FIS), Wipro Core Banking As-a-Service, Polaris Software, Unisys Corporation, Jack Henry & Associates Inc, Finastra Group Holdings Limited, Temenos AG, EdgeVerve, Sopra Banking Software, InfrasoftTech, Backbase B.V, Silverlake Axis, 3i Infotech, Nucleus Software, Neptune Software, Profile Software, ICS Financial Systems, Kiya.ai, HES Core
What Trends Are Expected to Dominate the Retail Core Banking Solution Market in the Next 5 Years?
The primary trend gaining traction in the retail core banking solution market is the advancement in technology. Major players in this market are concentrating on the incorporation of cutting-edge technologies like cloud-native platforms and digital transformation tools. For instance, Arvest Bank, a financial services company based in the US, unveiled a new lending service in February 2023 utilizing Thought Machine's cloud-native core banking technology. This product leverages the Vault Core banking platform, helping to eliminate inefficiencies in the country's equipment finance market worth over $1 trillion. This application enables Arvest to rapidly differentiate its complete banking experience and create financial products.
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Which Is The Largest Region In The Retail Core Banking Solution Market?
North America was the largest region in the retail core banking solution market in 2024. The regions covered in the retail core banking solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Retail Core Banking Solution Market?
2. What is the CAGR expected in the Retail Core Banking Solution Market?
3. What Are the Key Innovations Transforming the Retail Core Banking Solution Industry?
4. Which Region Is Leading the Retail Core Banking Solution Market?
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