iCrowd Newswire – Aug 11, 2020
The Global Core Banking Solution Market is estimated to grow at a CAGR of ~6% during the forecast period 2020-2025. As per the detailed market study, the global core banking solution industry is forecasted to reach $9.3 Billion by the end of the year 2025.
Core Banking Solutions (CBS) empowers centralized and online banking services in real-time. Banks majorly focuses on customer interaction & engagement and offer simplified solution to their customers.
The global core banking solution industry growth is driven by various growth factors such as increasing demand of technological integration to manage several services from a single server, cost effective feature of core banking solution, increasing adoption of technologically advanced services and many more. Moreover, several financial institutions are highly focusing on novel technology to cater customer demand and further boost the fintech solutions by companies operating in the global marketplace of core banking solution. However, lack of awareness related to usage and benefits of core banking solution and lack of infrastructural developments in the rural areas of developing countries impedes the market growth over the future period.
Segmentation Overview of the Global Core Banking Solution Market
The Global Core Banking Solution Market is categorized on the basis of various market segments that include component and deployment. These market segments are further categorized on the basis of various market segments to study the market in detail.
The Component Segment of the Global Core Banking Solution Market is Sub-Segmented into:
The Deployment Segment of the Global Core Banking Solution Market is Sub-Segmented into:
Geographical Overview of the Global Core Banking Solution Market
The North America core banking solution market dominated the global marketplace in terms of market share. The US captured majority of the market share in the North America marketplace for core banking solutions. The market dominance is attributed to various factors such as significant presence of local players, increasing number of foreign investments in the region and high deployment of core banking solutions by medium & large-sized banks.
While, the European core banking solution market is witnessing a significant growth due to digital transformation in various segments that include banking as well. The region has witnessed a strong core banking over the years due to open banking, AI integration, public cloud and other advancements that transformed the industry to the core and encourage fintech in the region.
Key Players Insights of the Global Core Banking Solution Market
Fidelity National Information Services, Inc. (US), Temenos Group AG (Switzerland), Oracle Financial Services Software Limited (India), Capgemini SE (France), Tata Consultancy Services (India), HCL Technologies Limited (India), Infosys Limited (India), Fiserv, Inc. (US), SAP SE (Germany), UNISYS (US) and Jayam Solutions Private Limited (India) are some major players included in the research study of the global core banking solution market.
The market players have strong presence in the global core banking solution market and marked their presence by adopting strong competitive strategies such as business expansion, merger and acquisition, research and development, product innovation, partnership agreement and joint venture.
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Keywords: Core Banking Solution Market