Core Banking Solution Market Research Report - Global Forecast till 2025

Posted by shweta raj on January 21st, 2021

Global Core Banking Solution Market Research Report: By Deployment (On-Premise and Cloud), by Component (Solution and Service) and Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America) - Forecast till 2025

Market Overview

Global Core Banking Solution Market is estimated to reach USD 9,359.89 Million by 2025, recording a CAGR of 5.61% during the forecast period (2019–2025).

The global Core Banking Solution market is expected to grow due to the rising demand for improved customer service, as well as the increasing need to manage banking operations efficiently. Core banking is defined as the service delivered by a group of networked bank branches, where the customers can perform all the banking activities such as money transactions, payments, loans, debts, and accessing accounts from any location through a device of their choice. Core banking is similar to retail banking and most banks consider retail customers as their core banking customers. Core banking solutions are being adopted by a number of banks for easy flow of banking activities, enhanced risk management, and remote monitoring of transactional activities from any branch of the bank. Internet banking, mobile banking, ATMs, fund transfers, and point of sales systems (POS) are some of the most popular core banking solutions.

Regional Analysis

The geographic analysis of the core banking solution market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America is expected to be the largest market for core banking solutions during the forecast period. North America has been segmented into three countries, namely the US, Canada, and Mexico.

The US is the largest market in the core banking solution industry, owing to the wide presence of vendors offering services to a large number of banks. For instance, Technisys offers Cyberbank Core—a banking software that is designed to minimize operational and technology costs while increasing profits and customer satisfaction. Additionally, the country’s banking industry is becoming increasingly digitalized, and it is projected that by 2022, the US banks are likely to invest heavily in technology for banking.

Europe is expected to hold the third position (in terms of market share) in the overall market during the forecast period. In Europe, the rest of Europe accounted for the largest share in the year 2018. The rest of Europe includes the Netherlands, Denmark, Spain, and Italy, among others. Italian banking is increasingly encouraging the growth of fintech. Cabel and Oracle have come together since 2016 to improvise the overall marketing process of new products and services in the Italian market. Oracle FLEXCUBE facilitates banking interactions, updated with recent technology such as AI, data science, social trading, and Robo-Advisor for an improved customer experience.

Globally, Asia-Pacific is the fastest-growing regional market for core banking solutions. The market penetration of the ‘off the shelf’ core banking system is considerably higher in the region, which further results in quicker and more rapid deployment of new architectures to encourage digital banking. For instance, Standard Chartered has launched mobile wallet services in Vietnam; Maybank of Malaysia and Sage team have collaborated to offer free digital banking to Asian small- & medium-sized enterprises; Bank Rayat in Indonesia and JCB have come together in a partnership to accept cards, and Magma Fincorp has deployed the Nucleus Software for its lending solution.

The rest of the world market includes the Middle East & Africa and South America. In the Middle East & Africa, customers are increasingly looking for modern, compliant, and convenient banking services, and hence the Bank of Beirut and the Arab Countries (BBAC) has transformed its core banking infrastructure by upgrading to Fusion Equation. BBAC has integrated its system with Fusion Teller to ensure smooth and efficient in-branch operations. This has led to faster and more secure online and in-house banking services.

Competitive Analysis

The key players of the global core banking solution market are Jayam Solutions Private Limited (India), UNISYS (US), SAP SE (Germany), Fiserv, Inc. (US), Infosys Limited (India), HCL Technologies Limited (India), Tata Consultancy Services (India), Capgemini SE (France), Oracle Financial Services Software Limited (India), Temenos Group AG (Switzerland), and Fidelity National Information Services, Inc. (US),

Segmental Analysis

The global core banking solution market has been segmented based on component, deployment, and region.

Based on the component, the core banking solution market has been segmented into solution and service. The solution segment accounted for the larger share in the overall market in 2018.

Based on deployment, the core banking solution market has been segmented into on-premise and cloud-based software solutions. The cloud-based segment is expected to register the higher CAGR during the forecast period, 2019–2025.

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