Market Overview
The global Core Banking Solution Market size is anticipated to generate a market value of USD 36.75 Billion by the end of the year 2030. Further, it is projected to grow at a 14.5% CAGR between the years 2022 to 2030.
Substantial demand for banking solutions has been witnessed due to the increasing focus of banks on customer engagement and interaction to ensure customer retention, which is enhancing the performance of the global market in the research timeframe. In addition, the global Core Banking Solution Market has lucrative opportunities for the market players due to the rapid growth in centralized banking and online banking transactions in real-time.
However, the global market growth might experience restraints due to the lack of awareness related to core banking solutions and their associated technical complexities. Furthermore, the complexity of encryption methods might bring major challenges to the global Core Banking Solution Market during the forecast period.
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Market Segmentation
The Core Banking Solution companies are ideally categorized into 2 parts based on deployment and component. The segmentation based on deployment is further sub-categorized based on Premise and Cloud. Whereas the component-based market is further divided into Solution and Service sectors.
Key Players
Some of the important key companies in the Core Banking Solution Market are present on the international scene and have made contributions to raising market revenue. These significant pivotal figures are UNISYS (US), Jayam Solutions Private Limited (India), SAP SE (Germany), Infosys Limited (India), Fiserv, Inc. (US), HCL Technologies Limited (India), Capgemini SE (France), Tata Consultancy Services (India), Oracle Financial Services Software Limited (India).
Regional Analysis
According to the Core Banking Solution Market report, the global market has been classified into Europe, Asia Pacific, North America, Latin America, and others.
North America is holding the dominant position in the past few years and is further predicted to continue the same in the upcoming years. This region is fueling because of the growing Blockchain business deployments, vast technology upgrades, and B2B staking as a service solution. Moreover, this region is expanding because of the huge deployments of core banking solutions in large-sized and medium-sized banks in the region. Additionally, this region is consists of a higher number of financial institutions and rising international investors, which is driving the market growth.
Apart from this, the Asia Pacific region holds the second higher market share in the review period. Furthermore, the European regional market has lucrative opportunities for Core Banking solutions because of the open banking and advances in the AI and public cloud.
Industry News
On 20 January 2021, the SaaS cloud banking platform Mambu and a leading financing platform Ta3meed has declared their strategic partnership for the Islamic fintech development in Saudi Arabia.
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