Global core banking solutions market
size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX% during forecast period.
Global Core Banking Solutions Market
The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Market Definition
Core banking solutions is the centralized online real-time exchange banking system. It is banking solutions provides by networking of bank branches, which allows customers to access their bank account and perform various banking activities like basic transactions from any of the associate branch offices and from any part of the world.
Market Dynamics
Growing adoption of new technologies by public and private sector banks to provide better service and security to the customers is major driving factor behind the growth of market. Core banking solutions provides variety of benefits for banks as well as for customers. It provides benefits such as faster services at the bank counters for regular transactions like cash deposits, passbooks, withdrawal, demand drafts statement of accounts and others, anywhere banking by eliminating branch banking, provision of banking services 24 X 7 and quick payment processing by internet banking, mobile banking, ease in submission of various reports to the Government & Regulatory boards, accuracy in transactions & minimization of errors and improved management of documentation & records which ultimately results into the demand of core banking solutions. Surge in the demand of core banking solutions in rural areas, growing adoption of core banking solutions for better customer experience are further propelling the growth of market.
However, downsides of core banking solutions such as extreme dependence on technology and any failure in computer systems could hamper the growth of market. Increasing cyber thefts by hackers could hinder the growth of market.
Global Core Banking Solutions Market: Segmentation Analysis
By component, software segment dominated the market in 2019 and is expected to maintain its dominance at CAGR of XX% during forecast period. The growth is attributed to the technological advancement in internet and information technology which is used to reduce manual work in banks and increase efficiency. Core banking solution based computer software is designed to carry out core operations of banking such as transaction recordings, maintenance of passbooks, calculations of interest on deposits and loans, customer records, payment balance and withdrawal. Core banking system software is installed at various branches of bank and interconnected by using computer networks based on satellite, Internet and telephones, which ultimately propelling the growth of market.
According to research, over 65% of banks are experiencing the potential of advanced core banking solutions. Also ~70% of banks are actively adopted core banking system platforms by end of 2019. Temenos is world’s most popular core banking software system. More than 3,000 firms across the world, counting 41 of the world’s top 50 banks, depend on Temenos software to function the daily transactions and client interactions above 500 million banking customers every day.
Global Core Banking Solutions Market: Regional Analysis
Region wise, North America held the largest market share in 2019 and is expected maintain its dominance at CAGR of XX% during forecast period. The US and Canada are major key contributors behind the growth of market. The growth is attributed to the more focus on innovative technological advancements and research and development.
High adoption of core banking solutions by medium & large scale banks and vast number of financial institutions across the region is driving the growth of market. Increasing foreign investments in the developed economies such as in US market is further propelling the growth of market.
Global Core Banking Solutions Market: Key Development
In Oct 2019, Temenos AG the banking software company announced that Consolidated Bank Ghana Limited (CBG) has gone live with Temenos Transact, the next generation in core banking, to power its operations for retail and corporate banking.
In Jan 2019, Temenos the banking software company launched the two new products such as Temenos Infinity, a breakthrough digital front office product and Temenos Transact, the next generation in core banking.
The objective of the report is to present a comprehensive analysis of the Global Core Banking Solutions Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Core Banking Solutions Market dynamics, structure by analyzing the market segments and projects the Global Core Banking Solutions Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Core Banking Solutions Market make the report investor’s guide.
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The Scope of Global Core Banking Solutions Market
Global Core Banking Solutions Market, By Component
• Software
• Service
Global Core Banking Solutions Market, By Deployment Mode
• On-Premise
• Cloud
Global Core Banking Solutions Market, By Solutions
• Deposits
• Loans
• Enterprise customer solutions
• Other
Global Core Banking Solutions Market, By Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa
Global Core Banking Solutions Market, Key Players
• Jayam Solutions Private Limited
• UNISYS
• SAP SE
• Fiserv, Inc.
• Infosys Limited
• HCL Technologies Limited
• Tata Consultancy Services
• Capgemini SE
• Oracle Financial Services Software Limited
• Temenos Group AG
• Fidelity National Information Services, Inc.
• EdgeVerve Systems Limited
• Finacus Solutions Pvt. Ltd
• ESDS Software Solution Pvt. Ltd.
• Temenos
• Finastra
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