Expert Market Research’s new report titled, ‘Global Core Banking Solutions Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global Core Banking Solutions market, assessing the market based on its segments such as component, deployment type, company size, type, end user and major regions like Asia-Pacific, Europe, North America, Middle East, Africa and Latin America. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
- Historical market size (2020): USD 11.1 billion
- Forecast CAGR (2021-2026): 14.56%
- Forecast market size (2026): 25.1 billion USD
The growth of the global core banking solutions market is driven by rapid digitization and increasing technological advancements in banking services. Ease of transactions such as deposits, remittances, and other baking activities through basic banking solutions is expected to further propel the market growth. Additionally, the advancement of remote operations services amid the Covid-19 lockdown has led to an increase in demand for core banking technology, further strengthening the sector. Moreover, increasing penetration of smart phones and easy access to internet is expected to drive the market growth over the forecast period.
Industry definition and major segments
Core banking solutions refer to digital financial services through centralized systems to ensure smooth and uninterrupted processes such as banking transactions. Core banking solutions digitally combine the front-end and back-end services of the banking structure.
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On the basis of components, the market can be categorized into:
Market, based on deployment model, can be divided into:
Based on company size, the market can be segmented into:
- Large companies
- Small and medium enterprises
On the basis of type, the market can be split into:
- Enterprise Client Solutions
Based on end user, market segmentations include:
- Credit unions and community banks
Regional markets for core banking solutions include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Regionally, North America held the largest share of the global core banking solutions market. This can be attributed to the widespread adoption of basic cooking solutions. Moreover, increasing technological advancements and integration of Big Data, IoT and AI in the software industry is expected to drive the regional growth. Meanwhile, Asia-Pacific is expected to experience the fastest growth rate during the forecast period. The increasing adoption of banking solutions based on web and mobile applications is expected to drive the growth rate. Additionally, growing customer adoption of UPI, mobile wallets and internet banking, fueled by the growth of the e-commerce sector in developing economies such as India and China, is expected to boost regional growth.
Latest news on the basic banking solutions market: https://bit.ly/3PHYSiv
Main market players
Major players in the market are Capital Banking Solutions, EdgeVerve Systems Limited, Finastra Limited, Fiserv, Inc., Oracle Corporation and few others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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