Core Banking Solutions Market is driven by the Technological advancements - Technavio

NEW YORK, Nov. 16, 2023 /PRNewswire/ -- In a recent report by Technavio, titled "Core Banking Solutions Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Germany, China, Brazil, UAE - Size and Forecast 2024-2028," the transformative role of core banking solutions in the financial sector comes to the forefront. The market is projected for substantial growth, with an estimated increase of USD 18.47 billion between 2023 and 2028. Request sample report

In an era dominated by digital advancements, core banking solutions have become indispensable for financial institutions, revolutionizing daily banking operations. As we delve into the dynamic landscape of the core banking solutions market, Technavio offers key insights into the trends and factors shaping this industry.

The market is primarily driven by technological advancements in core banking solutions, the imperative need for scalability, and the ongoing digital transformation in the banking sector. Core banking solutions streamline processes such as fund transfers, deposits, and loans, with their significance further underscored by the extended periods of lockdown during the COVID-19 pandemic, which compelled a rise in demand for remote operation offerings.

North America plays a significant role in the global core banking solutions market, with the United States at the forefront. Factors such as the shift towards digital banking, increasing demand for online and mobile banking services, and the adoption of core banking solutions to meet customer expectations contribute to the region's dominance.

Technavio highlights the emerging trends of Core Banking Solutions Market:

• AI and ML Integration: The adoption of Artificial Intelligence (AI) and Machine Learning (ML) is a significant trend, enhancing customer experiences and driving the evolution of core banking solutions.
• Virtual Technology Shift: A dynamic shift in virtual technology is reshaping traditional enterprise operations, contributing significantly to the growth of the global core banking solutions market.
• Advanced Software Landscape: The emergence of advanced software programs, in conjunction with AI, Big Data, and the Internet of Things (IoT), is revolutionizing business operations and fueling the expansion of core banking solutions.
• Mobile and E-commerce Impact: The increasing penetration of smartphones, coupled with advancements in e-commerce, is driving patron demand for virtual banking offerings like cellular wallets, UPI, and internet banking, thereby boosting the growth of the core banking solutions market.

Prominent companies are actively immersing themselves in the trend.

Several prominent companies contribute significantly to the core banking solutions market. Capgemini Service SAS provides cutting-edge solutions designed to assist banks in reducing the total cost of ownership while enhancing operational efficiency and flexibility. Capital Banking Solutions specializes in offering comprehensive core banking solutions tailored for various sectors, including retail, corporate, credit unions, private banking, and neo banks. Fidelity National Information Services Inc. is a key player, offering core banking solutions such as the HORIZON Banking System. These companies collectively impact the core banking solutions market by driving innovation, providing diverse solutions for different banking segments, and playing a pivotal role in shaping the technological landscape of the financial industry.

This core banking solutions market report extensively covers market segmentation by deployment (on-premises and cloud), end-user (large enterprises, small, and medium enterprises), and geography (North America, Europe, APAC, Middle East and Africa, and South America). Buy the full report here

The core banking solutions market is set for significant growth, driven by technology, AI, and virtual advancements. Key players like Capgemini Service SAS, Capital Banking Solutions, and Fidelity National Information Services Inc. contribute by offering tailored solutions, enhancing operational efficiency, and reducing costs. With a focus on improved customer experiences, the market is expected to sustain expansion, reflecting ongoing innovation in the financial services sector.

Coverage

Related reports:

Core Banking Software Market

Business Accounting Software Market

Companies Covered

• Computer Services Inc.
• Finacus Solutions Pvt. Ltd.
• Fiserv Inc.
• HCL Technologies Ltd.
• Infosys Ltd.
• Jack Henry and Associates Inc.
• NCR Corp.
• Oracle Corp.
• SAP SE
• Tata Sons Pvt. Ltd.
• Temenos AG
• Trust Systems and Software Pvt. Ltd.
• Unisys Corp.
• Virmati Infotech Pvt. Ltd.
• Vista Equity Partners Management LLC
• Websoftex Software Solutions Pvt. Ltd.
• Zenith Software Ltd.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio