Core Banking Solutions Market size to grow by USD 18.47 billion from 2023 to 2028; Growth Driven by Technological advancements in core banking solutions - Technavio

NEW YORK, Nov. 7, 2023 /PRNewswire/ -- The core banking solutions market 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) - Forecast and Analysis 2024-2028" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the core banking solutions market between 2024 and 2028 is USD 18.47 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and more. Buy the full report here

Technological advancements in core banking solutions are key factors driving market growth. Increased digitization of bank services has added to the global market for core banking solutions. The banking sector continues to progress toward modern technological improvements, which might be a source of simplifications in bank services including money transfers, deposits, and loans. Moreover, the main factor that contributes to market growth is the increased use of M2M technologies for enhancing customer experience by offering remote access to diverse banking products. 

Market Challenge

Risks associated with data migration are a significant challenge restricting market growth. Data migration can pose a risk of data loss or corruption if not done meticulously. Inaccurate or incomplete data transmission can lead to significant financial and operational consequences. In addition, it may be difficult to map information from legacy systems to a new platform for core banking solutions given the variety of data structures, formats, and codes used.

Learn about additional key drivers, trends, and challenges available with Technavio. Read Sample PDF Report Now

The core banking solutions market is segmented 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). 

• The market share growth by the on-premises segment will be significant during the forecast period. The bank will have complete control of its core banking infrastructure with the use of on-premises deployment. This will allow for a wide choice of configurations, to comply with the bank's specific business processes and requirements. 

• North America is estimated to contribute 31% to the growth of the global market during the forecast period. 

View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Core Banking Solutions Market:

Capgemini Service SAS, Capital Banking Solutions, Computer Services Inc., Fidelity National Information 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., and Zenith Software Ltd.

Related Reports:

The Remittance Market size is estimated to grow at a CAGR of 10.55% between 2022 and 2027 and the size of the market is forecast to increase by USD 38.2 billion.

The core banking software market size is estimated to grow at a CAGR of 19.9% between 2022 and 2027. The market size is forecast to increase by USD 20,638.03 million. 

ToC:

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Deployment

Market Segmentation by End-User

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio