Global Core Banking Solution Market to hit USD 32.01 Billion by 2028, Rapidly Growing at 14.72% CAGR, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Feb 09, 2022, 06:30 ET

LONDON, Feb. 9, 2022 /PRNewswire/ -- According to Brandessence Market Research, Core Banking Solution Market is Projected to Reach USD 12.24 Billion in 2021. The Core Banking Solution Market is growing at robust CAGR of 14.72%, and reach size of USD 32.01 Billion by end of Forecast 2028.

Rising number of online transactions and high internet penetration in banking sector are some of the major factors driving the growth of the Global Core Banking Solution Market, "Core Banking Solution Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Deployment Model (On-Premises, Cloud), By Enterprise Size ( Large Enterprise, Small & Medium Enterprises(SMEs)) By Type (Enterprise Customer Solution, Loans, Deposits, Others), By End-User (Credit Unions & Community Banks, Others) Based On Region, And Segment Forecasts, 2022 – 2028"

Get Sample of Report@ https://brandessenceresearch.com/requestSample/PostId/1845

Scope of The Core Banking Solution Market Report:

Core banking can be referred to as a back-end system, which involves the processing of banking transactions between different branches of a bank on a single platform. In the core banking solution, the networking of bank branches which allows customer to manage their accounts and use various. Moreover, the core banking system provides customers with banking facilities from any bank branch across the country and provides information on distribution channels. The first experiment was conducted in core banking solution in 1970 in the United States. In the remaining part of world, the core banking system was introduced in 1980s like Europe, Australia, and Asia. When new companies brought forth some innovative and improved ideas of core banking concepts then In 1990s things and technologies are drastically changed. In three decades, most banks in developed countries have transitioned to core banking systems and set up their centralized data centres.

Covid-19 has also impacted the growth of core banking solution market due to sudden changes in rules and regulation by government like lockdown, social distancing and curfew. In the Covid-19 people are facing number of problems in financial platform like, major repositioning in on global platform sudden changes in interest rates and delayed lease payment. And, due to the Covid-19,  the low interest rate situation is also reducing core banking profits in the mature market. However, adoption of online transaction during Covid-19 generated more revenue in core banks and it may impact positively on this sector.

Core Banking Solution Companies Focusing In this Report:

  • Capital Banking Solutions
  • EdgeVerve Systems Limited
  • Finastra
  • FIS
  • Fiserv, Inc.
  • NCR Corporation
  • Oracle
  • SAP SE
  • Tata Consultancy Services Limited
  • Temenos Headquarters SA
  • And More

Recent Development:

News: OneConnect Powers Digital Transformation for Banks with Launch of New Gamma Core Banking System.

On November 24th, 2021; OneConnect Financial Technology Co., Ltd., launched Gamma Core banking system. It is a leading technology-as-a-service platform for financial institutions and it is an associate of Ping An Group. Additionally, it designed to digital restructuring in order to upgrade their underlying architecture, business processes and core systems and help banks undergo a complete top-to-bottom.

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Rising Adoption of Secure Online Transactions and Growing Penetration of Internet Among the Banking Sector are Driving the Market Growth

Increasing number of online transactions is one of he major factors driving the demand for core banking solutions. From the last few years, people are frequently using online banking and transaction in day to day life due to its various benefits and it is supplementing the growth of core banking solutions. In the online banking, majority of banks provide security assured services like this benefit, several are associated with this online banking. Additionally, banks generally use encryption devices to ensure that all client information which is protected and there is no risk of security breach. It ultimately provides customers security from online frauds and account hacking, which has helped to build customer's trust, thus online transaction preference has gone upward. For example; in 2020 approximately 25.5 billion real-time online transactions were recorded in India over 2019, followed by 15.7 billion in China. In addition, internet access is trending in various platform and banking sector is not exceptional. Core banking always results in a significant reduction in operational costs, ensuring less manpower required for implementation with the use of internet. For instance; China has estimated that there were approximately 168 million internet banking users in the country in 2018. And, growing focus of banks on better record keeping, remote data retrievals, customer interaction, and seamless workflow is also fostering key growth of the global core banking solutions market.

Reginal Analysis:

Asia Pacific is an emerging region in the core banking solution market due to banks have continuously dominated financial systems across the Asia Pacific region and played an important role in regional economic development. The market growth in this region is attributed to rising adoption of online banking as well as high penetration of internet in the various banking applications. Additionally, the increasing growth & development of technology in online banking has also created a major change in different aspects of human life and organizational performance in this region. Traditional banking methods have paved the way for the latest technological innovations with state-of-the-art systems. Of these, the adoption of core banking in India was a pivotal moment. Moreover, India is experiencing higher adoption of online payment platforms backed by the increasing government initiatives. For example; the total digital wallet transactions in India nearly doubled to from 124.3 crore February to 253.2 crore in May, from 124.3 in 2020 according to Reserve Bank of India (RBI) data. Banking and financial institutions have benefited immensely after the introduction of core banking in India. Furthermore, increasing digitization in baking sector and adoption of core baking solutions in china is also driving the market growth in China. For example; Tata Consultancy Services (TCS), India's leading IT service provider, announced the successful deployment of core banking solutions from TCS BaNCS at Panzhihua (PZH) Commercial Bank, China.

On Special Requirement Core Banking Solution Market Report is also available for below region:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

˙Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

Get Full Access of all Report: https://brandessenceresearch.com/technology-and-media/core-banking-solution-market-growth

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Brandessence market research publishes market research reports & business insights produced by highly qualified and experienced industry analysts. Our research reports are available in a wide range of industry verticals including aviation, food & beverage, healthcare, ICT, Construction, Chemicals and lot more. Brand Essence Market Research report will be best fit for senior executives, business development managers, marketing managers, consultants, CEOs, CIOs, COOs, and Directors, governments, agencies, organizations and Ph.D. Students. We have a delivery center in Pune, India and our sales office is in London.

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