In its recent report titled ‘‘Core Banking Solution Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027’, Future Market Insights has comprehensively assessed the core banking service market that is on track to witness a robust CAGR of 5.1% for the forecast period.
Component – Software Dominates Services Component in Core Banking Solution Market
The software component is larger than its service counterpart in the core banking solution market and is expected to gain significant BPS over the duration of the study. The software segment may well be worth US$ 65 billion by the year 2027 and see steady revenue growth throughout the decade.
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Region – North America Critical in Core Banking Solution Market
North America is the largest region in the core banking solution market and is on track to retain this position for the foreseeable future. However, Western Europe is poised to gain a massive 250 BPS till the end of 2027, making the developed world the hub of the core banking solution market. The North America core banking solution market is anticipated to cross US$ 6 billion by 2027 with the US accounting for approx. US$ 3.9 billion. However, Canada is poised to record a higher CAGR during this time making it a lucrative opportunity for key stakeholders in the core banking solution market.
End Users – Banks Have Maximum Need of Core Banking Solutions
Banks have the largest share in the core banking solution market and are likely to remain so for some time. Banks have a market attractiveness index of 5.0 by end user, substantially more than that of financial institutions in the core banking solution market. The bank segment is predicted to grow with the highest CAGR of 5.6% from 2017 to 2027. Branch less banking is a new trend that should benefit the core banking solution market as it allows banks cater to the requirements of their customers in far-off rural areas who are unable to access physical banks. This is particularly relevant in underserved emerging economies such as APEJ and Latin America.
Competition Dashboard in the Core Banking Solution Market
Future Market Insights has profiled some of the players in the core banking solution market. The companies are SAP SE, Oracle Corporation, Infosys Limited, FIS (Fidelity Information Services), Tata Consultancy Services Private Limited, Misys, HCL Technologies Limited, Temenos Group AG, Capgemini, Infrasoft Technologies Ltd., IBM Corporation, Nelito Systems Ltd., COBISCORP, and Wipro Limited.
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Key stakeholders in the core banking solution market would do well to focus their attention on emerging economies such as India whose governments are aggressively courting foreign direct investment and offering ample untapped opportunities. Increasing the footprint by expanding in emerging economies is naturally increasing the bank’s customer base and core banking solution vendors must provide accurate and fully featured products that enable banks to handle skyrocketing customer data coupled with banking operations. Furthermore, financial institutions and large banks have flown the globalization wave and now offer 24/7 availability to their customers. Core banking solution providers can be beneficiaries of this by delivering one-stop centralized solutions that monitor the bank’s global network along with ensuring anytime, anywhere customer accessibility.