The core banking service market has been thoroughly evaluated by Future Market Insights in its most recent research, "Core Banking Solution Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027." The market is expected to grow at a strong CAGR of 5.1% during the forecast period.

Component – Software Dominates Services Component in Core Banking Solution Market

In the market for core banking solutions, the software component is bigger than its service counterpart and is predicted to increase significantly in BPS throughout the course of the study. By 2027, the software market might be worth US$65 billion and experience consistent revenue growth throughout the ensuing ten years.

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Region – North America Critical in Core Banking Solution Market

The core banking solution market's largest region is North America, which is expected to keep its top spot for the foreseeable future. But until the end of 2027, Western Europe is expected to grow by a staggering 250 BPS, making the developed world the centre of the core banking solution market.

By 2027, the US is expected to account for about US$ 3.9 billion of the market for core banking solutions in North America. However, Canada is expected to see a higher CAGR during this period, creating a profitable opportunity for the market's major players in core banking solutions.

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.

Key Takeaways

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.

Core Banking Solution Market Taxonomy

End User:

• Banks
• Financial Institution
• Others

Component:

• Software
• Services

Region:

• North America
• Western Europe
• Eastern Europe
• Latin America
• APEJ
• Japan
• MEA