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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Core Banking Solutions Market Size
The global core banking solutions market attained a value of about USD 16.69 billion in 2023. The market is further expected to grow at a CAGR of 14.56% during the forecast period of 2024-2032 to reach nearly USD 56.74 billion by 2032.
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Core Banking Solutions Market Share
Based on the deployment model, the cloud-based segment of core banking solutions is the fastest revenue-generating segment. A surge in cloud computing technology through software-as-a-service (SaaS) to aid in storing large quantities of customer data and transaction processing is furthering the market growth of core banking solutions. Furthermore, large investments by established and emerging banking and financial institutes to incorporate the latest technologies are significantly contributing to the industry growth. The rising emphasis on boosting productivity by efficiently monitoring transactions and payments using cloud-based services is augmenting the overall market growth of core banking solutions. The core banking solutions market is experiencing significant growth, driven by the increasing demand for efficient and integrated banking systems. Core banking solutions (CBS) are pivotal in modernizing banking operations, offering seamless and real-time transaction processing, and enhancing customer experience. As financial institutions strive to stay competitive, the adoption of advanced CBS platforms is becoming more widespread. One of the primary factors contributing to the expansion of the core banking solutions market is the surge in digital banking. With the rise of fintech and digital-only banks, traditional banks are compelled to upgrade their legacy systems to more agile and robust core banking platforms. This shift not only streamlines operations but also supports the deployment of innovative banking products and services. Market leaders in the core banking solutions sector, such as Oracle, SAP, and FIS, continue to dominate due to their comprehensive and customizable offerings. These platforms provide extensive modules that cover various banking functions, including retail banking, corporate banking, and treasury services. Their ability to integrate with other financial technologies and offer scalable solutions makes them a preferred choice among banks of all sizes.
Rapid Advancements in Technology to Aid in the Market Growth of Core Banking Solutions
The global market for core banking solutions has been augmented by the rising digitisation of banking services. With advancements in technology, the banking sector is continuously thriving to adopt the latest technology that would aid in streamlining the day-to-day banking services, including fund transfers, deposits, and loans, among others. Core banking solutions help banks and financial institutions to reduce operational and support expenses, provide real-time transaction information, and enable customers to manage bank accounts with multiple branches, which is invigorating the market growth.
Furthermore, owing to the elongated periods of lockdown as a result of the coronavirus pandemic, financial services were impelled to adopt remote operation services, which surged the demand for core banking solutions, hence augmenting the industry growth. In addition to this, increasing adoption of core banking technologies to enhance customer experience by providing remote access to various banking services, which is a major factor contributing to the market growth of core banking solutions.
Core Banking Solutions Market Segmentation
Core banking solutions can be defined as a digital financial service that involves the processing of banking transactions via a centralised system to ensure uninterrupted workflow by digitally pairing frontend and backend services within a banking structure.
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On the basis of component, the market can be categorised into:
- Solution
- Service
The market, based on deployment model, can be divided into:
- On-Premises
- Cloud
Based on enterprise size, the market can be segmented into:
- Large Enterprises
- Small and Medium Enterprises
On the basis of type, the market can be divided into:
- Enterprise Customer Solutions
- Loans
- Deposits
- Others
Based on end user, the market segmentations include:
- Banks
- Credit Unions and Community Banks
- Others
The EMR report looks into the regional markets of core banking solutions like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
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Surging Demand for Digital Financial Services to Propel the Market Growth of Core Banking Solutions
The market growth of core banking solutions can be attributed to the dynamic shift in digital technologies. The emergence of advanced software services, such as artificial intelligence (AI), Big Data, and Internet of Things (IoT), among others, are revolutionising the traditional way of business operations, which is augmenting the market growth of core banking solutions. Furthermore, with the rising market penetration of smartphones and the prevalence of e-commerce, the consumer demand for digital banking services like mobile wallets, UPI, and internet banking, are further propelling the market growth of core banking solutions to streamline the customer experience.
Market Leaders of Core Banking Solutions Industry
The report presents a detailed analysis of the following key players in the global core banking solutions markets, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.
- Capital Banking Solutions
- EdgeVerve Systems Limited
- Finastra Limited
- Fiserv, Inc.
- Oracle Corporation
- Others
The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Deployment Model |
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| Breakup by Enterprise Size |
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| Breakup by Type |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Core Banking Solutions Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global core banking solutions market attained a value of nearly USD 16.69 billion in 2023.
The market is projected to grow at a CAGR of 14.56% in the forecast period of 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about 56.74 billion by 2032.
The major drivers of the market are the rising digitisation of banking services, the increasing use of innovative technologies in banking applications, and the growing adoption of core banking technologies to enhance customer experience.
The key trends aiding the market include the rising demand for digital banking services like mobile wallets, the emergence of advanced software services, and the surging adoption of cloud computing.
The major regional markets for core banking solutions are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
The major components of core banking solutions are solution and service.
On-premises and cloud are the significant deployment models of core banking solutions.
The major enterprise sizes included in the market report are large enterprises and small and medium enterprises.
The different types of core banking solutions are enterprise customer solutions, loans, and deposits, among others.
The significant end users of core banking solutions are banks and credit unions and community banks, among others.
The major players in the market are Capital Banking Solutions, EdgeVerve Systems Limited, Finastra Limited, Fiserv, Inc., and Oracle Corporation, among others.
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