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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global 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.
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 Report Snapshots
Core Banking Solutions Market Size
Core Banking Solutions Companies
*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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