Overview:
Core Banking Solution (HPC)
refers to the additional computing power gained from aggregation of various
processors for solving complex problems with high speeds. It is used by
scientists for studying large data volumes and gleaning insights by
implementing new techniques that require decision-making in current times. HPC
plays the same role of a supercomputer and employed in industries of aerospace,
defense, and navigation systems. The global Core Banking Solution market report by Market Research
Future (MRFR) unveils new trends in integration of services and its application
for the forecast period (2020-2027). The COVID-19 outbreak and its role in the
industry has been included in the report.
Market Overview
The global Core Banking Solution Market is anticipated to generate
a market value of 10.31
Billion by the end of
the year 2030. Further, it is projected to grow at a 5.4% CAGR between the
years 2020 to 2030.
Substantial demand for
banking solutions has been witnessed due to the increasing focus of banks on
customer engagement and interaction to ensure customer retention, which is
enhancing the performance of the global market in the research timeframe. In
addition, the global Core Banking Solution Market has lucrative opportunities
for the market players due to the rapid growth in centralized banking and
online banking transactions in real-time.
However, the global market
growth might experience restraints due to the lack of awareness related to core
banking solutions and their associated technical complexities. Furthermore, the
complexity in encryption methods might bring major challenges to the global
Core Banking Solution Market during the forecast period.
Market Segmentation
As per the Core Banking
Solution Market analysis, the current market is segmented based on deployment
and components.
Based on the deployment
segment, the present market is consists of Cloud and On-Premise. Among all, the
on-premise segment is estimated to hold the largest market share. In 2017, this
segment was projected to generate 69.22% of market share and is expected to
hold a 5.20% CAGR over the research period. On the other hand, the on-cloud
segment is predicted to generate a 6.47% CAGR in the review period.
On the basis of component
segment, the global market has been classified into two components as Solutions
and Services. Out of all, the solution segment is projected to be the largest
segment. Thus, this segment is registered to account for 65.81% of the market
share in 2017. Further, it is estimated to grow at a 5.99% CAGR for the
research timeframe. Alternatively, the service segment is accounted to grow at
a 4.82% CAGR in the review timeframe.
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Regional Analysis
According to the Core Banking Solution Market
report, the global market has been classified into Europe, Asia Pacific, North
America, Latin America, and others.
North America is holding the dominant
position in the past few years and is further predicted to continue the same in
the upcoming years. This region is fueling because of the growing Blockchain
business deployments, vast technology upgrades, and B2B staking as a service
solution. Moreover, this region is expanding because of the huge deployments of
core banking solutions in large-sized and medium-sized banks in the region.
Additionally, this region is consists of a higher number of financial
institutions and rising international investors, which is driving the market
growth.
Apart from this, the Asia Pacific region
holds the second higher market share in the review period. Furthermore, the
European regional market has lucrative opportunities for Core Banking solutions
because of the open banking and advances in the AI and public cloud.
Industry News
On 20 January 2021, the SaaS cloud banking
platform Mambu and a leading financing platform Ta3meed has declared their
strategic partnership for the Islamic fintech development in Saudi Arabia.
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