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NEW YORK, Aug. 22, 2022 /PRNewswire/ — The “Core Banking Solutions Market Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the core banking solutions market between 2021 and 2026 is USD 12.14 billion, as per the latest market analysis report by Technavio. The report predicts the market to witness an accelerating growth momentum at a CAGR of 14.77% during the forecast period . The analysts at Technavio have categorized the global core banking solutions market as a part of the global IT consulting and other services market. Our report provides extensive information on the value chain analysis for the core banking solutions market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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- Market Driver: Technological advancements are expected to drive the core banking solutions (CBS) market growth positively during the forecast period. Due to the elongated durations of lockdown because of the coronavirus pandemic, financial offerings had been impelled to undertake far-flung operation offerings, which surged the call for core banking answers. The increase in the adoption of middle banking technology to enhance purchaser experience by providing remote access to diverse banking offerings is a major element contributing to the growth of core banking solutions.
- Market Challenge: Concerns about data security and privacy threats is one of the key challenges limiting the core banking solutions (CBS) market growth. Cybercriminals focused on the banking industry, and the later spike in Covid-19-related phishing assaults compounded the issue. One of the greatest challenges associated with keeping a money environment is securing the terabytes of advanced client information from cyberattacks. The information security hazard is uncommonly lengthy for little and mid-sized banks with fewer assets to guard against an advanced cyberattack and is less demanding to penetrate. Thus, such issues may limit the core banking solutions (CBS) market growth during the forecast period.
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The core banking solutions market report is segmented by Deployment (On-premise and Cloud) and Geography (North America, EuropeAPAC, Middle East and Africaand South America).
Regional Opportunities: 31% of the market’s growth will originate from North America during the forecast period. The US is the key market for the core banking solutions market in North America. Market growth in this region will be faster than the growth of the market in South America. The large-scale selection of advanced core banking solutions by leading banks will facilitate the core banking solutions market growth in North America over the forecast period.
Revenue-generating Segment Highlights: The CBS market share growth by the on-premise segment will be significant during the forecast period. Companies with legacy stages often accomplice with IT experts for data recovery preparation and to decrease security concerns and operational costs. Most clients usually pick the on-premise solution because they are looking for a very personalized solution, including new integrations, functionalities, and customizations. Such an increase in preference for on-premise solutions will drive the CBS market growth during the forecast period.
View our sample report for segment-wise market share contribution and regional opportunities
The core banking solutions market is fragmented and the vendors are deploying growth strategies such as mergers and acquisitions and product innovation to compete in the market. This statistical study of the core banking solutions market encompasses successful business strategies deployed by the key vendors. The core banking solutions market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
- Asseco Poland SA
- Capgemini Service SAS
- Capital Banking Solutions
- Fidelity National Information Services Inc.
- Finastra
- Fiserv Inc.
- HCL Technologies Ltd.
- Infosys Ltd.
- Intellect Design Arena Ltd.
- Intrasoft Technologies
- Jack Henry and Associates Inc.
- Mambu BV
- NCR Corp.
- NEC Corp.
- Oracle Corp.
- SAP SE
- Sopra Steria Group SA
- Tata Consultancy Services Ltd.
- Temenos AG
- Unisys Corp.
- To access extensive vendor profiles and their strategic initiatives, Download Sample PDF Now!
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