The banking sector is in a state of fluctuation, with various regulatory, demographic factors and technologies cutting across the breadth and length of the value chain. These factors are positively impacting the way banks carry on their business as the conventional banking methods are insufficient to meet growing customer expectations and improve profitability. Core banking solution helps the client to operate their bank accounts and financial services from any branch.
The key factor is driving the market of core banking solution due to the increasing demand of this new technology among the customer for better service and security. The increasing need of managing accounts of customers from a single server is fueling the growth of core banking solution market. Moreover, banking services are looking for cost effective solutions which can help them in reducing replacement costs. This factor is acts as a trigger, boosting the market of core banking solution and is expected to witness a significant growth during the forecast period. In addition, rapid adoption of technology among the customer is changing their need and the way they interact with banks is fueling the growth of core banking solution market globally. This factor is triggering market growth of core banking solution globally. Moreover, this new core banking solution technology helps in increased digitization and connectivity and more security in financial institutions. Owing to this factor, the market is growing significantly and is expected a stable growth during the forecast period. However, in rural areas banks have been facing challenges to meet customer requirement in terms of technology and culture. Therefore, this factor is acting as a restraint of this market. Moreover, many financial institutions are focusing on this new technology to cater customer requirement, therefore the impact of this restraint is medium and is expected to be low during the forecast period.
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The market of core banking solution is segmented into three categories: by deployment, by solution and by service. By deployment the market of core banking solution can be divided into cloud and on premises. By solution the market is segmented by deposits, loans, enterprise customer solutions, other. In terms of service, the market of core banking solution can be divided into managed service and professional service.
By geography the global subscriber data management market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. The North American held the largest market share in core banking solution market in 2016 and is expected to hold its position during the forecast period. Owing to its developed economic of U.S. and Canada, there is a high focus on innovations in technology and research and development is fueling the growth of this market. North America, followed by Europe, is expected to become second largest revenue generating region for core banking solution market in 2016. The Asia Pacific (APAC) is expected to be the fastest growing region in the core banking solution market. The growth in APAC is primarily driven by the rising adoption of web and mobile based business applications in banking sector. Middle East and Africa has shown a remarkable growth in core banking solution followed by Latin America in recent years.
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The global core banking solution market is marked by some strong competition from the major players operating in this industry. Numerous merger and acquisition, joint venture and partnership agreement, product innovation, research and development and geographical extension are some of the key strategies adopted by this player to ensure long term sustenance in these market key participants in the global core banking solution industry include Infosys Limited (Karnataka, India), HCL Technologies Limited (Noida, India.) and Tata Consultancy Services (Mumbai, India), Capgemini SE. (Paris, France) among others.
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