Published Date: 20-Jan-2023
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According to a new report, published by KBV research, The Global Retail Core Banking Solution Market size is expected to reach $7.4 billion by 2028, rising at a market growth of 9.8% CAGR during the forecast period.
The Solution (Without Services) market is leading the segment in the Global Retail Core Banking Solution Market by Component in 2021; thereby, achieving a market value of $5.0 billion by 2028. The market is growing due to banks focusing more on improved client communication, remote data retrieval, record keeping, and efficient workflow.
The Cloud market is showcasing a CAGR of 10.9 % during the forecast period. The increased emphasis on improving efficiency through better monitoring transactions and payments with cloud-based services has sped up the segment's growth. In addition, increased use of cloud computing technologies through Software-as-a-Service (SaaS) to help banks with transaction processing and storage security is fueling the segment's growth.
The Large Enterprises market is generating high revenue share in the Global Retail Core Banking Solution Market by Organization Size in 2021; thereby, achieving a market value of $4.9 billion by 2028. Due to the intense rivalry in the banking sector, large retail banks are currently concentrating on customer retention. The retail core banking solution serves as the communication link between banks and their customers, ensuring that all inquiries are answered.
The Digital Banking market is registering a CAGR of 10.5% during (2022 - 2028). The expansion can be attributed to digital banking's many benefits, including higher profits and fewer operational expenses. Furthermore, introducing cutting-edge digital banking features, including online portals and data on applications, among many others, is another factor fueling the market's growth.
The North America market dominated the Global Retail Core Banking Solution Market by Region in 2021; thereby, achieving a market value of $2.4 billion by 2028. The Europe market is anticipated to grow at a CAGR of 9.6% during (2022 - 2028). Additionally, The Asia Pacific market would witness a CAGR of 10.3% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Oracle Corporation, Fiserv, Inc., Temenos AG, Tata Consultancy Services Limited, SAP SE, Infosys Limited, Fidelity National Information Services, Inc. (FIS), Kiya.ai, Jack Henry & Associates, Inc. and Silverlake Axis Ltd
By Deployment Mode
By Organization Size
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