(IT-NEWSWIRE.COM, January 12, 2018 ) A new research titled “Core Banking Solution Market: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 – 2027” projects the global demand for core banking solutions to expand at a CAGR of over 5% through 2027. The report analyzed the core banking solution market in the key regions of North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific excluding Japan (APEJ), and Middle East & Africa (MEA).
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According to the report, core banking solutions are witnessing an increasing adoption of software and services, as there is growing emphasis on providing banking services in rural areas. In many developing countries, a large section of population is still not able to gain access to traditional banking services. Adoption of core banking solutions in these regions can prove to be a feasible solution for both service providers and end-users.
The report estimates adoption of core banking solutions to be pervasive in banking and financial institutions. The adoption is likely to more robust in the banking sector vis-à-vis financial institution segment, with the former exhibiting a market attractive index of nearly 5.0 during the assessment period 2017-2027. On the other hand, the financial institution segment is likely to grow at a CAGR of 4.6% during the assessment period 2017-2027.
According to the report, customization continues to be a key trend in the core banking solutions market. Banks are increasingly turning to customer analytics to understand the subtle behavior, motivations, and aspirations of consumers. The report opines that adoption of consumer analytics will continue to gain traction among core banking solution vendors during the assessment period.
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Although the emphasis on providing universal banking is growing in developing countries, it is the developed nations that will account for the bulk of revenues generated during the assessment period. North America, led by the U.S., continues to be one of the leading regions for core banking solution market. On the back of strong adoption in US, the North America region will continue to be one of the leading markets for core banking solutions globally. In addition to North America, Western Europe is likely to be a lucrative market for core banking solutions vendors. Growth will also be significant in Asia Pacific excluding Japan (APEJ), where a number of countries are focusing on boosting their banking sector.
The report also provides detailed analysis and insights on the competitive landscape in the market. Some of the leading companies profiled in the report include SAP SE, Infosys Limited, HCL Technologies Limited, Oracle Corporation, FIS (Fidelity Information Services), Misys, Tata Consultancy Services Private Limited, Temenos Group AG, Infrasoft Technologies Ltd., Capgemini, IBM Corporation, COBISCORP, Nelito Systems Ltd., and Wipro Limited.
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