Retail Core Banking Solutions Market Key Players Analysis 2031
The retail core banking solutions market is projected to grow from US$ 4.38 billion in 2023 to US$ 10.78 billion by 2031; it is expected to expand at a CAGR of 10.2% from 2023 to 2031. Multiple factors, such as the increasing global emphasis on digitalization and cashless transactions, the proliferation of NFC-enabled smartphones and wearables, and the growing demand for convenient and secure payment options, are driving the market. Additionally, the market is being expanded in functionality and reach by the ongoing evolution of NFC technology and its integration with other developing technologies like mobile wallets and the Internet of Things (IoT).
Retail Core Banking Solutions Market Analysis
The rise in the necessity to deliver improved banking services to the retail industry and the increase in the need to incorporate a core banking system in the retail industry boosts the growth of the market. Furthermore, the increasing requirement to integrate conventional banking systems into a data center or centralized server drives the growth of the market. As leading tech firms continue to concentrate on advanced technology, the banking and financial sectors are showing indications of acceptance and optimism towards Artificial Intelligence (AI). Moreover, numerous banks are progressively attempting to use AI to streamline risk control procedures, including regulatory compliance and fraud prevention.
Retail Core Banking Solutions Market Overview
- The retail core banking solutions help customers manage their finances through a secure channel and enable flexibility in accessing their bank details, which is one of the key factors propelling the market growth. Furthermore, the application of retail core banking solutions offers low-cost funding for banks, helps them create a solid foundation, and maintains efficient customer relationship management, all of which are projected to fuel market growth during the forecast period. Moreover, the market is growing due to the surging customer demand for net and mobile banking.
Retail Core Banking Solutions Market Driver
Growing Adoption of Mobile Payments to Drive the Retail Core Banking Solutions Market
- Numerous non-traditional businesses are agile, customer-focused, and technology-driven, including technology providers, retailers, and Fintech start-ups. To provide customers with improved accessibility, service, and affordability, they are employing leading-edge technologies by emphasizing the several lucrative aspects of their value chains, including mobile payments.
- The industry players are focusing on new product launches to keep a competitive edge in the market. For instance, in January 2024, Temenos announced the launch of end-to-end Temenos Enterprise Services on Temenos Banking Cloud to enable banks to deploy software solutions in just 24 hours and significantly reduce modernization costs. With Temenos Enterprise Services, banks of all sizes can launch a Minimum Viable Product (MVP) and get a flying start by having a build and test environment within 24 hours.
Retail Core Banking Solutions Market Report Segmentation Analysis
- The digital banking segment is projected to witness the fastest growth over the forecast period. The growth is attributed to the several advantages related to digital banking, including lower operating costs and increased revenue.
- The on-premise segment is anticipated to observe significant growth over the forecast period. The financial institution selects on-premise solutions as it has numerous advantages to offer. One such benefit is the comprehensive risk management as it is hosted on private servers and offers control over the data.
Retail Core Banking Solutions Market Share Analysis By Geography
The scope of the Retail Core Banking Solutions market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominated the retail core banking solutions market share in 2023. The supremacy in the market is projected to continue over the forecast period due to substantial ongoing technology advancements in core banking solutions and implementation by prominent players such as Oracle Fiserv, Inc., among others.
Retail Core Banking Solutions Market Report Scope
The "Retail Core Banking Solutions Market Analysis" was carried out based on component, deployment, enterprise size, application, and geography. On the basis of component, the market is bifurcated into solution and services. On the basis of deployment, the market is divided into cloud and on-premise. Based on enterprise size, the market is divided into small & medium enterprises and large enterprises. Based on application, the market is segmented into regulatory compliance, risk management, digital banking, and others. On the basis of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Retail Core Banking Solutions Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Retail Core Banking Solutions market. Some of the recent key market developments are listed below:
- In 2022, as part of its next growth phase strategy, Credgenics, the key provider of SaaS-based technology solutions for debt resolution and loan collections to non-banking finance, banks, and Fintech lenders internationally, announced its entrance in Indonesia. To increase its clientele, the company partnered with Core Banking Solution (CBS) and system integrator providers in Indonesia. [Source: Credgenics, Company Website]
Retail Core Banking Solutions Market Report Coverage & Deliverables
The Retail Core Banking Solutions market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Retail Core Banking Solutions Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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