Global Retail Core Banking Solution Market Set for Steady Growth, Expected to Reach $7.14 Billion by 2028
Retail Core Banking Solution Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Retail Core Banking Solution Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LANDON, GREATER LANDON, UK, July 2, 2024 /EINPresswire.com/ -- The global retail core banking solution market, which facilitates centralized systems for banks primarily serving individual consumers, is poised for significant growth. Starting from $4.49 billion in 2023, the market is projected to rise to $4.96 billion in 2024, growing at a compound annual growth rate (CAGR) of 10.4%. It will grow to $7.14 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. This growth is driven by regulatory compliance requirements, increasing customer demand for digital services, operational efficiency gains, enhanced data security, and competitive dynamics.
Rising Customer Demand for Digital Services Fuels Market Expansion
A key driver of the retail core banking solution market is the escalating demand for mobile and net banking services. Mobile banking allows customers to manage their accounts and conduct financial transactions via smartphones or tablets, while net banking enables online access to various banking services. The integration of these services with core banking solutions ensures seamless operations across channels, enhancing customer experience and operational efficiency.
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Major Players Innovating in the Market
Leading companies in the retail core banking solution market include Wells Fargo, Mambu GmbH, Oracle Corporation, SAP SE, and Tata Consultancy Services Limited. These players are focusing on developing AI-enabled platforms to enhance financial services. For instance, Sopra Banking Software launched the SBP Core Platform, an AI-enabled system designed to optimize banking operations through advanced AI technologies.
Market Segmentation
The retail core banking solution market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: Cloud, On-Premises
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Regulatory Compliance, Risk Management, Digital Banking, Data Storage, Other Applications
Geographical Insights: North America Leading the Charge
North America dominated the retail core banking solution market in 2023, with significant contributions from Asia-Pacific and Europe. The market's regional dynamics and growth opportunities are detailed in the comprehensive market report.
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Retail Core Banking Solution Global Market Report 2024 from TBRC covers the following information:
Market size data for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Retail Core Banking Solution Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on retail core banking solution market size, retail core banking solution market drivers and trends, retail core banking solution market major players, competitors' revenues, market positioning, and market growth across geographies. The retail core banking solution market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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