The global Core Banking Solution Market is anticipated to generate a market value of USD 10.31 Billion by the end of the year 2030. Further, it is projected to grow at a 5.4%CAGR between the years 2022 to 2030.
Substantial demand for banking solutions has been witnessed due to the increasing focus of banks on customer engagement and interaction to ensure customer retention, which is enhancing the performance of the global market in the research timeframe. In addition, the global Core Banking Solution Market has lucrative opportunities for the market players due to the rapid growth in centralized banking and online banking transactions in real-time.
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However, the global market growth might experience restraints due to the lack of awareness related to core banking solutions and their associated technical complexities. Furthermore, the complexity in encryption methods might bring major challenges to the global Core Banking Solution Market during the forecast period.
Regional Analysis
According to the Core Banking Solution Market report, the global market has been classified into Europe, Asia Pacific, North America, Latin America, and others.
North America is holding the dominant position in the past few years and is further predicted to continue the same in the upcoming years. This region is fuelling because of the growing Blockchain business deployments, vast technology upgrades, and B2B staking as a service solution. Moreover, this region is expanding because of the huge deployments of core banking solutions in large-sized and medium-sized banks in the region. Additionally, this region is consisting of a higher number of financial institutions and rising international investors, which is driving the market growth.
Apart from this, the Asia Pacific region holds the second higher market share in the review period. Furthermore, the European regional market has lucrative opportunities for Core Banking solutions because of the open banking and advances in the AI and public cloud.
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Market Segmentation
As per the Core Banking Solution Market analysis, the current market is segmented based on deployment and components.
Based on the deployment segment, the present market is consisting of Cloud and On-Premises. Among all, the on-premises segment is estimated to hold the largest market share. In 2017, this segment was projected to generate 69.22% of market share and is expected to hold a 5.20% CAGR over the research period. On the other hand, the on-cloud segment is predicted to generate a 6.47% CAGR in the review period.
Based on component segment, the global market has been classified into two components as Solutions and Services. Out of all, the solution segment is projected to be the largest segment. Thus, this segment is registered to account for 65.81% of the market share in 2017. Further, it is estimated to grow at a 5.99% CAGR for the research timeframe. Alternatively, the service segment is accounted to grow at a 4.82% CAGR in the review timeframe.

Industry News
On 20 January 2021, the SaaS cloud banking platform Mambu and a leading financing platform Ta3meed has declared their strategic partnership for the Islamic fintech development in Saudi Arabia.
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