UAE Core Banking Solutions Market Expected to Reach USD 209.35 Million by 2032 | NCR Corporate Capital Banking Solutions
Portland, USA, June 28, 2023 /EINPresswire.com/ — According to a recent report by Allied Market Research titled “UAE Core Banking Solutions Market (By Component, Deployment Model, Enterprise Size, Solution Type and End User: Opportunity Analysis and Industry Forecast 2020-2027)” According to the report, the UAE core banking solutions market size was valued at USD 59.27 million in 2019 and is expected to reach USD 209.35 million by 2027, growing at a CAGR of 17.3% from 2020 to 2027.
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Core banking solutions help in overcoming errors that occur due to multiple entries, manage changes in existing products, and facilitate market growth by incorporating back-office data and self-service operations using these solutions. Additionally, it enhances interconnectivity between branches of the same bank and facilitates the management of loans, deposits, credit processing, and more. Additionally, core banking solutions allow bank branches to access applications from centralized data centers on a single platform.
Factors such as the numerous benefits offered by core banking solutions and the surge in adoption of core banking technologies by banks and financial institutions in the country are the major factors driving the growth of the core banking solutions market in the UAE. Furthermore, growth in mergers and acquisitions among banks and financial institutions along with rapid advancement in technology is expected to provide lucrative opportunities for core banking solutions providers in the coming years.
In terms of solution type, the corporate customer solution management segment dominated the UAE core banking solutions market in 2019 and is the segment that will contribute the most during the forecast period. Additionally, core banking solutions enhance corporate customer solutions such as account opening, loan servicing, deposit and withdrawal processing, customer relationship management activities, and more. These services between banks and other financial sectors are increasingly managed by the core banking services model, thus becoming a major UAE core banking solutions market growth factor in this segment.
Revenues in the core banking solutions industry in the UAE have been significantly impacted. Several banks are transforming existing business operations in the country and modernizing their digital offerings. Hence, due to changing consumer behavior and increased demand for banking services, banks and financial institutions are implementing security technologies by adopting core banking solutions. Hence, the increased adoption of advanced technologies coupled with the increased need to provide better customer service has led to significant growth in the revenue of core banking solutions providers in the country.
Key interests of stakeholders
The study provides an in-depth analysis of the UAE Core Banking Solutions market share along with current and future trends to illustrate upcoming investment areas.
The report provides information on key drivers, restraints and opportunities and their impact analysis on the UAE CBS market size.
Porter’s five forces analysis illustrates the potential of buyers and suppliers operating in the core banking solutions industry in the UAE.
Extensive analysis of key segments of the industry helps in understanding UAE core banking solutions market trends.
Quantitative analysis of the UAE Core Banking Solutions Market from 2020 to 2027 to identify the market potential.
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UAE Core Banking Solutions Market Report Highlights
By deployment model
By enterprise size
Small and medium enterprises (SMEs)
by solution type
Enterprise Customer Solutions
by end user
credit unions and community banks
Key Market Players NCR CORPORATION, FISERV, INC., TEMENOS HEADQUARTERS SA, SAP SE, SDK.finance, CAPITAL BANKING SOLUTIONS, FINASTR, TATA CONSULTANCY SERVICES LIMITED, ORACLE, EDGEVERVE SYSTEMS LIMITED
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP, headquartered in Portland, Oregon. Allied Market Research provides unrivaled quality Market Research Reports and Business Intelligence Solutions to global corporations as well as SMEs. AMR provides targeted business insights and consulting to help clients make strategic business decisions and achieve sustainable growth in their respective market segments.
We have established professional corporate relationships with various companies, which help us mine market data, which helps us generate accurate research data tables and confirm the highest accuracy of our market forecasts. Pawan Kumar, CEO of Allied Market Research, has been instrumental in motivating and encouraging everyone involved with the company to maintain high-quality data and help clients succeed in every way possible. Every piece of data in our published reports has been extracted through preliminary interviews with senior officials of leading companies in the relevant field. Our approach to secondary data sourcing includes in-depth online and offline research as well as discussions with knowledgeable professionals and analysts in the industry.