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Technology & Electronics
Middle East & Africa Core Banking Solution Market, by Services, 2017-2025
| Label | Solution | Services |
|---|---|---|
| 2017 | 132.85 USD Mn | 45.9 USD Mn |
| 2018 | 135.46 USD Mn | 45.8 USD Mn |
| 2019 | 139.11 USD Mn | 46.04 USD Mn |
| 2020 | 143.17 USD Mn | 46.39 USD Mn |
| 2021 | 147.63 USD Mn | 46.84 USD Mn |
| 2022 | 152.62 USD Mn | 47.41 USD Mn |
| 2023 | 158.29 USD Mn | 48.15 USD Mn |
| 2024 | 164.68 USD Mn | 49.06 USD Mn |
| 2025 | 171.63 USD Mn | 50.09 USD Mn |
Data Source: Wantstats Repository
Market Dynamics
The Middle East & Africa core banking solution market has been witnessing a rapid growth in recent years, owing to the increasing adoption of advanced technologies in the banking sector. Core banking solutions are critical for banks as they provide a centralized platform for managing all the banking operations, including account management, transaction processing, and customer relationship management. The rising demand for efficient and cost-effective banking services has led to the development of advanced core banking solutions in the Middle East & Africa region.
The market for core banking solutions in the Middle East & Africa region is segmented by component into software and services. The software segment dominated the market in 2017 and is expected to continue its dominance during the forecast period. This can be attributed to the increasing adoption of software solutions by banks to improve their operational efficiency and reduce costs. Moreover, the growing trend of digitization and online banking services has further fueled the demand for software solutions in the region.
The services segment, on the other hand, is expected to witness significant growth in the coming years. With the increasing competition in the banking sector, banks are focusing on providing a seamless and personalized banking experience to their customers. This has led to the rising demand for consulting, implementation, and support services for core banking solutions. Additionally, the growing adoption of cloud-based core banking solutions is also expected to drive the demand for services in the region.
The Middle East & Africa core banking solution market is also witnessing a rapid adoption of cloud-based solutions. Cloud-based solutions offer several benefits such as cost-effectiveness, scalability, and flexibility which have made them increasingly popular among banks in the region. Moreover, the deployment of cloud-based solutions also helps in reducing the IT infrastructure cost and improving overall operational efficiency.
Major market players operating in the Middle East & Africa core banking solution market include Infosys Limited, Temenos Group AG, SAP SE, CoBIS Microfinance Software, Infrasoft Technologies Ltd., and Oracle Corporation among others. These players are focusing on constant innovation and product development to cater to the changing needs of the banking sector in the region. The increasing investments in digital transformation and the emergence of fintech companies are also expected to drive the growth of the core banking solution market in the Middle East & Africa region.
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Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.