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Core Banking Software Market to Hit $34.48 Billion by 2028; Rapid Digitalization of Banking Services Worldwide to Create Numerous Opportunities for Market Players: Fortune Business Insights™

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Pune, India, May 18, 2021 (GLOBE NEWSWIRE) — The global core banking software market size is projected to reach USD 34.48 billion by 2028, exhibiting a CAGR of 18.0% during the forecast period. The growing presence of fintech startups in the banking industry will be one of the primary accelerators for this market, postulates Fortune Business Insights™ in its report, titled “Core Banking Software Market, 2021-2028”. In 2020, the value of the market stood at USD 9.40 billion.

The banking sector in most countries is getting speedily digitized, stoking the need for innovative technology-based solutions to facilitate smooth banking services. These emerging needs have led to the spawning startups specializing in financial technologies. For example, Germany-based solarisBank is a startup that offers a banking-as-a-service platform that enables businesses to extend clean financial services to their end customers. The company also holds a full-fledged banking license within Germany. Another example is Thought Machine, a startup based in London that provides VaultOS, its core banking software platform. Since 2016, the company has entered into high-profile partnerships with Lloyds Banking Group, Atom Bank, and IBM. The steadily expanding operations of these entities are widening the scope of this market in a promising manner.

To get to know more about the short-term and long-term impact of COVID-19 on this Core Banking Software Market

Please visit: https://www.fortunebusinessinsights.com/core-banking-software-market-104392

Segmentation

On the basis of deployment, the market is bifurcated into SaaS/hosted and licensed.

Based on banking type, this market has been segregated into large banks, midsize banks, small banks, community banks, and credit unions. The large banks segment held a dominant share of 34.3% in 2020 in the global and a share of 35.8% in the US market in 2020. 

By end-user, the Core Banking Software Market has been categorized into retail banking, treasury, corporate banking, and wealth management.

In terms of geography, the global market has been divided into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.

Driving Factor

Increasing Adoption of Virtual Tools by Banks amid COVID-19 to Fuel Market Growth

The outbreak of the COVID-19 pandemic has been a blessing in disguise for the core banking software market growth, with the market registering growth of 15.1% in 2020 and reaching a value of USD 10.84 billion in 2021, as banks around the globe are rapidly transforming their processes through virtual technologies. For example, in April 2020, TSB, the British commercial bank, introduced a Smart Agent application on its website to ensure immediate access to customers to the various steps taken by the bank amid the coronavirus pandemic. Moreover, to provide employees secure remote access to bank data, some banks have installed systems to simplify work from home. For example, in the US, in March 2020, New Orleans-based Gulf Coast Bank allowed its employees to access VPNs to ensure enhanced security while working from home or while working from personal devices. Thus, digitization trends in the banking industry have accelerated due to the coronavirus and with countries grappling with the second and third waves of the contagion, these trends are likely to get an additional push and boost the uptake of core banking software.

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Highlights of the Report

The Core Banking Software Market report contains valuable insights into the market drivers, trends, opportunities, and hindrances and supplies a detailed study of all market segments, individually and collectively. Furthermore, the report also offers a comprehensive analysis of the regional dynamics influencing market growth and provides a microscopic evaluation of the key players’ profiles and growth strategies.

Regional Insights

North America Generates USD 4.26 Billion in Revenue; Asia Pacific to Exhibit Fastest Growth

North America is expected to lead the core banking software market share during the forecast period owing to the release of advanced virtual banking solutions by key players in the regions. For example, Fidelity National Information Services (FIS) launched ClearEdge, its core banking solution for community banks, in August 2020.

In Asia Pacific, the market for core banking software is set to gain larger ground on account of the rapidly expanding formal banking sector in the region’s growing economies of India, China, and Vietnam. On the other hand, the Europe market is anticipated to showcase steady growth due to the strong presence of global fin-tech companies in the region.

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Competitive Landscape

Operational Expansion in Profitable Regions to be the Focal Area for Key Players

With the demand for efficient core banking software and solutions surging worldwide, key players in this market are identifying regions where their investments will bring maximum returns. These regions usually comprise countries where the digitization of banking services and networks is simplified due to low populations. The introduction of virtual banking solutions in such countries is enabling companies to secure a firm foothold in the global market.

Industry Development

  • December 2020: Larsen & Toubro Infotech (LTI) collaborated with the banking software specialist, Temenos, to roll out the Digital Banking Platform in Nordic countries. The idea behind the launch is to modernize core banking systems in these countries and make financial institutions more agile and scalable.

List of Key Players Profiled in this Core Banking Software Market Report

  • C-Edge Technologies Ltd. (Mumbai, India)
  • VSoft Technologies Pvt. Ltd. (Telangana, India)
  • Jack Henry & Associates, Inc. (Missouri, United States)
  • Temenos AG (Geneva, Switzerland)
  • Wipro Limited (Bengaluru, India)
  • NCR Corporation (Georgia, United States)
  • HCL Technologies Limited (Noida, India)
  • Tata Consultancy Services Limited (Mumbai, India)
  • Microsoft Corporation (Washington, United States)
  • International Business Machines Corporation (IBM) (New York, United States)
  • Alphabet Inc. (Google LLC) (California, United States)
  • Computer Services, Inc. (CSI) (Kentucky, United States)
  • Unisys Corporation (Pennsylvania, United States)
  • Fidelity National Information Services, Inc. (FIS) (Florida, United States)
  • Fiserv, Inc. (Wisconsin, United States)
  • Finastra (London, United Kingdom)
  • Intellicus Technologies (California, United States)
  • Capgemini SE (Paris, France)
  • Infosys Limited (Bengaluru, India)
  • Oracle Corporation (California, United States)
  • SAP SE (Walldorf, Germany)

Quick Buy – Core Banking Software Market Report: https://www.fortunebusinessinsights.com/checkout-page/104392

Table Of Content:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Core Banking Software Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
  • Global Core Banking Software Key Players Market Share Insights and Analysis, 2020
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments

TOC Continued…!

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About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Artificial Intelligence

Solar EV Charging to Bypass the Grid: A US$2.5 Billion Market by 2034, Says IDTechEx

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Unreliable and fossil fuel-intense electrical grids
BOSTON, May 6, 2024 /PRNewswire/ — Electrification of cars, buses, and trucks drastically reduces CO2 emissions at the point of use compared to a diesel or petrol alternative. The adoption of EVs across all sectors, with IDTechEx predicting over 180 million electric vehicles to be sold annually by 2044. This will contribute to a drastic reduction in tailpipe emissions. However, the overall emissions are usually highly dependent on the energy mix that goes into grid electricity production. In many economies, this contains significant amounts of fossil fuels such as coal and natural gas. Beyond CO2 emissions, some grids are already at capacity, and the increased load of an electric transport sector risks blackouts and power supply issues. South Africa is an EV market with both of these issues, and several innovations have been made using distributed power generation to tackle these challenges. IDTechEx’s research report, “Off-Grid Charging For Electric Vehicles 2024-2034: Technologies, Benchmarking, Players and Forecasts”, explores the challenges and solutions associated with charging EVs in the context of constrained electricity grids.

The South African utility grid is subject to frequent load-shedding, periods when demand exceeds supply, and utility operators are forced to impose rolling black or brownouts of up to 50% capacity. This is a problem for all forms of domestic and industrial electrical use but becomes an especially pronounced problem for commercial EV operators. Fleet operators often must charge at predesignated times to maximize uptime and complete all planned routes. If the grid fails during a charging spot, the entire schedule may be adversely affected by factors beyond an operator’s control. This is an unusual grid situation; however, it presents a possible worst-case scenario for grid-congested and EV-saturated regions. In 2022, a heatwave in California prompted the state government to ask EV owners not to charge to conserve energy. The growth in electric vehicle sales will only make such problems more widespread.
South Africa also has a very carbon-intensive energy mix, with approximately 70% of power generation being from coal. This directly translates into higher lifecycle CO2 emissions from EVs powered by the electrical grid. Whilst South Africa has a particularly fossil fuel energy mix, the source of electricity plays a critical role in the lifecycle emissions of an electric vehicle.  
Disturbed generation gives renewable and grid-independent electricity
One possible solution being trialed in South Africa, amongst other places, is harnessing distributed renewable microgrids to form the backbone of charging networks. By integrating a solar farm, large-scale energy storage (ES), and high-powered charging outlets, Vrendal-based Zero Carbon Charge plans to build an etruck charging network. Not only does this decouple charging from an unreliable grid, it also avoids placing excess electrical demand on utilities, avoids the need for costly grid expansions, and provides free and 100% renewable energy for the trucks to operate on. This is not limited to South Africa; the USA, in particular, has also seen a boom in companies offering grid-free solar-powered charging. In the US, many of the products are smaller scale and transportable, allowing easy setup for EV users who want quick access to EV charging.
Easy setup, no grid connection, but slow charging rates
The main challenge with distributed solar generation for EV charging is the low power output of photovoltaic panels. Most produce around 250 Watts per square meter, which is relatively low. In fact, to charge at 22kW (generally considered Level 2 fast charging), a solar canopy would need to be at least 10 x 10 meters, a considerable footprint, especially in an urban environment. The other challenge is storing energy, as charging will not always be required constantly, so an on-site battery is required to store the generated electricity. Without an integrated on-site battery, charging is impossible when there is no sunlight, such as inclement weather or overnight. On-site battery storage can combat this intermittency.
 
 
Larger solar farms with integrated energy storage can become islanded microgrids, and with enough on-site storage and photovoltaic production, potential grid-independent fast charging is possible. This is the approach proposed for the South African etruck charging network. It is important to note that purely solar solutions are likely to be geographically restricted to areas with high photovoltaic potential. Thus, it is no surprise that the leading regions are Western regions of the US and places like South Africa. Beam Global, a supplier of EV canopy chargers, recently announced its first sales in the European market to the United Kingdom Ministry of Defense. However, the chargers will not be deployed in the mainland of the UK; they will be deployed on a military base in Cyprus, one of the sunniest regions on the continent.
Despite technical challenges, the aging and fossil fuel-heavy nature of grids combined with high EV uptake call for new charging solutions, and IDTechEx predicts that solar charging systems will make up a sizeable portion of the overall US$16 billion off-grid charging infrastructure hardware market by 2034. IDTechEx research also indicates several other technologies likely to be adopted for off-grid EV charging. Hydrogen fuel cell charging is likely to emerge as a key solution for use cases requiring much greater power per area, with a particular expected focus on electrified construction sites. More niche technologies include AWE (airborne wind energy), which harnesses high altitude winds for distributed power generation. For an in-depth look at solar EV charging, as well as alternative technology options such as AWE and hydrogen see IDTechEx’s latest research on the topic, “Off-Grid Charging For Electric Vehicles 2024-2034: Technologies, Benchmarking, Players and Forecasts”.
To find out more about this IDTechEx report, including downloadable sample pages, please visit www.IDTechEx.com/OffGridEV.
For the full portfolio of electric vehicle market research from IDTechEx, please see www.IDTechEx.com/Research/EV.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com. 
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Media Contact:
Lucy RogersSales and Marketing [email protected] +44(0)1223 812300
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Doosan Robotics Unveils Max-Powered ‘PRIME-SERIES’ of Collaborative Robots at Automate 2024

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The New P-SERIES Unleashes Efficiency with a 30 Kilogram Payloadand the Longest Reach of Any Cobot to Date
CHICAGO, May 6, 2024 /PRNewswire/ — Doosan Robotics Inc., one of the world’s leading collaborative robot (cobot) manufacturers, unveiled its newest and most powerful P-SERIES (PRIME-SERIES) today at Automate 2024, bringing to the world of robotics the longest reaching cobot to date.

Today’s P-SERIES announcement by Doosan Robotics was marked by a show floor unveiling of the new P3020 – the world’s most powerful cobot for palletizing in existence. The P3020 offers a payload of 30kg (60lbs) and reach of 2,030mm (80in), bringing the ability to palletize from floor to 2m high (stacking up to 10 layers of boxes approximately 8 inches tall) using its simple fixed base without a lift.
Doosan Robotics has successfully dominated the high-payload cobot market in the 20kg range and above, which includes advanced palletizing solutions. Since launching the H-SERIES in 2022, Doosan Robotics has attracted major global customers such as Schiphol Airport and Wacker Korea, significantly enhancing its global market share by 72%. This year, with the introduction of the P-SERIES, the cobot featuring the highest payload and reach yet, expectations are set to soar beyond previous achievements.
Additional key features of the P-SERIES cobot lineup include lower power consumption compared to similar payload cobots by applying its built-in gravity compensation mechanism, inherent wrist-singularity free, and a 5 degree-of-freedom movement with the 4th axis removed and 6th axis speed increased to 360 degrees/second. Doosan Robotics’ continued priority on optimal safety across its solutions is also fully present in the new P3020. This includes achieving the highest PL (e) and Cat 4 safety ratings to ensure both a max-powered and max-safety experience for users.
The motion platform company’s newly unveiled P3020 palletization cobot will be on full display (Booth #850) at Automate 2024 (May 6-9), alongside the company’s ready-to-sell solutions with best-in class partners in Machine Tending, Palletizing, Welding, and Food & Beverage services.  
Driven by its vision to elevate everyday experiences and redefine labor workflows, Doosan Robotics provides a wide, exceptional range of AI cobots aimed to bring about a paradigm shift across various sectors, such as palletizing, manufacturing, logistics, food & beverage, architecture, and service industries. These cutting-edge solutions transcend the constraints of conventional robotics, adeptly maneuvering through intricate scenarios while infusing tasks with enhanced efficiency, safety, and ingenuity. Moreover, the AI system boasts continuous learning capabilities, effortlessly updating its model by autonomously downloading required modules for smooth integration.
“As a motion platform company, Doosan Robotics is meeting the ever-growing need for cobots to mimic human motion, powerfully and safely,” said William Ryu, CEO at Doosan Robotics. “The robotics industry continues to grow at an exponential pace and our lineup of software, cobots and AI differentiates us in our mission to develop cobots with a ‘max-powered, max-efficiency, max-safety’ mindset.”
For more details and videos on the new P3020 cobot by Doosan Robotics, please visit the Doosan Robotics YouTube channel here. For more info, images, and other assets regarding Doosan Robotics’ Automate 2024 overall presence, please visit the press kit here or contact [email protected].
ABOUT DOOSAN ROBOTICSDoosan Robotics is a global leader in collaborative robot solutions, embodying the principle of ‘Innovation in every motion, revolutionizing the way we work.’ Doosan robots, known for world-class safety and precision, enhance task efficiency across various sectors from manufacturing to service, enabling people to focus on more valuable work. More information about Doosan Robotics is available at https://www.doosanrobotics.com/en/.
 
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Enghouse announces expansion of our cloud contact center technology in the Middle East through our partnership with Voxtron

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MARKHAM, ON, May 6, 2024 /PRNewswire/ — Enghouse Interactive, a global leader in contact center and video technology solutions, is proud to announce a strategic partnership with Voxtron, the premier provider of call center solutions in the Middle East. This collaboration is marked by Voxtron’s introduction of the innovative Voxvantage Cloud Contact Center as a Service (CCaaS), leveraging advanced contact center technology from Enghouse.

The Official Launch will take place at the Grand Hyatt Dubai. Industry participants and media are invited to RSVP to attend by emailing [email protected].
Date: 9th May 2024 Time: 6:00 PM to 10:00 PM Venue: Grand Hyatt Dubai, RSVP: [email protected]
Voxvantage CCaaS marks a significant advancement for Enghouse Systems, underscoring a commitment to enhancing customer experiences throughout the region. Hosted on the robust data center infrastructure of Moro Hub, Voxtron guarantees exceptional reliability, security, and scalability.
The launch will feature distinguished speakers, including Tracy Reynolds, Canadian Consul General in Dubai, Vincent Mifsud, Global President of Enghouse Systems, and Arif AlMalik, Chief Digital Products Officer of Moro Hub. They will explore the transformative potential of contact solutions in improving customer experience (CX) in the Middle East.
Mr. Mifsud expressed his enthusiasm about the partnership, stating, “We are excited to collaborate with Voxtron and Moro Hub. This partnership is crucial as we aim to provide our call center technology, enhance our presence across the Middle East by providing customers with leading technology that improves customer experiences.”
The event will also offer excellent networking opportunities and insightful discussions on the future of customer engagement solutions.
About Enghouse Interactive: 
Enghouse Interactive, a subsidiary of Enghouse Systems Limited, is a global leader in contact center software and video technology solutions offering its customers and partners the valuable advantage of choice. Enghouse Interactive empowers businesses to transform contact centers from cost centers into powerful growth engines by simplifying complex integrations through open standards and supporting various telephony technologies to ensure seamless customer accessibility across channels and locations. 
About Voxtron: 
Voxtron Middle East is headquartered in Dubai, U.A.E., and has a global presence with offices and affiliates in Qatar, India, Germany, Austria, Belgium, Italy, Turkey, Tunisia, Hong Kong, Portugal, and Thailand. Voxtron has been delivering cost-effective customer engagement optimization solutions in collaboration with leading technology vendors such as Enghouse Interactive, SAGE, Verint, and Clarabridge, for over a decade. This extensive portfolio positions Voxtron as a unique provider capable of delivering complete, fully-featured solutions to customers and partners.
Enghouse Video Contact: Tim Peters, VP, Global Demand Generation Leader, Enghouse Systems, [email protected]
 

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