Power Plant Control System Market

Power Plant Control System Market Industry Overview:

A core banking solution can be defined as a networking of bank branches which allows the customers to use banking facilities and manage their accounts from any part of the world. A person can do banking transactions from any branch at any location and at any time. All the bank branches access banking applications from a centralized server. These applications can be accessed using internet from any place. The global Core Banking Solution market was valued at around USD 7.3 billion in 2020 and is expected to register a CAGR of 5.2% during the review period to reach to around USD 10.9 billion by end of 2030.

Power Plant Control System Market Segmentation:

Based on component, the global core banking solution market has been segmented into solution and service. The solution segment accounted for the largest market share in 2020 and is expected to register significant growth during the review period. The segment growth can be attributed to superior benefits of core banking solutions such as improved operations, easy handling of customer demands, less errors, manage changes and easy ability to introduce new financial products. The service segment is projected to grow at a healthy CAGR during the review period. The core banking services includes deposits, mortgages, reporting tools and loan &credit processing capabilities.

Based on deployment model, the global core banking solution market has been segmented into on-premise and cloud. The on-premise segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. The segment growth can be attributed to increasing installation of core banking solutions on the premise of the organization. The cloud segment is attributed to register healthy growth during the review period.

Based on enterprise size, the global core banking solution market has been segmented into large enterprises and small & medium enterprises [SMEs]. The large enterprise segment accounted for the largest market share in 2020 and is expected to register significant growth during the review period. The segment growth can be attributed to widespread product adoption in the large banking organizations. The small & medium enterprise segment is expected to register considerable CAGR during the review period on account of increasing number of small banking organizations.

Based on type, the global core banking solution market has been segregated into enterprise customer solutions, loans, deposits and others. The enterprise customer solutions segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. The loans segment is expected to register healthy CAGR during the review period.

Based on end user, the global core banking solution market has been segmented into banks, credit unions & community banks and others. The banks type segment accounted for the largest market share in 2020. The segment growth can be attributed to increasing number of small banks particularly in the developing countries. The credit unions & community banks segment is projected to witness considerable growth during the review period.

Power Plant Control System Market Dynamics and Factors:

The growth of the global core banking solution market is primarily driven by widespread usage of core banking solution systems in the large banking organizations. Growing integration of advance digital technologies in the banking sector is expected to propel the global core banking solution market growth at a significant rate during the review period.

Increasing penetration of online banking in the developing countries is likely to create lucrative opportunities for the players operating in the global core banking solutions market during the review period.

Power Plant Control System Market Geographical Analysis:

By Geography, the global core banking solution market has been divided into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in North America accounted for the largest share in 2020 and is expected to grow at a significant CAGR during the review period. US held the dominating share in the region in 2020. The regional market growth can be attributed to presence of established banking sector particularly in the US. Increasing adoption of core banking solutions in the small and medium banks is likely to propel the global core banking solution market growth during the review period.

The market growth in Asia-Pacific region is expected to be driven by growing integration of advanced technologies in the banking sector coupled with rising digitalization. Increasing use of online banking services by customers in the region is another important factor propelling the market growth.

The European market is expected to grow at a considerable CAGR on account of high product adoption rate in the banking sectors. Germany accounted for the largest market share in the region. Increasing product use in the eastern European countries is expected to contribute to the market growth substantially.

The market in Latin America and the Middle East & Africa is expected to be driven by the growth of the banking sector industry coupled with increasing prevalence of advanced cloud technologies.

Power Plant Control System Market Report Scope

Key Market Segmentation

Power Plant Control System Market - By Solution

 o   Supervisory Control & Data Acquisition (SCADA) 

 o   Programmable Logic Controller (PLC)

 o   Distributed Control System (DCS)

 o   Plant Asset Management (PAM)

 o   Plant Lifecycle Management (PLM)

Power Plant Control System Market - By Plant Type

 o   Coal 

 o   Hydroelectric

 o   Natural Gas

 o   Nuclear

 o   Renewables

Power Plant Control System Market - By Region

North America

 o   US

 o   Canada

 o   Mexico

Europe

 o   Germany

 o    UK

 o    France

 o    Italy

 o   Spain

 o   Russia

 o   Benelux

 o   Nordics

 o   Rest of Europe

 Asia-Pacific

 o    China

 o    India

 o    Japan

 o    South Korea

 o    Rest of Asia-Pacific

 Middle East and Africa

 South America