This table contains 38 series, with data starting from 1957 (not all combinations necessarily have data for all years). This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada), Rates (38 items: Bank rate; Chartered bank administered interest rates - prime business; Chartered bank - consumer loan rate; Forward premium or discount (-), United States dollars in Canada: 1 month; ...).

In September 2025, global inflation rates and central bank interest rates showed significant variation across major economies. Most economies initiated interest rate cuts from mid-2024 due to declining inflationary pressures. The U.S., UK, and EU central banks followed a consistent pattern of regular rate reductions throughout late 2024. In September 2025, Russia maintained the highest interest rate at 17 percent, while Japan retained the lowest at 0.5 percent. Varied inflation rates across major economies The inflation landscape varies considerably among major economies. China had the lowest inflation rate at -0.3 percent in September 2025. In contrast, Russia maintained a high inflation rate of 8 percent. These figures align with broader trends observed in early 2025, where China had the lowest inflation rate among major developed and emerging economies, while Russia's rate remained the highest. Central bank responses and economic indicators Central banks globally implemented aggressive rate hikes throughout 2022-23 to combat inflation. The European Central Bank exemplified this trend, raising rates from 0 percent in January 2022 to 4.5 percent by September 2023. A coordinated shift among major central banks began in mid-2024, with the ECB, Bank of England, and Federal Reserve initiating rate cuts, with forecasts suggesting further cuts through 2025 and 2026.

Rates have been trending downward in Canada for the last five years. The ebbs and flows are caused by changes in Canada’s bond yields (driven by Canadians economic developments and international rate movements, particularly U.S. rate fluctuations) and the overnight rate (which is set by the Bank of Canada). As of August 2022, there has been a 225 bps increase in the prime rate, since beginning of year 2022, from 2.45% to 4.70% as of Aug 24th 2022. The following are the historical conventional mortgage rates offered by the 6 major chartered banks in Canada in the past 20 years.

Canada's inflation rate experienced significant fluctuations from 2018 to 2025. Inflation peaked at *** percent in June 2022 before steadily declining to *** percent by December 2024. In early 2025, inflation began to increase again, rising to *** percent in February and dropping to *** percent in March. In April 2025, inflation decreased to *** percent. In response to rising inflation between 2020 and 2022, the Bank of Canada implemented aggressive interest rate hikes. The bank rate reached a maximum of **** percent in July 2023 and remained stable until June 2024. As inflationary pressures eased in the second half of 2024, the central bank reduced interest rates to *** percent in December 2024. In 2025, the bank rate witnessed further cuts, standing at * percent in March 2025 and **** percent in September 2025. This pattern reflected broader global economic trends, with most advanced and emerging economies experiencing similar inflationary challenges and monetary policy adjustments. Global context of inflation and interest rates The Canadian experience aligns with the broader international trend of central banks raising policy rates to combat inflation. Between 2021 and 2023, nearly all advanced and emerging economies increased their central bank rates. However, a shift occurred in the latter half of 2024, with many countries, including Canada, beginning to lower rates. This change suggests a new phase in the global economic cycle and monetary policy approach. Notably, among surveyed countries, Russia maintained the highest interest rate in early 2025, while Japan had the lowest rate. Comparison with the United States The United States experienced a similar trajectory in inflation and interest rates. U.S. inflation peaked at *** percent in June 2022, slightly higher than Canada's peak. The Federal Reserve responded with a series of rate hikes, reaching **** percent in August 2023. This rate remained unchanged until September 2024, when the first cut since September 2021 was implemented. In contrast, Canada's bank rate peaked at **** percent and began decreasing earlier, with cuts in June and July 2024. These differences highlight the nuanced approaches of central banks in managing their respective economies amid global inflationary pressures.

Evaluate Canada’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms. Rates are based on an average mortgage of $300,000

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Core Banking Solutions Market Size 2025-2029

The core banking solutions market size is forecast to increase by USD 25.04 billion, at a CAGR of 19% between 2024 and 2029.

The market is witnessing significant advancements driven by the integration of artificial intelligence (AI) and machine learning (ML) technologies to enhance customer experience. Banks are increasingly investing in these solutions to personalize services, streamline operations, and improve overall efficiency. However, the market is not without challenges. Companies seeking to capitalize on market opportunities and navigate challenges effectively should prioritize advanced security features and customer-centric solutions.
As the financial industry continues to digitalize, core banking solutions must adapt to maintain security while enabling seamless and innovative services. Concerns regarding data security and privacy threats within the banking system persist, necessitating robust cybersecurity measures. Big data analytics and omnichannel banking experiences are key differentiators, as financial institutions strive to offer superior service, affordability, and cutting-edge technologies.

What will be the Size of the Core Banking Solutions Market during the forecast period?

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The market continues to evolve, driven by technological advancements and shifting customer expectations. Application programming interfaces (APIs) and open banking APIs are transforming the way financial institutions connect and share data, enabling more efficient transaction processing and real-time payments. Data analytics plays a crucial role in gaining insights from this vast amount of data, helping institutions make informed decisions and improve customer experience. The software development lifecycle is becoming more agile, with cloud-based banking and microservices architecture allowing for faster deployment and scalability. For instance, a large European bank reported a 30% increase in online sales after implementing a user-friendly mobile banking platform.
Industry growth is expected to reach double digits, with business intelligence and customer relationship management being key areas of investment. Regulatory reporting, database management, and risk management systems are essential components of a robust core banking solution. Compliance regulations, such as KYC/AML, customer onboarding, and audit trails, are being addressed through advanced technology solutions. Data security protocols and API security are becoming increasingly important, as financial institutions strive to protect sensitive customer information. Loan origination systems, financial reporting, and payment gateway integration are other critical functions that are being optimized through digital banking transformation. The shift towards digital banking is accelerating, with internet banking and fraud detection systems becoming standard offerings.
Service-oriented architecture and credit scoring models are being integrated to provide personalized offerings and improve risk management. Overall, the market is characterized by continuous innovation and adaptation to meet the evolving needs of financial institutions and their customers. Financial analysis and business intelligence (BI) provide valuable insights, while digital banking and blockchain technology ensure secure and efficient transactions.

How is this Core Banking Solutions Industry segmented?

The core banking solutions industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Deployment

  On-premises
  Cloud-based


End-user

  Large enterprises
  SMEs


Type

  Retail banking core
  Universal banking core
  Corporate banking core


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Deployment Insights

The On-premises segment is estimated to witness significant growth during the forecast period. Core banking solutions have gained significant traction in the financial sector, with an increasing number of banks embracing advanced technologies to streamline their operations and enhance customer experience. According to recent reports, the adoption of core banking solutions among financial institutions has risen by 21%, allowing for more efficient transaction processing and real-time payments. Furthermore, the integration of application programming interfaces (APIs) and open banking APIs has facilitated seamless data exchange between various banking applications, enabling business intelligence and data analytics. The software development lifecycle (SDLC) and service-oriented archite

The health of the construction sector varies significantly based on factors such as macroeconomic conditions, interest rates, foreign demand and public investment, making construction machinery producers susceptible to considerable revenue volatility. During the early stages of the 2020 pandemic, demand for new equipment slowed sharply, primarily due to weaker nonresidential construction activity. The Bank of Canada responded by cutting interest rates to stimulate the economy, leading to a revenue boom in 2021. Although rates began to rise in 2022, the recovering construction sector sustained revenue and profit gains, although at a slower pace. As macroeconomic conditions improved, interest rates started to fall in 2024. Although lower rates typically support construction activity, an extended period of high rates limited revenue growth, resulting in relatively small changes in revenue in 2024 and 2025. Construction machinery producers have benefited from public sector infrastructure initiatives. Government investment in projects such as roads, bridges and energy and manufacturing facilities supports demand for construction companies, which rely heavily on machinery. Higher commodity prices have boosted machinery demand from the mining, agriculture and forestry sectors, driving machinery sales. Overall, these factors are set to cause revenue to strengthen at a CAGR of 8.3% to $3.9 billion by the end of 2025, including a 0.5% gain in that year. Canadian producers continue to face significant competition from the international market. The Canadian dollar’s recent depreciation has boosted the value of exports, supporting revenue gains. Despite this, imported equipment satisfies more than 80.0% of domestic demand, while exports generate over half of producers’ revenue, making the sector highly sensitive to global macroeconomics and construction trends. Strong import competition also limits manufacturers’ ability to pass on fluctuating input costs, as offering competitive pricing remains key. Despite these trends, a strong domestic market has reduced import penetration and made exports a smaller share of revenue. Demand for new construction equipment is expected to continue growing, though at a slower pace. Public investment in infrastructure will be a key driver for manufacturers as large-scale projects require significant machinery. Producers will also benefit from ongoing construction activity in the US market, driven by demand from the residential sector and potential interest rate cuts by the Federal Reserve. While declining input prices will help producers remain competitive, significant price-based competition from foreign manufacturers, primarily from the United States, Japan and China, will limit profit gains. Producers will face some uncertainty over the coming years surrounding trade conditions. Revenue is set to grow at a CAGR of 1.1% to $4.2 billion through the end of 2030.

Unemployment Rate in Canada decreased to 6.90 percent in October from 7.10 percent in September of 2025. This dataset provides - Canada Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Canada’s Floor Covering Stores industry is stabilizing after a volatile stretch, with revenue up 0.4% to CAD 6.6 billion in 2025. Over the past five years, revenue has expanded at a CAGR of 1.7% despite housing’s boom-bust dynamics and inflation headwinds that tempered big-ticket purchases and pushed sales toward value offerings. Turnkey services, tighter inventory, special orders and promotions timed to interest rate cuts helped defend profit as big-box rivals expanded in-stock assortments and BOPIS. At the same time, resilient surfaces and project bundling supported throughput even as average tickets normalized.​ Over the past five years, revenue whiplashed as 2021’s residential surge—14.0% construction growth and 24.5% more housing starts—lifted sales 12.5% before 2022–2023 construction pullbacks of 10.5% and 8.3% thinned pipelines and softened volumes under rising rates and accelerated inflation, respectively, prompting shoppers to delay upgrades or trade down to rugs and resilient formats that compress gross profit. Specialty stores leaned into white‑glove measurement, design and installation to differentiate against national chains and hard‑surface warehouse formats. At the same time, digital tools—visualization, real‑time inventory, samples‑by‑mail, SEO and instant quoting—became table stakes that widened the gap between omnichannel leaders and independents struggling to fund ongoing content and integration work. Looking ahead, sales are projected to climb at a 1.2% CAGR to CAD 7.0 billion by 2030 as easing Bank of Canada policy, firmer real incomes and steadier construction unlock deferred moves and renovations. With residential renovation outlays set to expand 2.5% annually and unemployment expected to dip 1.1% over five years, product mix will shift toward higher‑quality hardwood, engineered wood and premium LVP. Competition will intensify from big‑box, online and specialist formats, pressuring pricing and nudging profit lower unless stores pair disciplined inventory and private‑label value tiers with transparent pricing, bundled installation, financing and verified reviews. At the same time, visualization‑driven journeys and low‑VOC, sustainability‑forward assortments meet rising expectations and support premium closings.

Mortgage interest rates worldwide varied greatly in June 2025, from less than ******percent in many European countries to as high as ***percent in Turkey. The average mortgage rate in a country depends on the central bank's base lending rate and macroeconomic indicators such as inflation and forecast economic growth. Since 2022, inflationary pressures have led to rapid increases in mortgage interest rates. Which are the leading mortgage markets? An easy way to estimate the importance of the mortgage sector in each country is by comparing household debt depth, or the ratio of the debt held by households compared to the county's GDP. In 2024, Switzerland, Australia, and Canada had some of the highest household debt to GDP ratios worldwide. While this indicator shows the size of the sector relative to the country’s economy, the value of mortgages outstanding allows to compare the market size in different countries. In Europe, for instance, the United Kingdom, Germany, and France were the largest mortgage markets by outstanding mortgage lending. Mortgage lending trends in the U.S. In the United States, new mortgage lending soared in 2021. This was largely due to the growth of new refinance loans that allow homeowners to renegotiate their mortgage terms and replace their existing loan with a more favorable one. Following the rise in interest rates, the mortgage market cooled, and refinance loans declined.

Variable Recurring Payments Platforms Market Outlook

According to our latest research, the Global Variable Recurring Payments Platforms market size was valued at $2.1 billion in 2024 and is projected to reach $8.9 billion by 2033, expanding at a robust CAGR of 17.2% during the forecast period of 2025–2033. One of the major factors propelling the growth of this market globally is the increasing adoption of open banking frameworks, which empower consumers and businesses to automate and personalize recurring payment experiences across a wide range of financial ecosystems. The proliferation of digital payment channels, combined with the growing demand for seamless, flexible, and secure payment processing solutions, is further accelerating the market’s expansion. As enterprises and consumers alike seek more control, transparency, and efficiency in managing recurring payments, variable recurring payments (VRP) platforms are rapidly becoming an essential infrastructure for modern digital commerce and financial services.

Regional Outlook

North America currently holds the largest share of the Variable Recurring Payments Platforms market, commanding over 38% of the global market value in 2024. This dominance is attributed to the region’s mature digital payments infrastructure, widespread adoption of open banking initiatives, and the presence of leading fintech innovators and established financial institutions. Regulatory clarity, especially in the United States and Canada, has enabled faster integration of VRP solutions into banking and merchant ecosystems. Additionally, high consumer awareness and demand for subscription-based and automated services have driven the uptake of advanced payment platforms. The region’s robust investment climate and early adoption of cutting-edge payment technologies continue to reinforce North America’s leadership in the global VRP market.

The Asia Pacific region is poised to be the fastest-growing market, projected to register a remarkable CAGR of 21.3% through 2033. This rapid growth is driven by the region’s burgeoning digital economy, increasing internet penetration, and a surge in mobile payment adoption. Key markets such as China, India, Japan, and Southeast Asia are witnessing substantial investments from both local and global fintech players aiming to capitalize on the immense, untapped potential of recurring payment automation. Government initiatives to promote cashless economies, coupled with the rise of super-apps and digital wallets, are further accelerating VRP platform deployment. The Asia Pacific’s dynamic ecosystem, characterized by a young, tech-savvy population and a thriving e-commerce sector, makes it a critical growth engine for the global market.

Emerging economies in Latin America, the Middle East, and Africa are beginning to embrace variable recurring payments platforms, albeit at a more gradual pace due to infrastructure and regulatory challenges. In these regions, the adoption of VRP solutions is often driven by localized demand for utility payments, micro-insurance, and cross-border remittances. However, fragmented banking systems, limited access to digital infrastructure, and inconsistent policy frameworks can hinder seamless VRP integration. Despite these challenges, ongoing digital transformation initiatives and the entry of agile fintech startups are gradually overcoming barriers, creating new opportunities for market penetration and financial inclusion across these emerging markets.

Report Scope

Graph and download economic data for Real-time Sahm Rule Recession Indicator (SAHMREALTIME) from Dec 1959 to Sep 2025 about recession indicators, academic data, and USA.

A graphic that displays the dollar performance against other currencies reveals that economic developments had mixed results on currency exchanges. The third quarter of 2023 marked a period of disinflation in the euro area, while China's projected growth was projected to go up. The United States economy was said to have a relatively strong performance in Q3 2023, although growing capital market interest rate and the resumption of student loan repayments might dampen this growth at the end of 2023. A relatively weak Japanese yen Q3 2023 saw pressure from investors towards Japanese authorities on how they would respond to the situation surrounding the Japanese yen. The USD/JPY rate was close to ***, whereas analysts suspected it should be around ** given the country's purchase power parity. The main reason for this disparity is said to be the differences in central bank interest rates between the United States, the euro area, and Japan. Any future aggressive changes from, especially the U.S. Fed might lower those differences. Financial markets responded somewhat disappoint when Japan did not announce major plans to tackle the situation. Potential rent decreases in 2024 Central bank rates peak in 2023, although it is expected that some of these will decline in early 2024. That said, analysts expect overall policies will remain restrictive. For example, the Bank of England's interest rate remained unchanged at **** percent in Q3 2023. It is believed the United Kingdom's central bank will ease its interest rate in 2024 but less than either the U.S. Fed or the European Central Bank. This should be a positive development for the pound compared to either the euro or the dollar.

Homebuilders have endured considerable volatility. Immigration into Canada has led to unprecedented population growth, exacerbating an existing housing crisis. New housing starts haven't kept up with the population growth, making homebuilders more critical than ever to meet housing needs. Home shortages and changes in buying behaviour supported homebuilders during the COVID-19 pandemic early in the recent five year period. Still, the pandemic's disruption to global supply chains didn't spare contractors, with equipment and material costs reaching unprecedented highs. Interest rate hikes in 2022 and 2023 slowed new relevant housing construction, spurring apartment building construction as consumers increasingly sought out renting. Also, the First Time Homebuyer Incentive, which seemed like a potential boon to homebuilders, largely lacked success and was repealed. Industry-wide revenue has been declining at a CAGR of 0.1% over the past five years – totaling an estimated $30.3 billion in 2025 – when revenue will climb an estimated 1.6%. The Bank of Canada raising rates in 2022 and 2023 led to a massive slowdown for homebuilders, even as the Canadian government tried to ramp up the number of housing units constructed. Higher interest rates make developers cautious about new projects, drive up construction costs for builders and push potential homebuyers out of the market. The Bank of Canada has decreased rates in 2024 and 2025 for the first time since 2022, potentially providing a boost to homebuilders. Labour shortages for home builders have hiked wage costs and hindered profit. Homebuilders will enjoy solid growth over the next five years. Interest rate cuts and low housing supply will spur downstream homebuying activity. Still, labour shortages and material costs will continue to strain contractors' capacity. These challenges will impact the broader construction sector, incentivizing federal and provincial governments to fund workforce development and tech adoption programs. Government initiatives like the First-Time Home Buyers’ Tax Credit, the First Home Savings Account (FHSA) and the Home Buyers Plan (HBP) will support homebuilding. Homebuilders' revenue is forecast to expand at a CAGR of 1.7% to $33.0 billion through the end of 2030.

At the end of 2024, Zimbabwe had the highest inflation rate in the world, at 736.11 percent change compared to the previous year. Inflation in industrialized and in emerging countries Higher inflation rates are more present in less developed economies, as they often lack a sufficient central banking system, which in turn results in the manipulation of currency to achieve short term economic goals. Thus, interest rates increase while the general economic situation remains constant. In more developed economies and in the prime emerging markets, the inflation rate does not fluctuate as sporadically. Additionally, the majority of countries that maintained the lowest inflation rate compared to previous years are primarily oil producers or small island independent states. These countries experienced deflation, which occurs when the inflation rate falls below zero; this may happen for a variety of factors, such as a shift in supply or demand of goods and services, or an outflow of capital.