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The retail banking IT spending market share is expected to increase by USD 15.69 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.15%.
This retail banking IT spending market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers retail banking IT spending market segmentation by type (IT services, IT hardware, and IT software) and geography (North America, Europe, APAC, Middle East and Africa, and South America). The retail banking IT spending market report also offers information on several market vendors, including Accenture Plc, Atos SE, Capgemini SE, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Fidelity National Information Services Inc., Fujitsu Ltd., Genpact Ltd., HCL Technologies Ltd., Hitachi Ltd., HP Inc., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., NetApp Inc., Oracle Corp., SAP SE, Wipro Ltd., and WNS Holdings Ltd. among others.
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The growing need for greater customer satisfaction is notably driving the retail banking IT spending market growth, although factors such as issues related to data privacy and security may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the retail banking IT spending industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Retail Banking IT Spending Market Driver
The growing need for greater customer satisfaction is one of the key drivers supporting the retail banking IT spending market growth. Banking software enables enterprises in the banking industry to provide better customer services. With the help of banking software, customers can access their bank accounts from any interconnected branch across the world. It also provides them with an option for managing their bank accounts from anywhere and anytime. Also, it enables enterprises to manage customer data systematically and securely and build customers' trust. This helps enterprises to retain current customers and attract new customers. Hence, the growing need for customer satisfaction is expected to increase the demand for retail banking IT spending during the forecast period.
Key Retail Banking IT Spending Market Trend
The incorporation of analytics into third-party banking software is one of the key trends contributing to the retail banking IT spending market growth. Third-party banking software provides a streamlined way to manage a complex set of processes for the enterprises in the banking industry. This industry deals with customers having different types of service requirements, and addressing these requirements through a manual process can lead to an increase in cycle time and customer dissatisfaction. Hence, various technology solutions such as financial software platforms help enterprises in providing various services to multiple customers simultaneously, which, in turn, help in improving the efficiency of banking operations. Moreover, it enables information exchange among employees of an enterprise across different branches seamlessly and quickly. Therefore, end-users are actively spending in the development of various software solutions, which, in turn, will drive the growth of the market during the forecast period.
Key Retail Banking IT Spending Market Challenge
Issues related to data privacy and security are some of the factors hindering the retail banking IT spending market growth. Since a large volume of financial data of customers is being digitized, crucial aspects such as security, liability, privacy, and protection of intellectual property have emerged in the retail banking sector to avoid fraud. Data security and data privacy are major concerns in the market. As vendors are handling susceptible customer information, many financial enterprises are concerned about their data being misused. Therefore, numerous organizations are skeptical about deploying banking software for their operations, which is limiting the growth of the market. Therefore, limited adoption of banking software due to data privacy and security reasons may negatively impact the growth of the market during the forecast period.
This retail banking IT spending market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global retail banking IT spending market as a part of the global information technology (IT) spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the retail banking IT spending market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the retail banking IT spending market encompasses successful business strategies deployed by the key vendors. The retail banking IT spending market is fragmented and the vendors are deploying growth strategies such as product launches to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The retail banking IT spending market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the retail banking IT spending market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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37% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for retail banking IT spending market in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.
The rapid growth of the banking sector, including retail banking will facilitate the retail banking IT spending market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 positively impacted the growth of the market in North America. Moreover, with the growing number of retail banking consumers, IT spending increased in 2021. Thus, with the increasing adoption of digital technologies in the BFSI sector, the regional market is expected to grow during the forecast period.
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The retail banking IT spending market share growth by the IT services segment will be significant during the forecast period. IT consulting services help companies implement the IT strategies and solutions that would aid them to achieve business-IT alignment and further drive IT initiatives in business processes. Moreover, the developments in IT consulting services by key vendors, such as Microsoft, have enhanced the adoption of IT consulting service operating models. For instance, in July 2021, Microsoft launched a new consulting services organization by replacing the current Microsoft services organization. The organization mainly focuses on technical domains such as Azure Cloud and AI, which further include secure infrastructure, data, and AI applications. Such developments will accelerate the demand for services, which, in turn, will drive the growth of the segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the retail banking IT spending market size and actionable market insights on post COVID-19 impact on each segment.
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Retail Banking IT Spending Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.15% |
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Market growth 2022-2026 |
$ 15.69 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.27 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 37% |
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Key consumer countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Accenture Plc, Atos SE, Capgemini SE, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Fidelity National Information Services Inc., Fujitsu Ltd., Genpact Ltd., HCL Technologies Ltd., Hitachi Ltd., HP Inc., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., NetApp Inc., Oracle Corp., SAP SE, Wipro Ltd., and WNS Holdings Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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