Retail Banking IT Spending Market to record USD 15.69 Bn growth -- Driven by the growing need for greater customer satisfaction

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Aug 08, 2022, 10:20 ET

NEW YORK, Aug. 8, 2022 /PRNewswire/ -- The "Retail Banking IT Spending Market by Type and Geography - Forecast and Analysis 2022-2026" report by Technavio expects the market size to grow by USD 15.69 billion between 2021 and 2026, expanding at a CAGR of 5.15% during the forecast period. The report identifies North America as the key region. The rapid growth of the banking sector is creating significant opportunities for vendors operating in the region. The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies. Download Sample PDF Report Here

Technavio has announced its latest market research report titled Retail Banking IT Spending Market by Type and Geography - Forecast and Analysis 2022-2026

The global retail banking IT spending market is fragmented, with the presence of a significant number of vendors. Key vendors hold significant shares in the market. Established vendors have strong financial abilities and technical expertise in offering innovative and quality products. They also invest a significant share of their capital in R&D and adopt organic growth strategies, such as product launches, to bring considerable differentiation in their solutions and gain high customer penetration. Small-scale vendors compete with established vendors by using low-price strategies and strengthening their local customer base. As more banks are embracing digital transformation in retail banking, this is expected to create further growth opportunities for the vendors during the forecast period.

Technavio identifies 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. as some of the major market participants.

Although the growing need for greater customer satisfaction, increased efficiency in banking operations, and rise in autonomous banking will offer immense growth opportunities, issues related to data privacy and security, interoperability issues, and the lack of sufficient skilled labor will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. View Sample Report Here

The retail banking IT spending Market is segmented as below:

Type

IT Services
IT Hardware
IT Software

The IT services segment held the largest share of the market in 2021. The segment includes application development and maintenance, system integration, IT consulting, software deployment and support, and hardware deployment and support. The adoption of advanced technologies such as big data analytics, AI, and cloud-based computing to reduce costs and increase operational efficiencies is driving the growth of the segment.

Geography

North America
Europe
APAC
Middle East and Africa
South America

37% of the market growth will originate from North America during the forecast period. The increase in mobile banking transactions and the deployment of AI and machine learning (ML) technologies by BFSI firms are driving the growth of the regional market. Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our retail banking IT spending market report covers the following areas:

Retail Banking IT Spending Market 2022-2026: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the retail banking IT spending market. Backed with competitive intelligence and benchmarking, our research report on the retail banking IT spending market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

Retail Banking IT Spending Market 2022-2026: Key Highlights

CAGR of the market during the forecast period 2022-2026
Detailed information on factors that will assist retail banking IT spending market growth during the next five years
Estimation of the retail banking IT spending market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the retail banking IT spending market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of retail banking IT spending market vendors

Related Reports:

Retail Banking IT Spending Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 5.15%
Market growth 2022-2026	USD 15.69 billion
Market structure	Fragmented
YoY growth (%)	4.27
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 37%
Key consumer countries	US, Canada, China, Germany, and UK
Competitive landscape	Leading companies, competitive strategies, consumer engagement scope
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.
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period.
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.

Table of Contents:

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 09: Parent market
Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026

Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary

Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

4.2 Bargaining power of buyers

Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026

4.3 Bargaining power of suppliers

Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants

Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes

Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry

Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition

Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Type

5.1 Market segments

Exhibit 24: Chart on Type - Market share 2021-2026 (%)
Exhibit 25: Data Table on Type - Market share 2021-2026 (%)

5.2 Comparison by Type

Exhibit 26: Chart on Comparison by Type
Exhibit 27: Data Table on Comparison by Type

5.3 IT services - Market size and forecast 2021-2026

Exhibit 28: Chart on IT services - Market size and forecast 2021-2026 ($ million)
Exhibit 29: Data Table on IT services - Market size and forecast 2021-2026 ($ million)
Exhibit 30: Chart on IT services - Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on IT services - Year-over-year growth 2021-2026 (%)

5.4 IT hardware - Market size and forecast 2021-2026

Exhibit 32: Chart on IT hardware - Market size and forecast 2021-2026 ($ million)
Exhibit 33: Data Table on IT hardware - Market size and forecast 2021-2026 ($ million)
Exhibit 34: Chart on IT hardware - Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on IT hardware - Year-over-year growth 2021-2026 (%)

5.5 IT software - Market size and forecast 2021-2026

Exhibit 36: Chart on IT software - Market size and forecast 2021-2026 ($ million)
Exhibit 37: Data Table on IT software - Market size and forecast 2021-2026 ($ million)
Exhibit 38: Chart on IT software - Year-over-year growth 2021-2026 (%)
Exhibit 39: Data Table on IT software - Year-over-year growth 2021-2026 (%)

5.6 Market opportunity by Type

Exhibit 40: Market opportunity by Type ($ million)

6 Customer Landscape

6.1 Customer landscape overview

Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation

Exhibit 42: Chart on Market share by geography 2021-2026 (%)
Exhibit 43: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison

Exhibit 44: Chart on Geographic comparison
Exhibit 45: Data Table on Geographic comparison

7.3 North America - Market size and forecast 2021-2026

Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.4 Europe - Market size and forecast 2021-2026

Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.5 APAC - Market size and forecast 2021-2026

Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.6 Middle East and Africa - Market size and forecast 2021-2026

Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.7 South America - Market size and forecast 2021-2026

Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.8 US - Market size and forecast 2021-2026

Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)

7.9 Canada - Market size and forecast 2021-2026

Exhibit 70: Chart on Canada - Market size and forecast 2021-2026 ($ million)
Exhibit 71: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
Exhibit 72: Chart on Canada - Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on Canada - Year-over-year growth 2021-2026 (%)

7.10 China - Market size and forecast 2021-2026

Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)

7.11 Germany - Market size and forecast 2021-2026

Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.12 UK - Market size and forecast 2021-2026

Exhibit 82: Chart on UK - Market size and forecast 2021-2026 ($ million)
Exhibit 83: Data Table on UK - Market size and forecast 2021-2026 ($ million)
Exhibit 84: Chart on UK - Year-over-year growth 2021-2026 (%)
Exhibit 85: Data Table on UK - Year-over-year growth 2021-2026 (%)

7.13 Market opportunity by geography

Exhibit 86: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges

Exhibit 87: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape

Exhibit 88: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption

Exhibit 89: Overview on factors of disruption

9.4 Industry risks

Exhibit 90: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered

Exhibit 91: Vendors covered

10.2 Market positioning of vendors

Exhibit 92: Matrix on vendor position and classification

10.3 Accenture Plc

Exhibit 93: Accenture Plc - Overview
Exhibit 94: Accenture Plc - Business segments
Exhibit 95: Accenture Plc - Key news
Exhibit 96: Accenture Plc - Key offerings
Exhibit 97: Accenture Plc - Segment focus

10.4 Atos SE

Exhibit 98: Atos SE - Overview
Exhibit 99: Atos SE - Business segments
Exhibit 100: Atos SE - Key news
Exhibit 101: Atos SE - Key offerings
Exhibit 102: Atos SE - Segment focus

10.5 Capgemini SE

Exhibit 103: Capgemini SE - Overview
Exhibit 104: Capgemini SE - Business segments
Exhibit 105: Capgemini SE - Key news
Exhibit 106: Capgemini SE - Key offerings
Exhibit 107: Capgemini SE - Segment focus

10.6 CGI Inc.

Exhibit 108: CGI Inc. - Overview
Exhibit 109: CGI Inc. - Business segments
Exhibit 110: CGI Inc. - Key news
Exhibit 111: CGI Inc. - Key offerings
Exhibit 112: CGI Inc. - Segment focus

10.7 Cisco Systems Inc.

Exhibit 113: Cisco Systems Inc. - Overview
Exhibit 114: Cisco Systems Inc. - Business segments
Exhibit 115: Cisco Systems Inc. - Key news
Exhibit 116: Cisco Systems Inc. - Key offerings
Exhibit 117: Cisco Systems Inc. - Segment focus

10.8 Cognizant Technology Solutions Corp.

Exhibit 118: Cognizant Technology Solutions Corp. - Overview
Exhibit 119: Cognizant Technology Solutions Corp. - Business segments
Exhibit 120: Cognizant Technology Solutions Corp. - Key news
Exhibit 121: Cognizant Technology Solutions Corp. - Key offerings
Exhibit 122: Cognizant Technology Solutions Corp. - Segment focus

10.9 Dell Technologies Inc.

Exhibit 123: Dell Technologies Inc. - Overview
Exhibit 124: Dell Technologies Inc. - Business segments
Exhibit 125: Dell Technologies Inc. - Key offerings
Exhibit 126: Dell Technologies Inc. - Segment focus

10.10 HP Inc.

Exhibit 127: HP Inc. - Overview
Exhibit 128: HP Inc. - Business segments
Exhibit 129: HP Inc. - Key news
Exhibit 130: HP Inc. - Key offerings
Exhibit 131: HP Inc. - Segment focus

10.11 International Business Machines Corp.

Exhibit 132: International Business Machines Corp. - Overview
Exhibit 133: International Business Machines Corp. - Business segments
Exhibit 134: International Business Machines Corp. - Key offerings
Exhibit 135: International Business Machines Corp. - Segment focus

10.12 Microsoft Corp.

Exhibit 136: Microsoft Corp. - Overview
Exhibit 137: Microsoft Corp. - Business segments
Exhibit 138: Microsoft Corp. - Key news
Exhibit 139: Microsoft Corp. - Key offerings
Exhibit 140: Microsoft Corp. - Segment focus

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist

Exhibit 141: Inclusions checklist
Exhibit 142: Exclusions checklist

11.3 Currency conversion rates for US$

Exhibit 143: Currency conversion rates for US$

11.4 Research methodology

Exhibit 144: Research methodology
Exhibit 145: Validation techniques employed for market sizing
Exhibit 146: Information sources

11.5 List of abbreviations

Exhibit 147: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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