Latest News- Retail Banking IT Spending Market: IT services is expected to lead the Type segment during 2025-2029

The Retail Banking IT Spending Market is being driven by Growing need for greater customer satisfaction

The Retail Banking IT Spending Market is expected to grow at a CAGR of 4.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 14.64 billion. In today's digital age, retail banking customers are increasingly utilizing mobile devices and advanced technologies to engage with financial institutions and access banking services. This shift has resulted in an explosion of customer data within the banking sector. By harnessing the power of analytics, banks can derive valuable insights from this data, enabling them to make informed decisions that enhance efficiency, reduce risk, and optimize performance. In turn, this empowers banks to deliver superior customer experiences, improve profitability, and mitigate operational challenges. Consequently, the adoption of banking software with robust analytics capabilities has become a strategic priority for enterprises in the retail banking industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • IT services
  • IT hardware
  • IT software
• Application
  • Application development and maintenance
  • Software deployment and support
  • Internal operations
  • Channel management
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing need for greater customer satisfaction
• Increased efficiency in banking operations
• Rise in autonomous banking

However, the market also witnesses some limitations, which are as follows:

• Issues related to data privacy and security
• Interoperability issues
• Lack of sufficient skilled labor

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Market Scope in Retail Banking IT Spending Market Research Report

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Research Analysis Overview

In the Retail Banking sector, IT spending is a significant factor in navigating interest rates, inflationary pressure, and maintaining customer experience and satisfaction. Banks invest in IT technology to enhance service propositions, operational efficiency, and competitive position. External stimuli, such as digital transformation and customer demands, drive spending on IT hardware, software, and third-party solutions. Key areas of focus include data analytics, cybersecurity measures, mobile banking, cloud solutions, autonomous banking, and blockchain technology to boost revenue streams and value proposition.

Market Research Overview

The Retail Banking IT Spending Market encompasses various IT services, including IT consulting and system integration, application services, electronic data processing, business process outsourcing, infrastructure services, and Internet services. According to Technavio, the Global IT Consulting and Other Services Market size is determined by the consolidated revenue of companies providing IT consulting, information management, and allied services. This market growth is influenced by several factors, such as increasing government investments in advanced IT infrastructure to address the scarcity of experts in contemporary IT skills, the need to enhance customer experience through superior service propositions, and the influence of inflationary pressure on net interest margins, necessitating cost optimization through IT investments.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/