Retail Banking It Spending Market 2024-2028: Size and Issues related to data privacy and security; growth driven by the Type, Some of key Companies Positioned Strategically

The retail banking it spending market size by Type (IT services, IT hardware, and IT software) and Geography (North America, Europe, APAC, Middle East and Africa, and South America), is forecast to increase by USD 13576.6 million. The market is expected to grow at a CAGR of   4.5% between 2024 and 2028.

• In the retail banking sector, IT spending is on the rise due to the adoption of advanced technologies such as Big Data and Artificial Intelligence. However, data privacy and security risks pose significant challenges. Traditional banking systems rely on complex IT infrastructures, built on a multitude of open-source codes, which are vulnerable to security breaches. Cloud infrastructure, in particular, is at risk due to potential glitches in source codes and the open architecture, making it an easy target for hackers. The ease of procuring and accessing cloud services can also facilitate cyber attacks, allowing hackers to identify and exploit vulnerabilities within a system. Protecting enterprise data from unauthorized access and ensuring IT infrastructure security is paramount to mitigate these risks.
• In the dynamic retail banking sector, technology spending continues to be a significant investment area. Banks allocate substantial resources towards digital transformation, including mobile and online banking platforms, cybersecurity, and data analytics. These investments aim to enhance customer experience, streamline operations, and ensure regulatory compliance. Additionally, fintech collaborations and artificial intelligence integration are becoming essential components of retail banking IT strategies.

Access the full report to know who are the other key countries segment-wise forecast and historic data

Some of the Key Companies:

• Accenture Plc
• Atos SE
• Capgemini Service SAS
• 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.
• WNS Holdings Ltd.

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Technavio Research
Jesse Maida
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