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, customers in the retail banking sector are increasingly utilizing mobile devices and technology to engage with financial institutions and access banking services. This shift has resulted in an explosion of customer data within the banking industry. By harnessing the power of analytics software, banks can derive valuable insights from this data, enabling them to make informed decisions that enhance profitability, streamline operations, mitigate risk, and better understand customer needs. Consequently, the adoption of advanced banking IT solutions with analytics capabilities has become a priority for businesses in the banking sector. 

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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 crucial factor in navigating interest rate fluctuations and inflationary pressure. Celent reports that retail banks allocate significant resources to IT technology, focusing on customer experience, service propositions, and operational efficiency. IT spending shapes revenue streams, customer satisfaction, competitive position, risks, sustainability, and resilience. Innovation, adaptation to external stimuli, and value proposition are key drivers. IT services encompass networks, hardware, and software to enhance operational efficiency and meet customer needs.

Market Research Overview

The global IT consulting and other services market, a segment of the retail banking IT spending market, is projected to expand due to several driving factors. These include increasing government investments in modernizing IT infrastructure to address skill gaps, as well as the need to enhance customer experience and service propositions in the face of inflationary pressure and fluctuating interest rates. Technavio's market analysis calculates the market size based on the combined revenues of companies offering IT consulting, application services, business process outsourcing, infrastructure services, and Internet services. This growth is attributed to the imperative for financial institutions to remain competitive and provide superior customer experiences through advanced technology solutions.. 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
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Website: www.technavio.com/