Global Retail Banking IT Spending Market to Reach $34.66 Billion by 2026

Strategic Insights -

The global retail banking IT spending market is poised to experience significant growth, driven by the increasing need for greater customer satisfaction, increased efficiency in banking operations, and the rise of autonomous banking. According to the latest report from ResearchAndMarkets.com, the market is expected to grow at a compound annual growth rate (CAGR) of 5.15% during the forecast period of 2022-2026, reaching a market size of $34.66 billion by 2026.

Key Takeaways:

  • The retail banking IT spending market is expected to grow from $19.97 billion in 2021 to $34.66 billion by 2026, at a CAGR of 5.15%.
  • The market is driven by the growing need for greater customer satisfaction, increased efficiency in banking operations, and the rise of autonomous banking.
  • The incorporation of analytics into third-party banking software is a key reason driving the retail banking IT spending market growth during the next few years.
  • The report covers around 25 vendors, including Accenture, Atos, Capgemini, and HP, among others.
  • The study was conducted using an objective combination of primary and secondary information, including inputs from key participants in the industry.
  • The report provides a comprehensive market and vendor landscape, including an analysis of the key vendors and their market positioning.

Statistics:

  • Market size (2021): $19.97 billion
  • Market size (2026): $34.66 billion
  • CAGR (2022-2026): 5.15%
  • Market growth (2022-2026): $15.69 billion
  • Number of vendors covered: 25
  • Geographic segmentation includes North America, Europe, APAC, Middle East and Africa, and South America.

Sources:

  • Researchandmarkets.com - "Global Retail Banking IT Spending Market 2022-2026"
  • M2 PressWIRE - April 11, 2022
  • https://www.researchandmarkets.com/r/fumepr