Global Retail Banking IT Spending Market 2015-2019
About retail banking IT spending
The demand for IT products and services is growing in the banking sector because of a shift in the methodology of performing banking functions. Several banks are increasing their IT expenditure to offer improved services to customers and improve brand loyalty. Apart from spending on core hardware, software, and services, retail banks spend on a number of emerging technologies such as core banking, analytical technologies, internal operations, online banking, mobile banking, and channel management.
Over the past five years, cyber-attacks have significantly increased across the banking domain. During this period, the adoption of cloud computing also grew at a significant pace in the retail banking sector. To safeguard customers, many banks across the globe have started to increase their spending on risk management. It is a top priority for the banking sector to comply with security and confidentiality measures set by IT security regulators for offering services on the cloud.
Technavio's analysts forecast the global retail banking IT spending market to grow at a CAGR of 4.66% over the period 2014-2019.
Covered in this report
The report covers the current scenario and the growth prospects of the global retail banking IT spending market for 2015-2019. To calculate the market size, the report considers revenue generated from
Technavio Announces the Publication of its Research Report – Global Retail Banking IT Spending 2015-2019
Technavio recognizes the following companies as the key players in the Global Retail Banking IT Spending: Dell, HP, IBM and Microsoft
Other Prominent Vendors in the market are: Accenture, Acer, ATOS, Capgemini, CGI, Cisco, Cognizant, CSC, EMC, FIS, Fujitsu, Genpact, HCL, Hitachi, iGATE, Infosys, Intel, JP Morgan, Misys, Netapp, Oracle, Polaris Software Lab, Ramco, SAP, Syntel, TCS, Temenos, Teradata, Unisys, Vmware, Wipro, and WNS.
Commenting on the report, an analyst from Technavio’s team said: “Due to the increasing demand for real-time solutions among customers, many retail banks are focusing on moving to agile and event-driven architectures. Mobile technology and social media are providing a cumulative number of sources for real-time data that can be leveraged by banks firms to gain a competitive advantage in the market.”
According to the report, BI software is gaining prominence in the retail banking industry to turn raw data into useful information. Many mid- and low-tier retail banks worldwide have shifted to the usage of BI software while large banks have devoted considerable funding to BI software. It helps banks to gain insights into customer behavior and determine purchasing power. It also supports functions such as reporting, analytics, and data management.
Further, the report states that to adopt various technologies and enhance IT infrastructure requires huge amounts of investments. Hence, cost factor is one of the major challenges for this market.
Dell, HP, IBM, Microsoft, Accenture, Acer, ATOS, Capgemini, CGI, Cisco, Cognizant, CSC, EMC, FIS, Fujitsu, Genpact, HCL, Hitachi, iGATE, Infosys, Intel, JP Morgan, Misys, Netapp, Oracle, Polaris Software Lab, Ramco, SAP, Syntel, TCS, Temenos, Teradata, Unisys, Vmware, Wipro, WNS.
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