Retail Banking Enterprise ICT Investment Market Trends by Budget Allocations (Cloud and Digital Transformation), Future Outlook, Key Business Areas and Challenges, 2022
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According to GlobalData’s Retail Banking Enterprise ICT Investment Trends Report 2022, most of the enterprises from the retail banking sector have increased their ICT budget for 2022 with more than 60% of respondents from our recent survey claiming the same. In contrast, a relatively low proportion of enterprises have trimmed their ICT budget for 2022 compared to the previous year.
The Retail Banking Enterprise ICT Investment Trends Report 2022 summarizes key findings from GlobalData’s ICT customer insight survey carried out in H1-2022, revealing how the overall ICT budgets and their allocations towards various business functions, and spending areas have changed for enterprises in the retail banking sector in 2022 compared to 2021. The report also discusses the change in ICT budget allocations for digital transformation enabling technologies like AI and ML, internet of things (IoT), automation/RPA and edge computing among enterprises in 2022 as compared to 2021. It sheds focus on the change in ICT budget allocations across over 30 IT hardware, software, and service categories. The report also gives an indication of ICT opportunities in the retail banking sector with forward-looking insights on enterprise spending priorities for over 100 ICT product and service sub-categories over the next two years.
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Retail Banking Enterprise ICT Budget Allocations - 2022 Vs 2021
The report reveals how the total ICT budgets of enterprises in the retail banking sector have changed from 2021 to 2022 and how it compares to the change in the ICT budget seen from 2020 to 2021.
Annual Change in Enterprise ICT Budget Allocation in Retail Banking (2021 to 2022 vs. 2020-2021)
To know more about changes in enterprise ICT budget allocation in retail banking, download a free sample
Majority of the Enterprises in Retail Banking Have Increased Their ICT Budget for 2022 Compared to Previous Year
According to GlobalData’s survey, the majority of respondents from the retail banking sector claimed that there will be a significant increase (>6%) in their enterprise ICT budget for 2021-22 compared to 2020-21. However, there were also a significant number of respondents who claimed that there has been a slight increase in their ICT budgets (1% to 6%).
The report also discusses the level of change in enterprise ICT budget allocation in 2022 compared to the previous year by:
- Key spending areas
- Key business functions
Retail Banking Enterprise ICT Budget Allocations by ICT Infrastructure Spending Areas – 2022 Vs 2021
According to GlobalData’s survey, the largest increase in the share of the enterprise ICT budget in the retail banking sector is recorded in ICT services. The report shows how enterprises in the retail banking sector have changed their total ICT budget allocation across the following ICT infrastructure spending areas in 2022 compared to 2021.
- Hardware
- Software
- ICT services
- Consulting
- Network and communication
- Internal development & maintenance (Internal Costs)
- Others
Annual Change in Distribution of Enterprise ICT Spending, by ICT Products/Services in 2022
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Retail Banking Enterprise ICT Budget Allocations by Key Business Functions – 2022 Vs 2021
According to GlobalData’s survey, ICT budget allocation across most of the business functions has seen a slight increase among retail banking enterprises, except for the research and development function, for which the budget allocation has significantly increased in 2022 compared to 2021. The report shows how enterprises in the retail banking sector have changed the distribution of ICT budget allocation across the following business functions in 2022 compared to 2021.
- Production, Procurement & Operations
- Sales, Marketing and Customer Relations
- Finance & Accounting
- Research & Development
- Human Resources & Legal
Annual Change in Enterprise ICT Budget Distribution in Retail Banking by Key Business Functions, 2022
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Enterprise ICT Budget Allocations by Type of ICT Project – 2021 & 2022
According to GlobalData’s survey, there has been a considerable growth in enterprise budgets for both new ICT projects as well as for maintenance of existing ICT systems and applications among retail banking enterprises. The report shows by what proportion enterprises in the retail banking sector have changed the budget allocation for “existing ICT systems and applications” and “new ICT projects” in 2022 compared to 2021
Change in Enterprise ICT Budget Allocation: Existing Systems vs New ICT Projects – 2022
For more insights on enterprise ICT budget allocation in retail banking by project type, download a free sample
Retail Banking Enterprise Digital Transformation Budget Allocations – 2021 vs 2022
According to GlobalData’s survey, there is an overall increase in the share of the ICT budget allocated towards digital transformation in 2022 compared to 2021. The retail banking enterprise ICT investment data highlights the change in the percentage of enterprises ICT budget that would be allocated for digital transformation in 2022 as compared to 2021 and offers a breakdown of the budget allocation change by following digital transformation areas.
- Artificial intelligence & Machine Learning
- Automation/RPA
- Internet of Things (IoT)
- Edge Computing
- Others
Enterprise ICT Budget Allocation for Digital Transformation, 2021 vs 2022
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Segment ICT Budget Allocation Trends – 2022 Vs 2021
The report offers segmental budget allocation trends across 33 ICT products and services covering hardware, software, IT consulting, managed IT services, and network & communications segments.
According to GlobalData’s survey, the enterprise budget allocation across most of the hardware categories among retail banking enterprises has witnessed an increase in 2022 compared to 2021.
Annual Change in Retail Banking Enterprise Hardware Budget Allocations
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The survey also reveals a heightened focus on security in retail banking. For instance, the survey data on retail banking enterprise managed IT services budget allocation points towards an overall increase in security & privacy services in 2022 compared to 2021, while in a similar vein retail banking survey data on enterprise IT consulting budget allocation points towards increased allocation on security consulting services in 2022 compared to 2021
Besides Hardware, we also provide this level of information for
- Software
- IT Services
- Consulting
- Network & communication
Enterprise ICT Technology Spending Priorities in Retail Banking – Future Outlook
The report offers forward-looking insights on the ICT spending priorities of enterprises in the retail banking sector across 140 technology areas within the following 18 categories:
- Communication & Collaboration
- Enterprise Network
- Security
- Storage
- Edge Computing
- Client Computing
- Servers
- Cloud Computing
- Enterprise Mobility
- Internet of Things (IoT)
- Data and Analytics
- Business Process Applications
- IT Management
- Application Development & Management
- Data Center and Hosting
- Business Process Outsourcing
- Consulting and Integration Services
- Outsourcing
Retail Banking Enterprise Cloud Computing Investment Priority – Now vs Next Two Years
The largest number of the respondents claimed that their enterprises will invest in SaaS and private cloud in the next two years closely followed by the number of respondents confirming their plans to invest in PaaS and managed cloud service.
Cloud Computing Technology Investment Priority – Current vs Next Two Years
For more insights on retail banking enterprise cloud budget allocation, download a free sample
Retail Banking Enterprise ICT Investment Trends Overview
Analysis Period | 2021-2022 |
Enterprise ICT Budget Allocations and Outlook | Business Functions, Key Spending Areas (ICT Products & Services), and Existing vs New Systems |
Key ICT Infrastructure Budget Allocation Areas | Hardware, Software, ICT Services, Consulting, Network and Communication, Internal Development & Maintenance (Internal Costs), and
Others |
Key Business Functions | Production, Procurement & Operations, Sales, Marketing & Customer Relations, Finance & Accounting, Research & Development, and Human Resources & Legal |
Enterprise ICT Budget Allocations on Cloud Computing | Overall Cloud Computing Budget Allocation |
Cloud Implementation Type | Public Cloud, Private Cloud, Hybrid Cloud, Managed Cloud, Cloud Management Platform |
Public Cloud Computing Budget Allocation | IaaS, PaaS, and SaaS |
Enterprise ICT Budget Allocations on Digital Transformation | Overall Digital Transformation Budget Allocation |
Key Digital Transformation Areas | Artificial Intelligence & Machine Learning, Automation/RPA, IoT, Edge Computing, and Others |
Segment ICT Budget Allocations | Hardware, Software, IT Consulting, Managed IT Services, and Network & Communications |
Enterprise Technology Priorities and Spending Preferences | Communication & Collaboration, Enterprise Network, Security, Storage, Edge Computing, Client Computing, Servers, Cloud Computing, Enterprise Mobility, Internet of Things (IoT), Data and Analytics, Business Process Applications, IT Management, Application Development & Management, Data Center and Hosting, Business Process Outsourcing, Consulting and Integration Services, and Outsourcing |
Retail Banking Enterprise ICT Investment Trends Report Scope
The survey-based report provides an overview of the following –
- Enterprise ICT Budget Allocations – 2021 vs. 2022: Overview of survey findings regarding changes in the enterprise ICT budget allocations in 2022 compared to the previous year overall and across key spending areas, business functions, existing vs new systems.
- Cloud & Digital Transformation Budget Allocations – 2022 vs 2021: Overview of survey findings regarding changes in the enterprise ICT budget allocations in 2022 compared to the previous year across cloud computing implementation, public cloud computing, digital transformation, and disruptive technologies.
- Segment ICT Budget Allocations – 2022 vs. 2021: Overview of survey findings regarding enterprise changes in ICT budget allocations 2022 compared to 2021 across the key ICT segments including software, hardware, IT consulting, managed IT services, and network & communications.
- Future Outlook – Enterprise Technology Priorities: Overview of survey findings on enterprise investment priority for key technologies current vs next two years
- The survey was conducted in H1 2022 via an online methodology, with respondents all having ICT decision-maker responsibility (typically CIOs and IT Managers). GlobalData plans to repeat the survey in H1 2023, in order to monitor ICT budget changes on an ongoing basis.
Reasons to Buy
- This survey report offers a thorough, forward-looking analysis of Retail Banking Enterprise ICT Investment Trends and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
- Accompanying GlobalData’s IT Customer Insight Survey, the report examines the ongoing and upcoming trends in enterprise IT spending within the retail banking sector.
- With more than 50 charts the report is designed for an executive-level audience, boasting presentation quality.
- The report provides an easily digestible market assessment for decision-makers built around research gathered from the local IT decision-makers, which enables executives to quickly get up to speed with the current and emerging trends in Retail Banking Enterprise ICT Spending.
Table of Contents
Frequently asked questions
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How did the overall enterprise ICT budget in retail banking change in 2022 compared to 2021?
About 33.7% of respondents from the retail banking sector claimed that there has been a significant increase in their enterprise ICT budget for 2021-22 compared to 2020-21.
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How has the total ICT budget allocation across key spending areas in your organization changed in 2022 compared to 2021?
GlobalData’s survey findings suggest that the enterprise ICT budget allocations for most ICT product/service areas in the retail banking sector have increased in 2022 compared to 2021.
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What are the key ICT infrastructure spending areas in retail banking in 2022?
The key ICT infrastructure spending areas in retail banking are hardware, software, ICT services, consulting, network and communication, and internal development & maintenance (internal costs).
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What are the key business functions considered for ICT budget allocation by retail banking enterprises?
The key business functions considered for ICT budget allocation by retail banking enterprises are production, procurement & operations, sales, marketing & customer relations, finance & accounting, research & development, and human resources & legal.
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By what percentage will enterprise ICT budget allocation on digital transformation will change in 2022 compared to 2021?
The majority of enterprises have increased their share of the ICT budget allocated towards digital transformation by 1% to 6% in 2022 compared to 2021.
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What are the key digital transformation technologies that enterprises are likely to invest in 2022?
AI & machine learning, the internet of things (IoT), and edge computing will be some of the key digital transformation areas that enterprises would allocate their ICT budgets.
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Which ICT functions are enterprises most likely to outsource over the next 2 years?
ICT infrastructure maintenance and service support & help desk are some of the key ICT functions to be outsourced over the next two years
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