Retail Banking Sector ICT Market Size and Forecast (by Country, IT Solution area and Vertical), 2022-2026
The global ICT market in the retail banking sector was valued at US$ 220.97 billion in 2021 and will grow at a compounded annual growth rate (CAGR) of 7.9% to reach a value of US$ 323.62 billion by 2026. The cumulative revenue generation opportunities for ICT in the retail banking sector vendors/service providers is estimated at US$ 1,394.68 billion between 2022 to 2026. The North America region was estimated to garner a share of 23.5% of the total global ICT market in the retail banking sector in 2021. The US is the major contributor to the growth of the ICT market in the retail banking sector in this region.
In terms of IT Solution segment, the cloud computing is the largest segment with 17.6% market share followed by the client computing. The ICT market in the retail banking sector for data and analytics segment is projected to grow at an estimated CAGR of 8.2% during the forecast period. In terms of product/service categories, SaaS is the largest segment with 7.1% of the ICT market in the retail banking sector share, followed by systems design and integration. Meanwhile, workstations will grow at a CAGR of 15.3% over the forecast period.
Scope
- This product provides revenue opportunity forecasts in the ICT market in the retail banking sector from 2019 to 2026, spanning 18 IT solutions, 133 products/services, 6 regions, and 49 geographies. The details of the IT solutions and the corresponding Products/Services has been provided
Key Highlights
- The global ICT market in the retail banking sector is expected to grow at a CAGR of 9% over the forecast period.
- The sector’s top three product/service categories: SaaS, systems design and integration, and application development, and 133 sub-categories within them.
- The global ICT market in the retail banking sector over the forecast period is expected to be led by Asia Pacific with a share of 8%, followed by North America and Western Europe with shares of 23.5% and 19.2%, respectively. The Middle East, Africa, Central and Eastern Europe, and South and Central America together are expected to account for the remaining market share of 30%.
- SaaS is expected to be the largest product/service segment of the ICT market in the retail banking sector over the forecast period.
Reasons to Buy
- Assess the historic data (past 3 years), current state, and expected growth (next 5 years) of the ICT market in the retail banking sector
- Identify the fastest growing products/services within the ICT market in the retail banking sector
- Determine the most lucrative IT Solution for ICT market in the retail banking sector considering their current contribution to the overall ICT market in the retail banking sector and their expected contribution to the growth of the market over the next 5 years
- Identify the geographies/countries who would be the contributors to the growth of ICT market in the retail banking sector over the next 5 years
- This survey report offers a thorough, forward-looking analysis of retail banking sector enterprise ICT investment trends and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
Frequently Asked Questions
The global ICT market size in the retail banking sector was estimated at US$ 220.97 billion in 2021 and is expected to reach US$ 237.81 billion in 2022.
The global ICT market in the retail banking sector is expected to grow at a compound annual growth rate of 7.9% from 2022 to 2026 to reach US$ 323.62 billion by 2026.
The SaaS segment dominated the global ICT market in the retail banking sector in 2021 with a revenue share of more than 7.1%.
The cloud computing is the largest vertical with 17.6% market share in 2021.
The Asia Pacific region is the largest region with 26.8% market share in 2021.
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