Retail Banking Sector ICT Market Size and Forecast (by Country, IT Solution Area and Vertical) to 2027
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Retail Banking Sector ICT Market Overview
The global retail banking sector ICT market was valued at US$ 213.98 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 14.14% to reach US$ 414.57 billion by 2027. The cumulative revenue generation for ICT in the retail banking sector is estimated at US$ 1,796.28 billion for 2022-2027.
Retail Banking Sector ICT Market Outlook, 2022-2027 (US$ Billion)
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The ‘Retail Banking Sector ICT Market’ opportunity forecast report provides the total addressable market for ICT solutions in the retail banking sector from 2019 to 2027.
Market Size (2022) | US$ 213.98 billion |
Market Size (2027) | US$ 414.57 billion |
CAGR (2022-2027) | 14.14% |
Key Regions | · North America
· South & Central America · Western Europe · Central & Eastern Europe · Middle East & Africa · Asia Pacific |
Key IT Solutions | • Application Development and Management (3 Products/Services)
• Artificial Intelligence (4 Products/Services) • Business Process Applications (9 Products/Services) • Business Process Outsourcing (6 Products/Services) • Client Computing (10 Products/Services) • Cloud Computing (7 Products/Services) • Communications and Collaboration (10 Products/Services) • Consulting & Integration Services (3 Products/Services) • Data and Analytics (6 Products/Services) • Data Center and Hosting (2 Products/Services) • Edge Computing (11 Products/Services) • Internet of Things (IoT) (3 Products/Services) • IT Management (11 Products/Services) • Mobility (5 Products/Services) • Networking (18 Products/Services) • Security (17 Products/Services) • Servers (4 Products/Services) • Storage (7 Products/Services) |
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Retail Banking Sector ICT Market Segmentation by Region
The ICT market in the retail banking sector is geographically segmented into North America, South and Central America, Western Europe, Central and Eastern Europe, Middle East and Africa, and the Asia Pacific.
The Asia Pacific region dominated the retail banking ICT market with a revenue share of 31.1% in 2022. Undoubtedly, China was the major contributor to the retail banking sector ICT market growth in this region. On the other hand, North America and Middle East & Africa were the second and third-largest revenue contributors with shares of 27.3% and 17.0%, respectively.
Retail Banking Sector ICT Market Share by Region, 2022 (%)
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Retail Banking Sector ICT Market Segmentation by IT Solution
Cloud computing, networking, client computing, business process outsourcing, consulting and integration services, application development and management, business process applications, communications and collaboration, and IT management among others are a few of the key end-use industries of IT Solutions in their operations.
In terms of IT solutions end-use segments, cloud computing was the leading segment with a market share of 18.1%, followed by client computing. However, artificial intelligence is expected to be the fastest-growing segment with an estimated CAGR of 38.36% during the forecast period.
Retail Banking Sector ICT Market Share by IT Solution, 2022 (%)
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Scope
- This product provides revenue opportunity forecasts for ICT products and services in the retail banking sector from 2019 to 2027.
- The revenue opportunity forecasts for the market cover 18 IT solutions, 133 products/services, 6 regions, and 52 geographies. The details of the IT solutions and the corresponding products/services have been provided.
Key Highlights
- The global ICT in the retail banking sector market is expected to grow at a CAGR of 14% during the forecast period.
- The sector’s top three product/service categories – SaaS, Systems Design and Integration, and Application Development.
- Asia Pacific is expected to be the highest regional contributor with a market share of 1%, in the global ICT market in the retail banking sector, during the forecast period. North America and Middle East & Africa will follow with market shares of 27.3% and 17.0%, respectively. The Western Europe, Central and Eastern Europe, and South and Central America together are expected to account for the remaining market share of 24.6%.
- SaaS is expected to be the leading product/service segment of the ICT in the retail banking sector market during the forecast period.
Reasons to Buy
- Assess the historical data (past 4 years), current state, and expected growth (next 5 years) of ICT in the retail banking sector.
- Identify the fastest growing products/services within ICT in the retail banking sector
- Determine the most lucrative IT Solution for ICT in the retail banking sector by reviewing their current contribution to the overall ICT in the retail banking sector market and their expected input toward the market growth over the next 5 years.
- Identify the geographies/countries that would support the ICT market in the retail banking sector over the next 5 years.
- Build proactive and profitable growth strategies thorough our forward-looking analysis of retail banking sector enterprise ICT investment trends and key opportunities in a concise format to help executives.
Frequently asked questions
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What was the ICT in the retail banking sector market size in 2022?
The global retail banking sector ICT market size was estimated at US$ 213.98 billion in 2022 and is expected to reach US$ 237.06 billion in 2023.
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What will the ICT in the retail banking sector market growth rate be by 2027?
The retail banking sector ICT market is expected to grow at a compound annual growth rate of 14.14% over the forecast period to reach US$ 414.57 billion by 2027.
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Which IT Solution led the ICT in the retail banking sector market in 2022?
Cloud Computing was the largest vertical in the retail banking sector ICT market with 18.1% market share in 2022.
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Which region accounted for the largest retail banking sector ICT market share in 2022?
The Asia Pacific region dominated the retail banking sector ICT market with 31.1% market share in 2022.
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