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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.
Scope of the Report:
This report studies the Retail Banking IT Spending market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the Retail Banking IT Spending market by product type and applications/end industries.
Over the past few years, the modalities of customer experience in banking have changed drastically. The retail banking sector has an imminent need to keep up with the pace at which customers are switching over to smart devices to fulfil their banking requirements.
Many foreign banks are expected to invest in IT infrastructure in the banking industry by forming strategic alliances with regional banks over the next four years. With this, the services segment is expected to emerge as the fastest growing domain of the retail banking IT spending market until 2019.
The global Retail Banking IT Spending market is valued at xx million USD in 2017 and is expected to reach xx million USD by the end of 2023, growing at a CAGR of xx% between 2017 and 2023.
The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions.
North America, especially The United States, will still play an important role which cannot be ignored. Any changes from United States might affect the development trend of Retail Banking IT Spending.
Europe also play important roles in global market, with market size of xx million USD in 2017 and will be xx million USD in 2023, with a CAGR of xx%.
Market Segment by Companies, this report covers
- Dell
- HP
- IBM
- Microsoft
Market Segment by Regions, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Market Segment by Type, covers
- Core Banking
- Online Banking
- Mobile Banking
- Channel Management
- Internal Operations
- Analytical Technologies
- Increased Internet Penetration
Market Segment by Applications, can be divided into
- Hardware
- Software
- Services