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Retail Banking IT Spending Market size is set to grow by USD 13.57 billion from 2024-2028, Growing need for greater customer satisfaction to boost the market growth, Technavio

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NEW YORK, Aug. 5, 2024 /PRNewswire/ — The global retail banking IT spending market  size is estimated to grow by USD 13.57 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.5%  during the forecast period.  Growing need for greater customer satisfaction is driving market growth, with a trend towards incorporation of analytics into third-party banking software. However, issues related to data privacy and security  poses a challenge. Key market players include Accenture Plc, Atos SE, Capgemini Service SAS, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Fidelity National Information Services Inc., Fujitsu Ltd., Genpact Ltd., HCL Technologies Ltd., Hitachi Ltd., HP Inc., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., NetApp Inc., Oracle Corp., SAP SE, Wipro Ltd., and WNS Holdings Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (IT services, IT hardware, and IT software) and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Accenture Plc, Atos SE, Capgemini Service SAS, CGI Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Fidelity National Information Services Inc., Fujitsu Ltd., Genpact Ltd., HCL Technologies Ltd., Hitachi Ltd., HP Inc., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., NetApp Inc., Oracle Corp., SAP SE, Wipro Ltd., and WNS Holdings Ltd.

Key Market Trends Fueling Growth

In the retail banking sector, customers are increasingly utilizing mobile devices and digital technologies to engage with enterprises and access banking services. This shift has resulted in a significant expansion of customer data within banking organizations. Analyzing this data allows enterprises to make quicker and more informed decisions, enhancing efficiency across their business. Consequently, there is a growing preference for banking software with analytics capabilities. These solutions contribute to increased profitability, enhanced decision-making, reduced risk, and valuable customer insights. Integration with CRM and other systems enables employees to work more efficiently and make astute decisions. Vendors like Temenos Headquarters SA provide analytics solutions alongside their retail banking software, offering analytically driven KPIs, pre-built models, applications, dashboards, and reports, along with predictive analytics and real-time data. These factors are fueling expansion opportunities for vendors in the global retail banking IT spending market. 

Retail banks continue to invest in IT to enhance customer experience and stay competitive. According to Celent, global IT spending in retail banking is projected to reach USD71.5 billion by 2023. Interest rates and inflationary pressure impact net interest margins, pushing banks to innovate and adapt. IT spending includes infrastructure, cloud, production volume, and technological advancements to meet consumer preferences in a globalized market. Regulatory changes and economic developments require diversification strategies to protect revenue streams and improve customer satisfaction. Banks invest in IT workforce, hardware, software, networks, customer support, online transaction systems, mobile banking, and digital banking for operational efficiency and value proposition. Risks related to sustainability, resilience, and external stimuli necessitate continuous innovation and adaptation. IT services, including IT technology, are crucial to retail banking’s competitive position and success. 

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Market Challenges

The retail banking IT spending market faces significant challenges due to data privacy and security risks. Traditional banking systems rely on various patchworks of open-source codes in their IT infrastructure, making data vulnerable to unauthorized access. Cloud infrastructure, with its shared resources and open architecture, is particularly susceptible to glitches and hacking attempts. With the increasing digitization of financial data, the protection of customer information from misuse is a major concern. Financial enterprises are cautious about deploying banking software due to these concerns, limiting market growth. Data security and privacy are critical issues, as vendors handle sensitive customer information. The potential consequences of data breaches, including fraud and intellectual property theft, can significantly impact a business’s reputation and bottom line. Consequently, the retail banking IT spending market may experience slower growth due to the limited adoption of banking software caused by data privacy and security concerns.Retail banking faces significant challenges in the IT spending market, requiring innovation and adaptation to external stimuli. Operational efficiency is crucial, and retail banks invest in IT services, networks, hardware, and software to enhance productivity. Customer support is key, with online transaction systems, mobile banking, and digital banking becoming cutting-edge expectations. Consumer expectations demand a digital transformation, with artificial intelligence and data analytics driving value proposition. The cloud native ecosystem, Infrastructure as Code, and cloud migration are essential for agility and scalability. Containerization technologies streamline application deployment, while threat detection and prevention technologies secure data. Data encryption, blockchain technology, and fraud protection are critical components of IT spending for retail banking, ensuring identity management and maintaining trust with customers. The IT landscape is continuously evolving, requiring retail banks to stay ahead and meet the needs of an increasingly digital consumer base.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This retail banking it spending market report extensively covers market segmentation by

Type 1.1 IT services1.2 IT hardware1.3 IT softwareGeography 2.1 North America2.2 Europe2.3 APAC2.4 Middle East and Africa2.5 South America

1.1 IT services-  The retail banking IT spending market’s IT services segment primarily focuses on application development and maintenance, system integration, IT consulting, software deployment and support, and hardware deployment and support. IT consulting services assist companies in aligning IT strategies with business objectives, driving IT initiatives in business processes. Microsoft’s recent launch of a new consulting services organization, focusing on Azure Cloud and AI, has boosted the adoption of IT consulting service operating models. Additionally, system integration and hardware and software deployment and support services are gaining traction due to cloud-based deployment and the need for skilled workforces. Retail banks often lack the in-house technical expertise to implement advanced technologies, leading them to engage IT consulting firms. Factors like cost reduction, increased operational efficiencies, and competition for talent are driving the need for advanced technologies and IT services, consequently fueling the growth of the retail banking IT spending market in the IT services segment.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

Retail banking IT spending continues to be a significant area of investment for financial institutions, driven by the need to enhance customer experience, improve operational efficiency, and adapt to external stimuli such as inflationary pressure and changing customer preferences. Net interest income remains a key revenue stream, but banks must also explore new technology spending to stay competitive. Celent research indicates that retail banks will continue to invest in IT services, networks, and hardware to support their service propositions and meet evolving customer needs. Innovation, sustainability, resilience, and adaptation are critical factors shaping IT spending decisions. Banks face risks in their IT investments, including cybersecurity threats, regulatory compliance, and the need to balance short-term costs with long-term strategic goals. Technology spending is essential to maintain a competitive position, but banks must also ensure that their IT investments align with their value proposition and contribute to customer satisfaction. Inflationary pressure can impact net interest income and IT spending, making it essential for retail banks to prioritize operational efficiency and cost management. Ultimately, IT spending decisions must be informed by a deep understanding of customer needs, market trends, and the competitive landscape.

Market Research Overview

Retail banking IT spending continues to grow as institutions invest in technology to meet changing customer preferences, regulatory requirements, and economic developments. Net interest margins are under pressure due to inflationary pressure and low interest rates, making IT a crucial area of investment for retail banks. Celent reports that technology spending in retail banking is expected to reach new heights, driven by infrastructure needs, cloud spending, and the adoption of cutting-edge technologies. The IT workforce plays a vital role in implementing and maintaining these technological advancements. Retail banks are focusing on operational efficiency, value proposition, and customer satisfaction to maintain a competitive position. External stimuli such as globalization, regulatory changes, and economic developments require retail banks to adapt quickly, leading to diversification strategies and new revenue streams. Digital transformation is a key focus area, with online transaction systems, mobile banking, and digital banking becoming the norm. Consumer expectations are high, and retail banks are investing in artificial intelligence, data analytics, and cloud-native ecosystems to provide personalized services and improve customer relationship management. Infrastructure as Code, cloud migration, containerization technologies, threat detection, prevention technologies, data encryption, blockchain technology, and fraud protection are some of the areas where retail banks are spending to ensure resilience, sustainability, and innovation. The IT services market is booming, with hardware, software, customer support, and productivity all seeing significant investment. Networks, production volume, and operational efficiency are also critical areas of focus.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeIT ServicesIT HardwareIT SoftwareGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Cultivating a Culture of Peace: International Day of Peace Statement by Education Cannot Wait Executive Director Yasmine Sherif

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NEW YORK, Sept. 21, 2024 /CNW/ — The longing for peace transcends time, geography and religion. Based on justice, human rights and universal values outlined in the UN Charter, a culture of peace brings us all together in our common agenda for humanity. We can only co-exist by aligning ourselves with such a world order.

On today’s International Day of Peace, we call on world leaders to end conflict and embrace a culture of peace as enshrined in the UN Charter and related international law.

As the UN General Assembly outlined in the Declaration and Programme of Action on a Culture of Peace  a quarter of a century ago, this must include: “Respect for life, human rights and fundamental freedoms; the promotion of non-violence through education, dialogue and cooperation; commitment to peaceful settlement of conflicts; and adherence to freedom, justice, democracy, tolerance, solidarity, cooperation, pluralism, cultural diversity, dialogue and understanding at all levels of society and among nations.”

Educating for peace starts at home and continues in school through years of education. This takes place during the most formative years of a child learning about their identity, ethics, values, conscience, courage and compassion. Wherever there has been a failure in imparting on children the imperative for peace, the world is turned upside down. This is a global failure with no geographical boundaries.

Today, we live in a world of unprecedented violence, armed conflict and chaos. All the genuine and heartfelt commitments made in 1945 in the UN Charter seem to be fading away. Children and adolescents are the most vulnerable, the least protected, and the most impacted. They bear the brunt. 

Global conflicts killed three times as many children in 2023 than in the previous year, according to the United Nations. The number of forcibly displaced people reached an unprecedented 120 million in May 2024.

“In 2023, the United Nations verified a record 32,990 grave violations against 22,557 children in 26 conflict zones, a 35% increase from the previous year,” according to recent analysis by the UN.

We can end these violations and invest in a constructive co-existence globally. We can use our resources for education, rather than for wars. In classrooms around the world, girls and boys who have withstood the wrath of war can rebuild their hopes and their lives. Cultivating a culture of peace is possible. The financial resources exist. The choice as to how we use them is ours.

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SOURCE Education Cannot Wait

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Niutech at the Forefront: U.S.-China Circular Economy Forum Tackles “White Pollution”

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BEIJING, Sept. 20, 2024 /PRNewswire/ — On September 6, 2024, the inaugural U.S.-China Circular Economy Cooperation Forum was held in Beijing. The forum, guided by the U.S.-China Climate Action Working Group Circular Economy Task Force, was co-organized by the China Circular Economy Association and the US-China Business Council. The forum brought together approximately 460 distinguished guests from the National Development and Reform Commission of China, the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Market Regulation, the US State Department, the US Department of Energy and other government departments, as well as industry experts, business representatives and scientific research institutions of the two countries. As the domestic leader in continuous pyrolysis technology, Niutech was invited by the China Circular Economy Association to attend the forum and gave an insightful speech on the topic of waste plastic recycling, and the issues of ‘white pollution’ that can result from it.

Enhancing Quality and Efficiency in the Circular Economy with Innovative Forces

The forum was strategically designed to advance the goals outlined in the U.S.-China “The Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis” (hereinafter referred to as the Sunnylands Statement). It aimed to create a collaborative platform for the business community, social organizations, and research institutions from both countries to foster exchanges and drive tangible cooperation in the circular economy.  

Zhao Chenxin, Deputy Director of the National Development and Reform Commission, John Podesta, Senior Advisor to the U.S. President on International Climate Policy, Liu Zhenmin, China’s Special Envoy for Climate Change Affairs, Nicholas Burns, U.S. Ambassador to China, and Xie Zhenhua, former Special Envoy for Climate Change Affairs of China, attended the opening ceremony of the Forum and delivered a speech, and Xie Feng, Chinese Ambassador to the U.S., made a video message. Deputy Director Zhao Chenxin said that addressing climate change is a common cause for all mankind and cannot be separated from the cooperation between the two global forces, China and the United States.

The China-US Circular Economy Cooperation Forum, held as an initiative to implement the Sunnylands Statement, marked another significant milestone in China-US cooperation on the circular economy. This collaboration is crucial for both nations as they join forces to tackle the climate crisis. On the afternoon of September 6, the forum organized four parallel meetings, where representatives engaged in in-depth exchanges on topics such as using the recycling economy to reduce greenhouse gas emissions, promoting the application of recycled materials, addressing plastic pollution and enhancing recycling, and increasing the recycling value of waste in the context of new industries and consumption patterns.

Niutech: International Experts on Continuous Pyrolysis Technology and Pioneers in solving the global “white pollution” problem

Globally, hundreds of millions of tons of waste plastics are generated annually, yet only about 30% undergo recycling. Traditional physical methods are typically limited to high-value, single-category, and relatively clean waste plastics. However, repeated recycling can degrade the quality of the plastics. Chemical recycling, on the other hand, offers a transformative approach by converting waste plastics into high-value products or fuels through chemical processes, thus overcoming the limitations of physical recycling.

Pyrolysis technology, a cornerstone of chemical recycling, addresses the challenges associated with the material recycling of waste plastics. It is adept at processing various types of low-value, mixed, and contaminated waste plastics. The products of pyrolysis can be further processed to manufacture new plastics, achieving a closed-loop system where waste plastics are repurposed into high-value new plastics. This not only retains the material’s utility at a high level but also converts “white pollution” into a “white oil field,” signifying a major shift in the management and valorization of plastic waste.

At the forum, as the international expert in continuous pyrolysis technology, the corporate representative of Niutech shared the cases of waste plastic chemical recycling projects deployed with international giants BASF and Quantafuel in Denmark, Thailand and other countries. Niutech has developed its own pyrolysis technology and equipment, which they fully own the intellectual property rights to. This technology enables the transformation of low-value, mixed, and contaminated waste plastics—including various polymers such as PP, PE, PS, ABS—into high-quality fuel oil.  

The fuel oil derived from this process can undergo further refining into naphtha, a critical raw material in the production of new plastics. This advanced recycling process not only diverts plastics from landfills and the environment but also contributes to a circular economy by turning waste into a valuable resource.

In the future, Niutech will continue to champion the principle of “green, recycling and low-carbon” waste plastics pyrolysis. Armed with advanced technology, reliable equipment, abundant high-value solutions and proven experience, Niutech is committed to enhancing communication and cooperation with domestic and foreign partners. Together, they will drive forward the chemical recycling of waste plastics and the sustainable development of the global waste plastics recycling industry.

 

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SOURCE Niutech

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Global Ultrasound Institute Launches GUSI Fellowships Platform: Elevating Point-of-Care Ultrasound Education

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SAN FRANCISCO, Sept. 20, 2024 /PRNewswire/ — The Global Ultrasound Institute (GUSI) is proud to announce the launch of the GUSI Fellowships Platform, an innovative online platform designed to empower learners around the world to achieve confidence and competency in point-of-care ultrasound (POCUS). With a holistic, device-independent approach that includes comprehensive evidence-based education, personalized mentorship from world-class POCUS educators, detailed scan review feedback, quantitative assessments, and CME certification, GUSI is setting a new standard in POCUS education.

“GUSI’s online didactics are the best that I have seen. And what I like most about the fellowship were the 1:1 sessions and being able to interact with GUSI expert faculty who have many years of experience in POCUS. And you get to pick their brains and they get to instruct you 1:1. I have used the training I received from GUSI to do much more POCUS clinically and further impact my patients lives.”

Dr. James Wilcox,
Assistant POCUS Director, Indiana University School of Medicine
Adjunct Professor and Assistant Professor of Medicine

“Our mission at GUSI is to democratize access to high-quality ultrasound training,” said Dr. Kevin Bergman and Dr. Mena Ramos, Co-CEOs of Global Ultrasound Institute. “The GUSI Fellowships Platform enables learners from diverse backgrounds to enhance their skills in a supportive, flexible environment, making it easier than ever to reach their POCUS goals.”

With training options covering 38 different scan types, learners can expect personalized 1:1 mentorship with expert POCUS educators who provide timely feedback on practice scans.

“The GUSI fellowship mentors are the best: patient, kind, knowledgeable, experienced, and supportive. GUSI provided education in the areas I wanted and needed to obtain and in my home/office environment not requiring multiple trips around the country. It is not just the way course work is presented – learning is made easier by the support provided to each student.”

Dr. Glenda Patterson
Core Faculty, University of Arkansas Northwest Internal Medicine Residency
Physician, Veterans Health Care of the Ozarks
Board-certified in Internal Medicine, Pulmonary Medicine, and Critical Care Medicine

The GUSI Fellowships Platform features a scalable software system designed to monitor and track performance, ensuring learners can effectively measure their progress.

GUSI understands the challenges faced by healthcare professionals seeking to enhance their ultrasound skills amid demanding schedules. GUSI addresses these concerns with flexible scheduling options, allowing learners to progress at their own pace while balancing their professional and personal commitments. This adaptability and virtual experience is crucial for fostering a culture of continuous learning and skill development.

“I went from not being able to hold the probe to someone who can scan and diagnosing and finding pathologies. I worked with Dr. Milne-Price and she was amazing! She sharpened my skills and we did sessions of live scanning over Zoom. I feel confident in my skills now to scan on my own.”

Dr. Dalea Al-Hawarri
Faculty, Bryn Mawr Family Medicine Residency

As healthcare continues to evolve, the demand for proficient ultrasound practitioners has never been greater. GUSI is not only committed to providing exceptional education but also aims to inspire a new generation of healthcare professionals who can leverage POCUS to improve patient outcomes globally. Join us in this exciting journey towards excellence in ultrasound practice.

For more information on GUSI Fellowships and to start your journey toward ultrasound proficiency, visit https://globalultrasoundinstitute.com/.

About Global Ultrasound Institute:

Global Ultrasound Institute stands at the forefront of point-of-care ultrasound, providing wraparound education, training, AI, and administrative software tools to healthcare providers and health systems globally to lower barriers to POCUS adoption and implementation. GUSI has trained over 14,000 healthcare practitioners in over 60 countries. GUSI is working to create a better world in which every healthcare practitioner is empowered to offer a rapid, reliable, accurate ultrasound-enabled diagnosis directly at the point-of-care, for any patient, anywhere.

For more information about GUSI Fellowships or any of GUSI services, please visit https://globalultrasoundinstitute.com/

Contact:

Dr. Kevin Bergman, Co-Founder, co-CEO, Global Ultrasound Institute
Dr. Mena Ramos, Co-Founder, co-CEO, Global Ultrasound Institute

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SOURCE GLOBAL ULTRASOUND INSTITUTE

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