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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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UBHOME Collaborates with Qualcomm to Release the Smart Lawn Mower, Co-Creating a New Era of Smart Life

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The 2025 CES in the United States is about to unveil a brand-new chapter in the future intelligent home gardening

LAS VEGAS, Dec. 28, 2024 /PRNewswire/ — UBHOME, a sub-brand of UBTECH Robotics, announced an intelligent service robot in collaboration with Qualcomm Technologies, Inc. The Robotic Mower M10 is a revolutionary smart lawn mower announced at the 2025 International Consumer Electronics Show (CES) in the United States. This product is powered by the Qualcomm® RB1 Robotics Platform, showcases UBHOME’s rich experience in robot research and development, and focuses on solving the pain points of traditional lawn-mowing equipment, providing users with a worry-free and labor-saving smart gardening experience, and creates a new model of gardening intelligence.

User-Oriented: The All-New Convenience Brought by the Smart Lawn Mower to Life

The Robotic Mower M10 is not only a high performance tool but also an upgrade of the smart lifestyle. In response to the pain points of users when using traditional lawn-mowing equipment, this product offers a series of practical functions, bringing brand-new convenience to home gardening:

Wireless and Borderless Mowing: There is no need for cumbersome boundary wire installation anymore. The device relies on accurate environmental perception and navigation technology to independently plan the work area, allowing users to use it right out of the box, saving installation time and energy.

Automatic Mowing, Saving Time and Effort: The device can automatically complete the lawn mowing work according to the preset schedule or real-time instructions, enabling users to manage the lawn care through delegation to the mower.

Wide Coverage and Stable Signal: It supports a large-scale signal connection of up to 130,000 square meters. Even for extremely large courtyards, stable operation can be ensured, and there is no need to worry about signal loss.

Real-time Online, in-control Anytime: Through APP remote control and real-time monitoring, users can adjust the mowing plan or check the device status at any time, managing the courtyard work as they like.

The combination of these functions not only greatly simplifies the complexity of mowing work but also liberates users from repetitive physical labor, allowing them to focus on enjoying the wonderful moments of life.

UBHOME: In-depth Layout in Smart Home

UBHOME is a brand under UBTECH Robotics that focuses on providing smart solutions for families. As a world-leading robot enterprise, UBTECH, with its strong R&D strength and technological accumulation, has successfully launched Walker, China’s first commercial bipedal human-sized humanoid robot. The launch of the Robotic Mower M10 by UBHOME this time is an important step in its layout in the smart home field.

Relying on UBTECH’s technological accumulation in robots and its in-depth understanding of user needs, the Robotic Mower M10 achieves the best mowing effect through environmental recognition and dynamic adjustment. Whether it is complex terrain, steep slopes, or high requirements for fine mowing, it can perform perfectly, demonstrating its excellent technical capabilities and brand commitment.

Powered by Qualcomm Technologies, Facilitating Intelligent Upgrading

As a global leader in wireless technology and edge intelligence, Qualcomm Technologies provides cutting-edge technical support for the Robotic Mower M10, including intelligent edge computing platforms, dynamic path planning, and environmental perception technologies. These technologies ensure that the device can operate efficiently in various environments, providing users with a precise and efficient smart experience. The Robotic Mower M10 utilizes the Qualcomm RB1 Robotics Platform to ensure the superior operation of the Robotic Mower M10 in large-scale courtyards, laying a solid foundation for realizing smart life.

Industry Significance and Trend: Promoting the Development of Gardening Intelligence

With the continuous increase in the demand for home intelligence, the market for smart gardening equipment is in a period of rapid development. As a typical representative of this trend, the smart lawn mower not only meets consumers’ pursuit of a convenient lifestyle but also provides a direction for the transformation of the gardening industry from tool manufacturing to smart services.

The product released by UBHOME not only fills the gap in the high-performance lawn-mowing equipment market but also sets a new industry benchmark. Through the multiple advantages of wireless, real-time connection, and fully automated operation, it endows home gardening with new value, making users no longer regard mowing as a burden but feel the convenience and fun brought by technology.

Innovation Hand in Hand, Co-creating Smart Life

The collaboration between UBHOME and Qualcomm Technologies showcases a strong collaboration of technology and innovation. Both parties are committed to bringing more convenient and efficient life experiences to consumers through technological innovation.

At the 2025 CES, UBHOME and Qualcomm Technologies will showcase the innovative functions and application scenarios of this Robotic Mower M10.

About UBHOME 

UBHOME is a brand under UBTECH Robotics, focusing on providing smart solutions for families. UBTECH is a world-leading robot enterprise dedicated to the research and development and application of artificial intelligence and robot technology and has successfully served more than 900 enterprise-level customers in more than 50 countries around the world.

Media Contact Information
For more information, please contact:
UBHOME Brand Team: mbu-sales@ubtrobot.com 

Qualcomm is a trademark or registered trademark of Qualcomm Incorporated. Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries.  

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SOURCE UBTECH ROBOTICS CORP LTD

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Global Launch of JETOUR T2 i-DM: Reshaping the Hybrid SUV Market

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DOHA, Qatar, Dec. 28, 2024 /PRNewswire/ — On December 25, 2024, the First JETOUR Fan’s Festival and the Launch of T2 i-DM was held in Qatar, themed “Think Future”. During the event, JETOUR launched its user brand “Traveler” in the Middle East and its first hybrid model, JETOUR T2 i-DM. The launch event highlights JETOUR’s commitment to exploring sustainable travel modes and ambition to become the “The World’s Leading Brand in Hybrid Off-road Vehicles” under the “Travel+” strategy.

JETOUR T2 i-DM not only inherits the strengths of T2 series, but also achieves high energy efficiency, high performance, high safety, and high intelligence with its advanced hybrid technology, i-DM. With a maximum combined power of 280kW and torque of 610N•m, T2 i-DM boasts a NEDC pure electric range of 139km and an overall range exceeding 1,000km at just 0.8L/100km, addressing range anxiety and promoting green travel.

Mr. Dai Lihong, executive vice president of JETOUR Auto, emphasized technology’s role in producing world-class products. The launch also introduced “Traveler”, enriching user experience through diverse products and superior performance. This year, JETOUR has ranked third in sales across the Qatari auto market. The Fan’s Festival invited user representatives from across the Middle East to witness the unveiling of “Traveler”, experiencing “Travel+” culture through city tours and co-creation workshops.

JETOUR prioritizes users, listening to their needs and co-creating products, brand, and lifestyle. Through “Traveler,” JETOUR aims to provide richer travel experiences and benefits globally, leveraging the platform to spread the “Travel+” culture worldwide. Mr. Alex Tan, Vice President of JETOUR International, said, “Serving ‘JETOUR users’ and being ‘a user-oriented JETOUR’ are JETOUR’s development philosophy. JETOUR will continue to build a travel community centered around users, cars, and lifestyles, sharing the joy of traveling together with users.”

JETOUR also partnered with Diamond League to promote athletics in Qatar and the Middle East, embodying JETOUR Speed and the brand’s image of breakthroughs and innovations. With T2 selling over 150,000 units globally, T2 i-DM will continue its success to meet customers’ needs and reshape the hybrid SUV market.

The launch of T2 i-DM marks JETOUR’s new journey towards “the World’s Leading Brand in Hybrid Off-road Vehicles.” JETOUR plans to introduce more hybrid and off-road models, providing customers with eco-friendly and diversified travel choices. With its innovative spirit and user-oriented philosophy, JETOUR will lead the global automotive industry towards a more sustainable and smarter future.

SOURCE JETOUR AUTO

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My Date with Rural China—-VOC.com.cn Unveils Season Two of I Am in Rural China

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CHANGSHA, China, Dec. 28, 2024 /PRNewswire/ — Modern China’s rural revitalization strategy is crafting a remarkable narrative of transformation across the countryside, while progressive opening-up policies encourage foreign visitors to delve deeper into the nation’s heartland. On December 26th, VOC.com.cn premiered the second season of its acclaimed series, I Am in Rural China. The show follows Teona Kvartskhava, an international guest, as she explores the villages of Hunan Province, offering viewers a firsthand look at the dynamic implementation of comprehensive rural revitalization. This captivating series invites a global audience to witness the dawn of a new era in China’s rural landscapes, showcasing the country’s evolving countryside to viewers worldwide.

Rice field came as the first surprise. Hunan is the largest rice grower and producer in China. Hunan provides the high-quality and tasty rice. Teona Kvartskhava, a foreigner hardly feeding on rice, was tempted to have plenty of it. In Qunle Village, Lixian County, Changde, she also experienced “Double Rush”, which is a time-honored agricultural event in China. An event that used to call for the joint efforts of all family members, has now become much easier thanks to technology.

Departing from Lixian County for the moment, Teona Kvartskhava embarked on an exciting trip of tastes in Rucheng, Chenzhou, Southern Hunan. Hunan people are keen and expert on peppery food and spicy taste dominates the Hunan cuisine. Hunan is also rich in varieties of peppers. Jingpo town, a well-known town where spicy food prevails. It is a producer of red cluster pepper, officially one of the hottest peppers in China. From the crowded market, to the red and yellow pepper planting base, and then to the modern processing pepper workshop, the small cluster pepper strung up all corners of the town, so that the original ordinary mountain town has become extraordinarily lively and affluent.

Of course, the “star” of the countryside here is not only agriculture, but also culture, which has also blossomed in this ancient land. As the birthplace of papermaking, China has preserved a unique handmade papermaking technique, which is used to make some “special” papers. In Shanghong Village, Liuyang, Teona Kvartskhava was lucky to meet two Chinese masters, who showed her hands-on experiences of “Gushan Tribute Paper” and “Floral Paper”. As the process progresses, the paper took shape in her hands, as if history and culture were meeting in front of her eyes, and became the “first paper” in Teona Kvartskhava’s life.

So,What’s rural China like? It’s about hospitable peasants, about various agricultural produce, about profound history and culture, about colorful intangible cultural heritage. It’s like a book telling numerous absorbing stories. Hopefully Teona Kvartskhava’ll be luckier to visit more villages for their unique interest and charm.

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SOURCE voc.com.cn

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