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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..

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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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MatchMove Receives Frost & Sullivan’s 2026 Asia-Pacific Cross-Border Payment and Remittance Solution Technology Innovation Leadership and 2026 Singapore Embedded Finance Company of the Year Recognitions for Advancing Embedded Finance and Cross-Border Payment Innovation

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The company is recognized for its leadership in embedded finance, cross-border payments, and programmable financial infrastructure, enabling enterprises to accelerate digital transformation across Asia-Pacific.

SAN ANTONIO, July 20, 2026 /CNW/ — Frost & Sullivan is pleased to announce that MatchMove has received the 2026 Asia-Pacific Cross-Border Payment and Remittance Solution Technology Innovation Leadership and 2026 Singapore Embedded Finance Company of the Year recognitions in the fintech and digital financial services industry for its outstanding achievements in technology innovation and customer impact. These recognitions highlight MatchMove’s leadership in transforming embedded finance and cross-border payments through a scalable banking-as-a-service (BaaS) platform that simplifies financial services while empowering enterprises to innovate with confidence.

Frost & Sullivan evaluates companies through a rigorous benchmarking process across two core dimensions: strategy effectiveness and strategy execution. MatchMove excelled in both, demonstrating its ability to anticipate market evolution, align innovation with customer needs, and deliver scalable financial infrastructure across diverse markets. “MatchMove empowers enterprises with a unified platform for digital wallets, card issuance, remittance, multi-currency settlement, and Web 3.0, enabling seamless and compliant global money movement,” said Dewi Rengganis, Senior Industry Analyst, ICT at Frost & Sullivan.

Guided by a long-term growth strategy centered on digital innovation, ecosystem partnerships, and platform expansion, MatchMove continues to redefine how enterprises embed financial capabilities into their products and services across Asia-Pacific.

The company’s strategic agility and sustained investment in API-first infrastructure, programmable finance, and compliance-by-design have helped it scale efficiently across multiple markets. Its unified BaaS platform combines cross-border payments, card issuance, virtual accounts, fund collection, and payout capabilities into a single ecosystem, allowing businesses to reduce operational complexity, accelerate deployment, and launch scalable financial solutions through one integration.

“Earning both recognitions in the same year reflects what we care about most — that our platform works at the speed our customers need. Every day, enterprises across Asia-Pacific use MatchMove to issue cards, move money across borders, and embed financial services into their products without becoming a bank themselves. That’s a hard problem to solve at scale across multiple regulatory regimes and currencies, and we’ve spent years engineering it to feel simple. This recognition from Frost & Sullivan tells the market that MatchMove is the partner of choice for enterprises serious about accelerating digital transformation through embedded finance,” said Amar Abrol, President and Co-founder, MatchMove.

By simplifying financial services through a single integration point, embedding compliance directly into platform architecture, and allowing intelligent payment orchestration across global corridors, MatchMove continues to address the evolving needs of enterprises, financial institutions, and digital platforms. Its modular architecture, broad application capabilities, and focus on operational efficiency have enabled customers to deploy innovative financial products significantly faster while supporting expansion across more than 200 countries and territories.

Frost & Sullivan commends MatchMove for setting a high standard in competitive strategy, execution, and market responsiveness. The company’s vision, technology leadership, and customer-first approach are shaping the future of embedded finance and cross-border payment infrastructure while enabling businesses to deliver seamless digital financial experiences at scale.

Each year, Frost & Sullivan presents the Technology Innovation Leadership recognition to a company that demonstrates exceptional technological advancement and commercialization, resulting in meaningful market impact and competitive differentiation. The Company of the Year recognition honors organizations that consistently excel in vision, innovation, customer value, and growth strategy while setting new benchmarks within their industries.

Frost & Sullivan Best Practices Recognition
Frost & Sullivan’s Best Practices Recognitions honor companies across regional and global markets that exhibit exceptional achievement and consistent excellence in areas such as leadership, technological innovation, customer experience, and strategic product development. Each recognition is the result of a rigorous analytical process in which Frost & Sullivan industry experts benchmark performance through comprehensive interviews, deep-dive analysis, and extensive secondary research. The goal is to identify true best-in-class organizations that are driving transformative growth and setting new industry standards.
Contact us: Start the discussion.

About MatchMove
MatchMove is a Singapore-headquartered Banking-as-a-Service (BaaS) company and one of Asia’s leading embedded finance providers. Through its proprietary, MAS-regulated Banking Wallet OS™, MatchMove lets businesses issue accounts and cards, move payments, and offer lending — embedded directly inside their own apps, without building banking infrastructure or holding their own licences. In 2025, the platform processed over US$5 billion, issued more than 4 million cards, and reaches 200+ payout countries through 100+ partners. Recognised with the Frost & Sullivan 2026 Singapore Enabling Technology Leadership Recognition for Embedded Finance, MatchMove partners with leading banks across the region to bring compliant financial products to market in weeks, not months.

Contact:
Tarini Singh
E: Tarini.Singh@frost.com

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SOURCE Frost & Sullivan

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Saber Astronautics releases new spacecraft constellation control and automation software SABER COMMANDER

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SYDNEY, July 20, 2026 /PRNewswire/ — Saber Astronautics today announced the release of Saber Commander, its new spacecraft and constellation operations software.

Saber Commander builds on the operational heritage of the Predictive Ground station Interface (PIGI), recognised in the space industry for pioneering techniques in digital twin and machine learning to manage individual satellites. Saber Commander preserves that foundational heritage while supporting increasingly complex satellites, constellations, and mission requirements in the modern space age.

Originally developed in 2010 and released in 2012, PIGI pioneered new capabilities as Saber’s flagship operations software. Listed as a NASA Spinout, it was the first product globally to successfully solve spacecraft diagnostics using machine learning, allowing operators to learn the root cause of health problems on a spacecraft. 

PIGI represented a new generation of software leading efforts to visualise satellite constellations and was the first Unity game engine digital twin to receive fielding authority by the US Space Force.  This eventually led to the production of Saber’s Space Battle Management System (SBMS) which now serves as the protect-and-defend tool accepted across US Space Force Combat Command Deltas.

“PIGI was about reducing the barrier to entry to satellites, making it easier and safer to fly” said Dr. Jason Held, CEO of Saber Astronautics. “Saber Commander carries that heritage forward, with new automation, visualization, and operational scale that modern satellite constellations require.”

Developed in close collaboration with Saber’s own satellite operators, Saber Commander reflects the company’s direct operational experience through its Responsive Space Operations Centres (RSOC), in Australia and the United States. Saber currently controls 36 tonnes of spacecraft in orbit, giving the company daily exposure to the real pressures faced by mission teams.

That experience shaped Saber Commander around practical needs: faster situational awareness, clearer decision support, reduced manual workload, and automation.

 “Saber Commander takes everything we learned from our first generation of products and turned it into a platform built for the realities of modern space operations,” says Chris Schuck, Head of Product Engineering. “Larger fleets and congested orbits demand a smarter approach. We designed Commander hand-in-hand with operators to bring automation, commanding, monitoring, and situational awareness together into a single platform to reduce operator workload while giving greater confidence and control. I’m incredibly proud of what our team has built, and excited to see what our customers achieve with it.”

Please direct enquiries to: media@saberastro.com

About Saber Astronautics

Saber Astronautics’ mission is the democratization of space, reducing barriers to space flight, and making space as easy as driving a car. Founded in 2008, Saber Astronautics provides operations, mission design services, and related software. Saber has R&D laboratories and mission control centres in the USA and Australia, being a trusted supplier to traditional space and government customers worldwide.

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How Curb Flow Is Driving Growth for Ride Demand and Technology Partners Across the US, UK and Canada

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New data from GoRide partnership shows drivers on Curb Flow spend 26% more time on trips and complete 16% more hired miles

LONDON, July 20, 2026 /PRNewswire/ — Curb, a leading mobility technology provider specialising in metered taxi payment systems, dispatch platforms and demand aggregation solutions, is opening its Curb Flow network to new demand and technology partners across the US, UK and Canada following the full public launch of Curb Flow in London. With the North American network already at scale and London now live, Curb is releasing new data from its GoRide partnership in Washington DC that demonstrates the impact of connecting supply partners to aggregated demand through a single platform.

Curb Flow enables taxi fleets and technology providers, including those operating their own meter and dispatch systems, to integrate with the platform and gain access to demand from sources including Uber, Curb’s consumer app, Taxi Butler, HQ and Gridd. The open integration model means drivers and fleets using existing technology systems can join the network without switching platforms.

GoRide is a taxi technology system provider operating in Washington DC that integrated into Curb Flow as a supply partner, giving its drivers access to Curb Flow’s ride demand. The partnership demonstrates how taxi technology providers with their own systems can connect to the Curb Flow network to unlock additional trip volume for their drivers. In Washington DC, Curb Flow now accounts for nearly half of all trips completed by participating drivers, with some GoRide drivers completing more than 650 trips per month.

These results reflect broader performance across the Curb Flow network. Drivers using the platform spend 26% more time on trips and complete 16% more hired miles, while Curb’s nationwide booking volume has quadrupled since 2023.

Dorel Tamam, Vice President of the Mobile Business Unit at Curb, says: “With Curb Flow now live in London, we are opening the network to additional partners, regardless if they run their own system or not. The results show what happens when you remove the barriers to consistent, aggregated demand and supply.”

The GoRide partnership has become one of the strongest proof points for the Curb Flow model in North America, with consistent month-over-month growth in trip volume and driver participation since launch. That track record is now informing how Curb approaches new supply partnerships in the UK market.

Ermias Wosenu, CEO and Founder GoRide, says: “Integrating with Curb Flow gave our drivers access to a significant new source of demand without requiring them to change how they work. The volume of trips through the platform has grown consistently since we launched, and it has been a straightforward way for us to expand what we can offer our drivers.”

Curb Flow launched in London in March and is currently operating with an initial network of supply and demand partners, bringing additional trip opportunities to black cab drivers through a single platform.

Operators and technology providers ready to join the next phase of Curb Flow in London can find out more and register their interest at https://www.gocurb.co.uk/curb-flow.

Notes to Editors

Curb analysed the data from operating cabs during March 2026 in the Washington DC district.

About Curb 

Curb reimagines urban mobility with a driver-first approach, offering transparency and seamless access to rides. Connected to over 100,000 drivers in 65+ cities across the US, UK, and Canada, Curb powers millions of rides and billions of dollars in payment transactions annually. Its innovative platform unifies taxis and for-hire vehicles, serving passengers, drivers, and fleet management. Curb’s B2B services support transit agencies, healthcare providers, and businesses, helping cities and organizations move efficiently.

Media Contact:
8020 Communications
curb@8020comms.com 

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