Comprehensive 2025 Information Technology (IT) Solutions For The Banking Market Overview: Trends, Forecasts, and Growth Drivers

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What Is the Expected CAGR for the Information Technology (IT) Solutions For The Banking Market Through 2025?
There has been a swift expansion in the market size of IT solutions for banking over the past few years. The market, which was valued at $51.97 billion in 2024, is expected to climb to a value of $56.97 billion in 2025 with a CAGR of 11.5%. This growth trajectory during the historical period can be credited to factors such as the surge in online banking platforms, intensification of cybersecurity risks, heightened customer demand for digital services, increased use of mobile devices, and heightened regulatory stipulations.

What's the Projected Size of the Global Information Technology (IT) Solutions For The Banking Market by 2029?
The projected size of the information technology (IT) solutions market for banking is anticipated to experience swift expansion in the coming years, growing to a substantial $87.00 billion in 2029 with a compound annual growth rate (CAGR) of 11.2%. This upward trend during the forecasting time span can be associated with the escalating utilization of AI and machine learning, the soaring requirement for personal banking experiences, the augmenting significance of cloud-native structure, the exponentially growing incorporation of open banking APIs, and the rapidly growing rivalry in exclusively digital banking (neobanks). Noteworthy trends projected for the forecast duration encompass progress in AI-driven customer support, the amalgamation of blockchain, biometric validation, cloud-based primary banking, anticipatory analytics, open banking APIs, and superior mobile banking experiences.

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Top Growth Drivers in the Information Technology (IT) Solutions For The Banking Industry: What's Accelerating the Market?
The anticipated surge in smartphone usage is predicted to foster the expansion of information technology (IT) solutions in the banking sector. The merging of cellular communication and advanced technological features such as internet connectivity, applications, and multimedia operations on a mobile device defines a smartphone. The prevalence of smartphones is on the rise primarily due to the affordability and widespread availability of devices, bringing smartphones within the reach of a broader demographic in both urban and rural locations. Mobile banking apps on smartphones enable IT solutions for banking. These apps offer secure, round-the-clock access to account information, transactions, payments, and broader financial services, regardless of location. To exemplify, Uswitch, a UK-based company, reported in February 2024, that as of the start of 2022, there were 71.8 million mobile connections in the UK. Notably, this was 4.2 million higher than the total population, reflecting a 3.8% increase (approximately 2.6 million more) compared to the previous year. Consequently, the expanding usage of smartphones is expected to spur the growth of IT solutions in the banking sector.

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What Trends Will Shape the Information Technology (IT) Solutions For The Banking Market Through 2029 and Beyond?
Leading firms in the IT solutions industry for the banking market are concentrating on establishing strategic partnerships to augment their tech capabilities, diversify their service portfolio, and hasten the digital transformation process in banking functions. These strategic alliances denote cooperative contracts between businesses to realize common objectives by capitalizing on each other's competencies and resources. For example, in January 2025, DXC Technology, an American IT firm, formed an alliance with Thought Machine, a UK cloud banking corporation, to introduce a collaborative solution intended to expedite the digital transformation for small and midsize banks. This partnership combines DXC's profound industry knowledge and managed services with Thought Machine's cloud-oriented core banking platform, Vault Core, and payments platform, Vault Payments. This comprehensive managed service allows banks to upgrade old systems, significantly decrease the time it takes to introduce new digital financial products, and enhance compliance and operational efficiency. By providing scalable, adaptable technology and proficient support, this collaboration enables smaller banks to compete against large establishments and offer innovative, customer-focused services on a global scale.

What Are the Main Segments in the Information Technology (IT) Solutions For The Banking Market?
The information technology (it) solutions for the banking market covered in this report is segmented -

1) By Solution Type: Core Banking Solutions, Digital Banking Solutions, Risk And Compliance Solutions, Data Analytics And Artificial Intelligence (AI) Solutions, Cybersecurity Solutions, Other Solution Types
2) By Deployment Mode: On-Premises, Cloud
3) By Enterprise Size: Small And Medium Banks, Large Banks
4) By Financial Technology: Blockchain Technology Solutions, Peer-To-Peer Lending Platforms, Digital Wallets And Payment Processing Solutions, Robo-Advisory Services, Insurtech Solutions

Subsegments:
1) Core Banking Solutions: Account Management, Transaction Processing, Loan Management, Deposit Management, Payment Processing, Customer Information Management
2) Digital Banking Solutions: Mobile Banking Apps, Internet Banking Platforms, Digital Wallets, Online Account Opening, Chatbots And Virtual Assistants, Personal Finance Management Tools
3) Risk And Compliance Solutions: Anti-Money Laundering (AML), Fraud Detection And Prevention, Regulatory Reporting, Credit Risk Management, Operational Risk Management, Know Your Customer (KYC) Solutions
4) Data Analytics And AI Solutions: Customer Insights And Segmentation, Predictive Analytics, Credit Scoring Models, AI-Powered Chatbots, Real-Time Fraud Analytics, Marketing Analytics
5) Cybersecurity Solutions: Identity And Access Management, Threat Detection And Response, Data Encryption, Network Security, Endpoint Security, Security Information And Event Management (SIEM)
6) Other Solution Types: Payment Gateways, Blockchain Solutions, API Management, Cloud Banking Solutions, Robotic Process Automation (RPA), Customer Relationship Management (CRM) Systems

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Which Top Companies are Driving Growth in the Information Technology (IT) Solutions For The Banking Market?
Major companies operating in the information technology (it) solutions for the banking market are accenture* plc, International Business Machines Corporation (IBM), Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Fiserv Inc., DXC Technology Company, HCL Technologies Limited, Wipro Limited, Fidelity National Information Services Inc. (FIS), Tata Consultancy Services Limited (TCS), Finastra Group Holdings Limited, Avaloq Group AG, Temenos AG, Backbase B.V., nCino Inc., SAP Fioneer GmbH, Mambu GmbH, Thought Machine Group Limited, Oracle Financial Services Software Limited.

Which Regions Will Dominate the Information Technology (IT) Solutions For The Banking Market Through 2029?
North America was the largest region in the information technology (IT) solutions for the banking market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the information technology (it) solutions for the banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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