Information Technology (IT) Solutions for the Banking Market Report 2025

The information technology (IT) solutions for the banking market size has grown rapidly in recent years. It will grow from $51.97 billion in 2024 to $56.97 billion in 2025 at a compound annual growth rate (CAGR) of 11.5%. The growth during the historic period can be attributed to the rise of online banking platforms, increasing cybersecurity threats, heightened customer expectations for digital services, the widespread adoption of mobile devices, and a surge in regulatory requirements.

The information technology (IT) Solutions for the banking market size is expected to see rapid growth in the next few years. It will grow to $87.0 billion in 2029 at a compound annual growth rate (CAGR) of 11.2%. The projected growth in the forecast period is driven by the expanding adoption of AI and machine learning, growing demand for personalized banking experiences, the increasing importance of cloud-native infrastructure, greater integration of open banking APIs, and rising competition from digital-only banks (neobanks). Key trends anticipated in this period include advancements in AI-powered customer service, blockchain integration, biometric authentication, cloud-based core banking, predictive analytics, open banking APIs, and enhanced mobile banking experiences.

The increasing penetration of smartphones is expected to drive growth in the information technology (IT) solutions market for banking. Smartphones are mobile devices that combine cellular communication with advanced computing capabilities such as internet access, applications, and multimedia features. The rise in smartphone penetration is mainly due to the availability of affordable devices, which has made smartphones accessible to a broader population across urban and rural regions. Banking IT solutions are accessed via mobile banking apps on smartphones, allowing secure account management, transactions, payments, and financial services anytime and anywhere. For example, according to Uswitch, a UK-based company, the UK had 71.8 million mobile connections at the start of 2022, which exceeded the population by 4.2 million and represented a 3.8% increase (about 2.6 million more connections) compared to 2021. Thus, the growing smartphone penetration is expected to propel the IT solutions market for banking.

Leading companies in the information technology (IT) solutions market for banking are focusing on forming strategic partnerships to enhance technological capabilities, broaden service offerings, and speed up digital transformation within banking operations. Strategic partnerships involve collaborative agreements between organizations to achieve shared goals by leveraging each other’s strengths and resources. For instance, in January 2025, DXC Technology, a US-based IT firm, partnered with Thought Machine, a UK-based cloud banking company, to launch a joint solution aimed at accelerating digital transformation for small and midsize banks. This partnership combines DXC’s industry expertise and managed services with Thought Machine’s cloud-native core banking platform, Vault Core, and payments platform, Vault Payments. The integrated managed service helps banks modernize legacy systems, significantly reduce the time-to-market for new digital financial products, and enhance compliance and operational performance. By providing scalable, configurable technology along with expert support, the collaboration empowers smaller banks to compete with larger institutions and offer innovative, customer-focused services worldwide.

In January 2025, Accenture, an Ireland-based IT company, acquired Percipient’s digital twin technology platform for an undisclosed amount. This acquisition enhances Accenture’s capacity to modernize banking systems by leveraging digital twin technology to simplify data integration, accelerate innovation, and support banks in transitioning to cloud and AI solutions without disrupting operations. This move is expected to drive growth and profitability in the Asia Pacific region. Percipient is a Singapore-based fintech firm specializing in digital twin technology for banking modernization.

Major players 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, and Oracle Financial Services Software Limited.

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 information technology (IT) solutions for the banking report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the information technology (IT) solutions for the banking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s recommendations and conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.

Information technology (IT) solutions for banking involve the use of computer systems, software, and networks to manage and optimize banking operations, improve customer service, and ensure secure financial transactions. These solutions encompass online banking, mobile applications, cybersecurity, data analytics, and core banking systems.

The main types of information technology (IT) solutions for banking include core banking solutions, digital banking solutions, risk and compliance solutions, data analytics and artificial intelligence (AI) solutions, cybersecurity solutions, and others. Core banking solutions (CBS) are centralized software systems that enable banks to manage daily operations efficiently and in real time. These solutions can be deployed either on-premises or in the cloud and are designed for institutions ranging from small and medium banks to large banks. Additional financial technologies include blockchain technology solutions, peer-to-peer lending platforms, digital wallets and payment processing solutions, robo-advisory services, and Insurtech solutions.

The information technology (IT) solutions for the banking market research report is one of a series of new reports that provides information technology (IT) solutions for the banking market statistics, including the information technology (IT) solutions for the banking industry global market size, regional shares, competitors with the information technology (IT) solutions for the banking market share, detailed information technology (IT) solutions for the banking market segments, market trends, and opportunities, and any further data you may need to thrive in the information technology (IT) solutions for the banking industry. This information technology (IT) solutions for the banking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The information technology (IT) solutions for the banking market include revenues earned by entities that provide services such as digital and mobile banking, cybersecurity and fraud prevention, customer relationship management, and information technology (IT) consulting services. The market value includes the value of related goods sold by the service provider or included within the service offering. The information technology (IT) solutions for the banking market also include sales of core banking systems (CBS), data analytics and business intelligence tools, and loan origination and management systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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