22-Oct-2020 | Zion Market Research
According to analysts at Zion Market Research, the global IT BFSI market is predicted to attain USD 153.45 billion during the forecasted period 2020–2026. This can be chiefly associated with the surging technological development and rising need for a customized banking experience that is expected to speed up the market growth globally. The BFSI (banking, financial services, and insurance) industry has witnessed a rapid growth in the past couple of years with the execution of IT tools and services. The augment in growth is largely associated with the augment in consumer electronics such as smartphones and laptops amongst others along with adoption of highly developed technology services that facilitate thousands of consumers to access the same resources aiding firms to reduce their expenses. The BFSI segment is gaining recognition in the implementation of computer & networking systems to lessen large & space-intensive databases and is inducing the competition for the implementation of cloud technology as well.
Some of the key players in the market are Microsoft, IBM, Micro Focus, Accenture, Adobe Systems, CA Technologies, Salesforce, SAP, Cognizant, and Oracle.
Surging Need To Improve The User Experience & Launch Of Advanced Technologies To Boost The Global IT BFSI Market
The global IT BFSI market is mainly driven by an augmenting need to improve the user experience so as to gain an edge in the vastly competitive market and the launch of highly developed technologies that are particularly customized to fulfill the needs of BFSI operations. AI (artificial intelligence) technology is anticipated to break through further into the BFSI segment in the upcoming years, with an intention to improve customer experience and help their operational processes. Automating the operational processes through executing the AI technology is expected to decrease the operational costs and accelerate the banking operations. The large enterprises section is predicted to hold a higher share in the market over the forecasted period.
The global IT BFSI market is bifurcated on the basis of component, organization size, deployment type, and regional analysis. Based on the component, the market is divided into technology and services. The technology segment is subdivided into CRM, ERP, HCM, ECM, unified communication, cyber security, artificial intelligence, and business intelligence. The services segment is subdivided into managed services and professional services (system integration, consulting, and support & maintenance). Based on the organization size, the market is divided into large enterprises and SMEs. Based on the deployment type, the market is divided into cloud and on-premises.
North America Region Estimated To Be The Largest Contributor In The Global IT BFSI Market
Based on geographical analysis, the global IT BFSI market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The North America region is expected to be the largest contributor to the IT BFSI market. The major countries contributing to the development of the IT BFSI market across the North America are the U.S. and Canada, out of which, almost 75% of the market share is anticipated from the U.S. alone. The region provides an ideal environment for SMEs and startups, in terms of administrative regulations and compliance.
Browse the full “IT BFSI Market - By Component (Technology and Services), By Organization Size (Large Enterprises and SMEs), By Deployment Type (Cloud and On-Premises), And By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/it-bfsi-market
The global IT BFSI market is segmented as follows:
By organization size:
By deployment type:
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