The global IT BFSI market, which was estimated at 100.80(USD Billion) in 2019 and is predicted to accrue earnings worth 153.45 (USD Billion) by 2026, is set to record a CAGR of nearly 12.2% over 2020-2026. The report offers valuation and analysis of IT BFSI market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).
Introduction
Escalating necessity for improving end-user experience in BFSI sector and huge focus on online marketing is likely to generate the need for using IT services in BFSI sector. Apparently, massive acceptance of networking & computing systems along with the use of cloud computing tools will result in huge penetration of IT activities in the BFSI industry over the ensuing years. In addition to this, IT firms are supporting the expansion of BFSI sector and helping latter explore new untapped markets. In addition to this, software enterprises provide various BFSI services via different distribution channels.
Market Growth Drivers
Large-scale requirement of giant firms to integrate IT activities with BFSI solutions to safeguard their data along with cataloguing it systematically will propel the market growth in the years ahead. In addition to this, need for fulfilling consumer needs and provide seamless experience to the end-users apart from increasing customer loyalty & facilitating repeat purchases is projected to drive the expansion of IT BFSI industry over the ensuing years. Moreover, launching of IoT & analytic tools for carrying out banking operations with ease is predicted to drive the market trends.
Furthermore, huge demand for cutting-edge techniques in financial institutions to facilitate customer engagement will determine the growth of IT BFSI industry over the forthcoming years. In addition to this, rapid digitization of BFSI processes and enforcement of strict laws by government authorities to halt data theft or information leakage & data breach will spearhead the expansion of IT BFSI industry over the ensuing years.
North American Market Growth To Reach Scalable Heights By 2026
Large-scale collaboration & partnerships taking place between giant IT firms and BFSI enterprises in the countries like the U.S. and Canada will promote the regional market growth trends. In addition to this, huge spending on purchase of software products & deployment of IT systems by the firms in BFSI business along with efforts made by these firms for improving their IT infrastructure will catalyze the industry space over the years ahead. Immense penetration of new technologies in BFSI industry will favor the market progression in the region within the next couple of years. Apart from this, the region being early adopter of new technologies, the players in the market are likely to derive early mover advantage as well as competitive edge over players based in other regions. This is predicted to play a prominent role in raising the market profitability in the region, thereby driving the regional market expansion.
Key players influencing the market growth are Accenture, Salesforce, Microsoft, Cognizant, IBM, Micro Focus, CA Technologies, Adobe Systems, SAP, and Oracle.
The global IT BFSI market is segmented as follows:
By component:
- Technology Types
- ERP
- ECM
- CRM
- HCM
- Artificial Intelligence
- Cyber Security
- Unified Communication
- Business Intelligence
- Services
- Managed Services
- Professional Services
- System Integration
- Consulting
- Support & Maintenance
By organization size:
- SMEs
- Large Enterprises
By deployment type:
- Cloud
- On-premises
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
Large-scale requirement of giant firms to integrate IT activities with BFSI solutions to safeguard their data along with cataloguing it systematically will propel the market growth in the years ahead. In addition to this, need for fulfilling consumer needs and provide seamless experience to the end-users apart from increasing customer loyalty & facilitating repeat purchases is projected to drive the expansion of IT BFSI industry over the ensuing years. Moreover, launching of IoT & analytic tools for carrying out banking operations with ease is predicted to drive the market trends.
According to Zion Market Research report, the global IT BFSI market, which was estimated at 100.80(USD Billion) in 2019 and is predicted to accrue earnings worth 153.45 (USD Billion) by 2026, is set to record a CAGR of nearly 12.2% over 2020-2026.
North America is likely to make noteworthy contributions towards overall market revenue in the upcoming timeframe. The growth of the market in the region during the time interval from 2020 to 2026 can be attributed to huge spending on purchase of software products & deployment of IT systems by the firms in BFSI business along with efforts made by these firms for improving their IT infrastructure will catalyze the industry space over the years ahead. Immense penetration of new technologies in BFSI industry will favor the market progression in the region within the next couple of years.
