Global IT BFSI Market: Overview
Banking, Financial Services and Insurance (BFSI) is a wide term used in industry for companies which provide a variety of banking solutions, products and services, commonly used by the IT or BPOs and in firms that manage data processing and software development activities. Banking may include core banking, retail, corporate, private, etc whereas the Financial Services include stock broking, mutual funds and more. The IT firms through technology are allowing BFSI to reach out into new markets and offer their products and services through varied distribution channels. Demand for advanced technology and integrated solutions is giving in to the growth of this market. Advanced cyber crimes and hacking practices are one major target of the IT BFSI market. Integration of the IT sector with the BFSI market is only providing technological solutions to the firms having large unsorted data and confidential data along with concerns for data security.
Global IT BFSI Market: Growth Factors
Major driving factor for the growth of the IT BFSI market is expected to be the rising cyber-attacks and demand for security solutions and services in order to protect the confidentiality of their data along with data management. Progressing demand for integrated solutions is also one major factor for the growth of the IT BFSI market across the globe. Growing digitalization and the stringent policies of the government concerning the data security and the perforation of IoT is also responsible to have a positive impact on the IT BFSI market growth. Awareness about the modern IT BFSI security technology across the less developed countries as well as developing countries and need for convergence of multiple security solutions are few restraints, hindering the growth of the IT BFSI market globally. BFSI vertical segment collects important data of their customer’s financial and personal information and hence this segment is on target for the cybersecurity product and services vendor. Need to enhance the customer experience, exploring digital channels to project new services at a faster pace and the emerging technology like analytics tools for banking solutions and IoT platforms are driving the IT BFSI market.
Global IT BFSI Market: Segmentation
The IT BFSI market can be segmented into four categories based on component, deployment, organization size and region. By component, the IT BFSI market is divided into technology types and services. The technology type includes CRM, HCM, ERP, ECM, Cyber Security, Unified Communication, Artificial Intelligence and Business Intelligence. Services are further defined by two types, Managed Services, and Professional Services. Professional services are further classified into three types, Consulting, System Integration and Support and Maintenance. On basis of organization size, the IT BFSI market is categorized into SMEs and Large Enterprises. By deployment type, the IT BFSI market is divided into Cloud and On-premises. In terms of region, the IT BFSI market is classified into, North America, Europe, Middle East and Africa (MEA), Asia Pacific (APAC) and Latin America.
Global IT BFSI Market: Regional Analysis
In terms of geographical diversification, North America is expected to lead the market and in this region, US and Canada are leading with the US holding the largest market share. Heavy demand for IT technologies and services in this region is driving the market as well as North America is suitable for small enterprises to flourish. APAC is projected to have a steady growth with rising opportunities for the IT vendors focusing on the BFSI vertical sector. Rapid urbanization and increasing number of users on the online platform is one of the major factors propelling the demand in this region. North America being early adopters of advanced technology accounts for holding huge market share.
Global IT BFSI Market: Competitive Players
Some of the crucial players in the IT BFSI market are, IBM (US), Accenture (Ireland), Salesforce (US), Micro Focus (UK), Microsoft (US), Adobe Systems (US), SAP (Germany), Oracle (US), CA Technologies (US), and Cognizant (US), among others.
Global IT BFSI Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- The UK
- France
- Germany
- The Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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