Market Size – USD 90.88 Billion in 2018, Market Growth - CAGR of 12.3%, Market Trends-Emergence of countless new opportunities for IT in BFSI with more secured processes
New York, NY -- (SBWIRE) -- 04/12/2021 -- The growth of the market is governed by various factors such as growing demand for consumer electronics and reliable and safe methods for various BFSI purposes
Market Size – USD 90.88 Billion in 2018, Market Growth - CAGR of 12.3%, Market Trends-Emergence of countless new opportunities for IT in BFSI with more secured processes
The IT BFSI Market is expected to reach USD 231.33 Billion by 2026, according to a new report by Reports and Data. The increase in growth is mainly associated with the increase in consumer electronics like smart phones, laptop among others coupled with adoption of advanced technology services that allow thousands of customers to access similar resources helping companies to cut down their expenses. Based on statistics, the penetration of advanced cloud based platforms that helps to develop new technology is also a significant factor stimulating market demand.
The BFSI sector is gaining popularity in the adoption of computer & networking systems to reduce large, space-intensive databases, and is leading the race for the adoption of Cloud technology as well.
The changing and competitive BFSI market is defined by shifting consumer demands, growing macroeconomic landscape and connected by a regulatory framework. Technologies such as Cloud will enable the sector to drive the challenges by reducing support costs, automating non-core business purposes such as ERP and CRM, and deliver innovative products to their customers. The growing requirement for customer satisfaction and customized transaction experience drives the market among the financial institutes to enhance customer experience, gain customer loyalty along with high intensity of competition among the market players. The competition among the market players is growing, and the demands from financial institutes for cutting-edge technologies are increasing to implement a better experience and engage customers.
The Key players in the IT BFSI Market include Accenture, Adobe Systems, CA Technologies, Cognizant, IBM, Micro Focus, Microsoft, Oracle, SAP, Salesforce
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Further key findings from the report suggest
- The IT BFSI Market is estimated to reach USD 231.33 Billion by 2026, at a CAGR of 12.3% during the forecast period.
- The On-premise segment is anticipated to grow at a higher rate of 12.4% during the forecast period.
- The demand for this method is increasing, along with the growing adoption of the IT BFSI among corporate since it is effortless and time efficient.
- The market size large organization accounts for a larger share of 63.8% of the market in 2018.
- Various BFSI transactions by implementing IT have emerged rapidly due to the growing preference of customers to perform transactions effortlessly without any inconvenience.
- APAC is forecasted to be the fastest growing market with the highest rate of 13.1% during the forecast period.
- The drivers for the growth of this region are the presence of key players, favorable reimbursement policies, and rising use of technology in the emerging countries along with several initiatives taken by the government.
- Various players are developing strategies to mark their presence in the industry.
- R&D initiatives by companies to improve enhanced products that have a broad application base are anticipated to create tremendous growth possibilities for industry participants.
To identify the key trends in the industry, click on the link below: @ https://www.reportsanddata.com/report-detail/it-bfsi-market
For the purpose of this study, Reports and Data have segmented the IT BFSI market on the basis of Deployment, Technology, Organization Size, Services and region:
Deployment Outlook (Revenue, USD Million; 2018-2026)
On-premises
Cloud
Technology Outlook (Revenue, USD Million; 2018-2026)
Cyber security
Artificial Intelligence
Business Intelligence
ERP
HCM
ECM
CRM
Unified Communications
Organization Size Outlook (Revenue, USD Million; 2018-2026)
Large Enterprises
SMEs
Services Outlook (Revenue, USD Million; 2018-2026)
Professional
Managed
Regional Outlook (Revenue, USD Billion ; 2018-2026)
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics IT BFSI Market Segmentation & Impact Analysis
3.1. IT BFSI Market Material Segmentation Analysis
3.2. Industrial Outlook
3.2.1. Market indicators analysis
3.2.2. Market drivers analysis
3.2.2.1. Rising technological advancement
3.2.2.2. Growing demand for enhancing customer experience for several banking needs
3.2.3. Market restraints analysis
3.2.3.1. Security concern
3.3. Technological Insights
3.4. Regulatory Framework
3.5. ETOP Analysis
3.6. Porter's Five Forces Analysis
3.7. Competitive Metric Space Analysis
3.8. Price trend Analysis
Chapter 4. IT BFSI Market By Organization size Insights & Trends
4.1. Organization size Dynamics & Market Share, 2019&2026
4.2. Small and Medium-sized Enterprises (SMEs)
4.2.1. Market estimates and forecast, 2016 – 2026 (USD Million)
4.2.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Million)
4.3. Large enterprises
4.3.1. Market estimates and forecast, 2016 – 2026 (USD Million)
4.3.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Million)
...
Chapter 9. Competitive Landscape
9.1. Market Revenue Share By Manufacturers
9.2. Manufacturing Cost Breakdown Analysis
9.3. Mergers & Acquisitions
9.4. Market positioning
9.5. Strategy Benchmarking
9.6. Vendor Landscape
Chapter 10. Company Profiles
10.1. Accenture
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Temperature Insights
10.1.4. Strategic Initiatives
10.2. Adobe Systems
10.2.1. Company Overview
10.2.2. Financial Performance
10.2.3. Temperature Insights
10.2.4. Strategic Initiatives
10.3. CA Technologies
10.3.1. Company Overview
10.3.2. Financial Performance
10.3.3. Temperature Insights
10.3.4. Strategic Initiatives
10.4. Cognizant
10.4.1. Company Overview
10.4.2. Financial Performance
10.4.3. Temperature Insights
10.4.4. Strategic Initiatives
10.5. IBM
10.5.1. Company Overview
10.5.2. Financial Performance
10.5.3. Temperature Insights
10.5.4. Strategic Initiatives
Continue...
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