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 report is furnished with the latest market scenario pertaining to the COVID-19 pandemic and its after-effects on the IT BFSI industry and the key segments. The pandemic has disrupted the workflow of the industry and created financial difficulties. The report assesses the complete impact of the pandemic on the market and offers key insights into the market scenario along with trends and demands disruptions. The report also offers an outlook on the market scenario in the forecast timeline.
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Some of the players profiled in the report are Accenture, Adobe Systems, CA Technologies, Cognizant, IBM, Micro Focus, Microsoft, Oracle, SAP, Salesforce
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.
• It is expected that, with the evolving technological advancements, BFSI organizations will include sources of deep business focus, pervasive analytics, pure agnosticism, open source, and extensive automation as architectural policies, to attain new levels of agility, scalability, and flexibility.
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The Global IT BFSI Market is segmented as follows:
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
Market Segmentation by Regions:
• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Point Summary of the Report:
The global IT BFSI market research report is an investigative study offering key insights into the latest growth trends, developments, technological and product advancements, and the research and development scenario. The report also covers the market aspects that directly influence the growth of the market. These features include strategies undertaken by the prominent players, their expansion tactics, and the product portfolios of the companies, and micro and macro-economic factors.
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The study also analyses the crucial market aspects, including R&D, product launches and brand promotions, mergers and acquisitions, collaborations, joint ventures, and the growth pattern on both regional and global levels. The report offers an in-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends.
The Global IT BFSI Market includes relevant and verified information relating to the overall market, key players, and their market position and financial standing. The report utilizes advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the market position of the major players of the industry.
Key Coverage of the IT BFSI Market:
• Insightful information regarding the global IT BFSI market
• Identification of growth in various segments and sub-segments of the IT BFSI market
• Strategic recommendations for investment opportunities
• The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
• Emerging trends and current market segment analysis to help investors formulate new business strategies
• Accelerates the decision-making process through the availability of the drivers and limitations
To summarize everything stated above, the report offers key insights into the IT BFSI market to allow the reader to gain a complete understanding of the Global IT BFSI Market through accurate estimations, a panoramic view of the market scenario, competitive landscape, factors influencing the growth of the market, driving factors, restraints, regulatory framework, growth prospects and opportunities, and factors propelling the market forward. The research study offers an in-depth view of the industry to offer a competitive edge to the reader and help them in formulating beneficial investment plans. The report provides a comprehensive overview of the market with facts relating to the past, present, and future of the Global IT BFSI Market.
Global IT BFSI Market: Table of Contents
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
Chapter 4. IT BFSI Market Segmentation & Impact Analysis
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