openPR Logo
Press release

IT BFSI Market Projected to reach $149.74 Billion by 2022

09-21-2020 11:35 AM CET | IT, New Media & Software

Press release from: MarketsandMarkets™

According to research report "IT BFSI Market by Component (Technology Type (ECM, CRM, HCM, ERP, Artificial Intelligence, Business Intelligence, Unified Communications), and Services), Organization Size, Deployment Type (Cloud and On-Premises), and Region - Global Forecast to 2022", The IT BFSI market size is expected to grow from USD 82.06 Billion in 2017 to USD 149.74 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period.

Increasing need to enhance customer experience and customized IT solutions launched by IT vendors to match the specific BFSI needs are major factors driving the growth of IT BFSI market.

Browse 55 Market Data Tables and 40 Figures spread through 119 Pages and in-depth TOC on "IT BFSI Market - Global Forecast to 2022"
https://www.marketsandmarkets.com/Market-Reports/it-bfsi-market-245625011.html
Early buyers will receive 10% customization on reports.

Cyber security technology type is expected to contribute to the largest market share during the forecast period

The BFSI vertical is one of the major targets for cyber criminals, considering the sensitive information it holds. The vertical collects vital data including customers’ financial and other personal information and employee information. Therefore, the BFSI vertical is always on the radar of cyber security product and service vendors. With the advancements in cyber-attacks, the BFSI organizations face significant challenges to safeguard their databases from internal and external hackers. This is a major factor that contributes to the high adoption of cyber-security solutions in the BFSI vertical. This vertical is always improving its processing and transaction technologies. Also, the vertical continues to introduce new and improved financial products and services to improve its business operations. Cybercriminals are attracted toward this vertical to grab sensitive customer information. The stringent government regulations are another major factor that drives the adoption of cyber security solutions in the BFSI vertical.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=245625011

SMEs segment is expected to grow at a higher CAGR during the forecast period.

Contribution from SMEs to the IT BFSI market is comparatively low. However, SMEs are expected to create potential opportunities for IT vendors in the future. Proliferation of internet services is one of the major factors that have encouraged small and medium-sized banks to use advanced IT technologies to better serve their customers with online banking and mobile banking solutions. Furthermore, small and medium-sized banks have been under pressure to optimize their operations to meet the market pressure. This has encouraged small and medium-sized banks to adopt and implement IT technologies, such as ERP, CRM, HCM, and ECM, to streamline their operations and further reduce their operating costs.

North America accounts for the largest market share in the global IT BFSI market.

North America is projected to be the largest contributor to the global IT BFSI market by region. The top countries contributing to the growth of the IT BFSI market in North America are the US and Canada, out of which, about 75% of the market share are expected from the US alone. The IT BFSI market in North America is expected to grow at a slow rate by 2022 compared to other regions, as the IT BFSI market in the region is well-established and stagnant.

Speak to Our Expert Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=245625011

North America provides a suitable environment for startups and SMEs, in terms of government regulations and compliance. Owing to this, small financial institutions are growing rapidly in this region and thus creating heavy demand for IT technologies and services. Therefore, North America is expected to have the largest market share in the IT BFSI market.

Major IT vendors that offer various technologies and services to the BFSI vertical include IBM (US), Microsoft (US), Accenture (Ireland), Micro Focus (UK), CA Technologies (US), Adobe Systems (US), SAP (Germany), Salesforce (US), Oracle (US), and Cognizant (US).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release IT BFSI Market Projected to reach $149.74 Billion by 2022 here

News-ID: 2138142 • Views: 289

More Releases from MarketsandMarkets™

Policy Management in Telecom Market Witness the Growth of $1617.1 Million by 202 …
According to a research report "Policy Management in Telecom Market by Network (Fixed, Wireless), Component (Solutions, Services), Services (Professional, Managed), Deployment (Cloud, On-Premises), and Region - Global Forecast to 2022", The policy management in telecom market is estimated to grow from USD 953.6 Million in 2017 to USD 1,617.1 Million by 2022, at a CAGR of 11.1% from 2017 to 2022. The market is primarily driven by the increasing adoption
User Provisioning Market Witness the Growth of $7.56 Billion by 2022
According to a market research report "User Provisioning Market by Business Application (Role Management, Password Management, User Log Management, User Governance and Compliance), Business Function (IT, HR, and Finance), Service, Deployment, and Vertical - Global Forecast to 2022" published by MarketsandMarkets™, the global user provisioning market size expected to grow from USD 4.25 Billion in 2017 to USD 7.56 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of
Machine Learning Market Witness the Growth of $8.81 Billion by 2022
According to a research report "Machine Learning Market by Vertical (BFSI, Healthcare and Life Sciences, Retail, Telecommunication, Government and Defense, Manufacturing, Energy and Utilities), Deployment Mode, Service, Organization Size, and Region - Global Forecast to 2022", The machine learning market size is expected to grow from USD 1.41 Billion in 2017 to USD 8.81 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.1%. Technological advancement and proliferation
Web Application Firewall Market Witness the Growth of $5.48 Billion by 2022
According to a research report "Web Application Firewall Market by Solution (Hardware Appliances, Virtual Appliances, Cloud-Based), Service (Professional and Managed), Organization Size (SMEs and Large Enterprises), Industry Vertical, and Region - Global Forecast to 2022", The WAF market size is expected to grow from USD 2.37 Billion in 2017 to USD 5.48 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 18.3% during the forecast period. The major

All 5 Releases


More Releases for BFSI

Global BFSI A2P SMS Market - Size, Share, Trends & Growth Opportunities
A2P is an acronym which stands for Application-to-Person SMS. It is a term used to describe an SMS message sent from a software application Scope of the Report: This report studies the BFSI A2P SMS market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the BFSI A2P SMS market by product type
BFSI Security Market Prevalent Opportunities upto 2024
In past one decade, electronic banking platforms have been implemented as an ever more efficient channel through which banking transactions can be executed without having to leave house or office. These home banking transactions are done from web based applications that are exposed over internet, making users a very appealing target of hackers. Apart from this, the banking and financial industry is continuously witnessing global terrorism, physical risk, cyber-crimes, and
Blockchain Technology in BFSI Market Size & Analysis – Forecasts To 2025
The global blockchain technology in the banking, financial services, and insurance (BFSI) industry is expected to grow at a tremendous rate over the coming years. Major factors positively influencing the growth of this market include increased operational efficiency; reduced cost and time of the transaction and transparency are expected to positively influence the growth of the blockchain market in the BFSI sector. Blockchain Technology in BFSI Market: Type Insights The blockchain technology
A Comprehensive Study exploring BFSI Security Market
A new research document with title 'BFSI Security Market – Global Drivers, Opportunities, Trends, and Forecasts to 2023' covering detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis and important players/vendors such as IBM, Cisco, Symantec Corp., McAfee LLC The report will help user gain market insights, future trends and growth prospects for forecast 2023. Get the inside scoop of the Sample report @ https://www.htfmarketreport.com/sample-report/517945-bfsi-security-market The BFSI
BFSI Security Market to Register Steady Growth During 2016-2026
In past one decade, electronic banking platforms have been implemented as an efficient channel to process banking transactions remotely. These banking transactions are executed from web based applications over the internet network, thus creating security risk by exposing user’s data to hackers. Apart from this, the banking, financial and insurance industry is continuously witnessing threat from global terrorism, cyber-crimes, and espionage which are leveraging the loopholes in the critical infrastructure.
BFSI Security Market to Record an Exponential CAGR by 2024
In past one decade, electronic banking platforms have been implemented as an ever more efficient channel through which banking transactions can be executed without having to leave house or office. These home banking transactions are done from web based applications that are exposed over internet, making users a very appealing target of hackers. Apart from this, the banking and financial industry is continuously witnessing global terrorism, physical risk, cyber-crimes, and