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Global IT BFSI Market 2023 - Growth Factors, Business Developments, Industry Segmentation, Future Technologies And Outlook By 2032
IT BFSI Market
IT BFSI Market Size, Growth Rate, And Forecast
The global IT BFSI market size is expected to grow from $130.52 billion in 2022 to $149.50 billion in 2023 at a compound annual growth rate (CAGR) of 14.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global IT BFSI market size is expected to reach $244.84 billion in 2027 at a CAGR of 13.1%.
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IT BFSI Market Drivers
The increasing penetration rate of digital payment methods is expected to propel the growth of the IT BFSI market going forward. Digital payment refers to transactions made using several kinds of electronic media. Digital payments result in shorter queues and enhance the customer's in-shop experience and the requirement for customers to visit a branch is also eliminated since all banking processes are digitalized and the bank's physical presence is replaced with an ongoing online presence with the help of information technology.
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IT BFSI Market Segments
• By Service: Managed Services, Professional Services
• By Technology: Cyber Security, Artificial Intelligence, Business Intelligence, ERP (Enterprise Resource Planning), HCM (Human Capital Management), ECM (Enterprise Content Management), CRM (Customer Relationship Management), Unified Communications
• By Deployment: On-Premise, Cloud
• By Organization Size: Small And Medium Enterprises, Large Enterprises
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the IT BFSI market.
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IT BFSI Market Key Players
Major competitors in the IT BFSI market include International Business Machines Corporation, Oracle Corporation, Microsoft Corporation, CA Technologies Inc., Salesforce Inc.
The Business Research Company's "Global IT BFSI Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The IT BFSI Market Include:
1. Executive Summary
2. IT BFSI Market Characteristics
3. IT BFSI Market Trends And Strategies
4. IT BFSI Market - Macro Economic Scenario
5. IT BFSI Market Size And Growth
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26. Africa IT BFSI Market
27. IT BFSI Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The IT BFSI Market
29. IT BFSI Market Future Outlook and Potential Analysis
30. Appendix
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