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IT BFSI Market Report Reveals Size, Share, and Key Strategies for Market Leadership | Microsoft Corporation, JPMorgan Chase & Co, Amazon Web Services Inc., Intel Corporation
IT BFSI Global Market Report 2024
The Business Research Company offers in-depth market insights through IT BFSI Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The IT BFSI market size has grown rapidly in recent years. It will grow from $149.5 billion in 2023 to $170.91 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to regulatory compliance and security demands, legacy system modernization, data analytics and business intelligence, fintech disruption, risk management solutions.
The IT BFSI market size is expected to see rapid growth in the next few years. It will grow to $276.37 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to advanced cybersecurity measures, AI and machine learning integration, cloud adoption for scalability, open banking initiatives, customer experience enhancement. Major trends in the forecast period include rise of digital banking, digital transformation continues, regulatory technology (RegTech), blockchain and distributed ledger technology, customer-centric solutions.
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Market Segmentation:
The IT BFSI market covered in this report is segmented -
1) By Service: Managed Services, Professional Services
2) 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
3) By Deployment: On-Premise, Cloud
4) By Organization Size: Small And Medium Enterprises, Large Enterprises
Major Driver - Digital Payment Methods Driving IT BFSI Market Growth
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. For instance, in February 2021, according to Finaria, a UK-based finance and investment company, the global digital payments industry is expected to hit $6.6trn value in 2021, a 40% increase from 2019. Therefore, the increasing penetration rate of digital payment methods will drive the growth of the IT BFSI market.
Competitive Landscape:
Major companies operating in the IT BFSI market report are Microsoft Corporation, JPMorgan Chase & Co, Amazon Web Services Inc., Intel Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Hewlett Packard Enterprise, Tata Consultancy Services (TCS), Capgemini SE, NTT Data Corporation, Cognizant Technology Solutions Corporation, Infosys Limited, Fiserv Inc., DXC Technology, Atos SE, Wipro Limited, ConsenSys, FIS Global, Broadridge Financial Solutions Inc., Finastra, Genpact Limited, CA Technologies Inc., LTIMindtree Limited, Akamai Technologies Inc., Mphasis Limited, Bitfury Group Limited, AlphaPoint, Mindtree Limited, Hexaware Technologies Ltd., Tech Mahindra Limited, Persistent Systems Limited, EPAM Systems Inc., Coforge Limited, Zensar Technologies Limited, Virtusa Corporation
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Top Trend - Trustt's Groundbreaking Gpt Product Suite Revolutionizes Banking Industry
Major companies operating in the IT BFSI market are focusing on developing innovative solutions, such as Generative Pre-trained Transformer (GPT) technology, to assist banks and financial institutions. Generative Pre-trained Transformers (GPTs) are a type of large language model (LLM) and a prominent framework for generative artificial intelligence (AI). For instance, in March 2023, Trustt, an India-based digital banking platform serving banks, NBFCs, MFIs, and fintech companies, launched its First Major GPT Product Suite for the Banking Industry. This introduction features personalized services, operational efficiency through task automation, and utilizes Generative Pre-trained Transformer (GPT) technology for enhanced natural language processing. In the IT BFSI market, this suite promises to elevate customer experiences, optimize operational processes, and signify a notable adoption of advanced AI capabilities, contributing to increased competitiveness and innovation within the sector.
The Table Of Content For The Market Report 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
…..
27. IT BFSI Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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