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IT BFSI Market Size, Share Analysis, Industry Insights, Growth, And Forecast To 2033
IT BFSI Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Technological advancement is a key trend gaining popularity in the IT BFSI market. Major companies operating in the IT BFSI market are developing innovative technologies to strengthen their position in the market. For instance, in March 2021, IntellectEU, a US-based technology company focused on digital finance, collaborated with KPMG, a Netherlands-based professional services network company, to develop the ClaimShare solution, which uses enterprise blockchain, R3 Corda, in combination with R3's new software technology, Conclave. Conclave supports confidential computing, allowing insurers to exchange claim data without the other insurer being aware. R3's unique software technology is a platform for distributed ledger technology (DLT) created exclusively for the financial services industry.
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Major Key Players of the Market:
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
IT BFSI Market 2024 Key Insights:
• 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%.
• Digital Payment Methods Driving IT BFSI Market Growth
• IT BFSI Market Sees Surge In Technological Advancements
• North America was the largest region in the IT BFSI market in 2023
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