Press release
IT BFSI Market Size, Share Analysis, Industry Insights, Growth, And Forecast To 2033
IT BFSI Market
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=10375&type=smp
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.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/it-bfsi-global-market-report
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=10375&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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 Size, Share Analysis, Industry Insights, Growth, And Forecast To 2033 here
News-ID: 3782072 • Views: …
More Releases from The Business Research Company
2025-2034 Electric Wheelchair Market Outlook: Key Drivers, Emerging Challenges, …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Electric Wheelchair Industry Market Size Be by 2025?
The size of the electric wheelchair market has seen a swift expansion in the last few years. The market size which is projected to be $5.2 billion in 2024 is expected to surge to $5.79 billion in 2025,…
2025 Diagnostic Imaging Services Industry Trends Report: Long-Term Outlook Throu …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
How Large Will the Diagnostic Imaging Services Market Size By 2025?
The market size for diagnostic imaging services has seen a robust growth in the past few years. It is projected to increase from $538.26 billion in 2024 to $566.86 billion in 2025, with a compound annual growth rate…
Major Growth Driver Identified in 2025 Biopsy Devices Market: Rising Cancer Inci …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Biopsy Devices Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The biopsy devices market has experienced robust growth in the past few years. It is projected to increase from $3.03 billion in 2024 to $3.24 billion in 2025, with a compound annual growth rate (CAGR)…
Increasing Prevalence Of Osteoarthritis In 3D Printed Medical Devices Market Eme …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the 3D Printed Medical Devices Market Through 2025?
The market size for 3D printed medical devices has seen explosive growth recently. The market is predicted to expand from its value of $3.32 billion in 2024 to reach $4.1 billion in 2025, showcasing a…
More Releases for BFSI
Evolving Market Trends In The Robotic Process Automation In BFSI Industry: Advan …
The Robotic Process Automation In BFSI Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Expected Robotic Process Automation In BFSI Market Size During the Forecast Period?
In recent times, the market size for robotic process automation in bfsi has witnessed a significant surge.…
Evolving Market Trends In The Banking, Financial Services and Insurance (BFSI) S …
The Banking, Financial Services and Insurance (BFSI) Security Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Expected Banking, Financial Services and Insurance (BFSI) Security Market Size During the Forecast Period?
The market size for security within the banking, financial services and insurance (BFSI)…
Key Trend Reshaping the AI in BFSI Market in 2025: Transforming The BFSI Sector …
What combination of drivers is leading to accelerated growth in the ai in bfsi market?
The anticipated surge in the AI in BFSI market may be traced back to the mounting use of AI in improving efficiency. Artificial intelligence (AI) comprises various technologies and algorithms that simulate human intelligence, including problem-solving, drawing insights from data, and making effective decisions. This growing usage of AI for enhancing efficiency could be attributed to…
Mumbai's BFSI Sector Gears Up for Transformation at the 24th Edition of BFSI IT …
Mumbai: The banking, financial services, and insurance (BFSI) sector in Mumbai is currently undergoing a profound transformation, fueled by rapid technological advancements and a significant increase in digital adoption. Emphasizing a strong commitment to digitalization, key stakeholders in Mumbai are championing initiatives akin to advancements in digital payments and the establishment of the Digital Banking Transformation Office. These efforts are propelling the BFSI landscape forward, fostering innovation and paving the…
Empowering BFSI Security: Safeguarding Futures Amid Evolving Threats, BFSI Secu …
Guarding the financial backbone against evolving cyber threats fuels the burgeoning, emergence of tailored solutions, biometrics, and IoT-based cybersecurity solutions significantly enhancing online banking Opportunities for the market.
The BFSI Security Market, valued at USD 61.6 billion in 2022, is poised to witness exponential growth, reaching USD 166.2 billion by 2030, reflecting a robust CAGR of 13.2%. This escalating trajectory is primarily attributed to the stringent regulatory environment governing the banking,…
IoT in BFSI Market : How the Business Will Grow in 2026? Top Players in IoT in B …
The global internet of things (IoT) in banking, financial services, and insurance (BFSI) market is predicted to reach USD 116.27 billion by 2026, exhibiting a CAGR of 26.5% during the forecast period. The increasing investment of banks and financial institutions in IoT technologies will stimulate the growth of the market in the foreseeable future. According to the studies conducted by Tata consultancy services, financial institutions spend an average IoT budget…
