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Comprehensive IT BFSI Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
IT BFSI
The surge in the adoption rate of electronic payment systems is anticipated to fuel the expansion of the IT BFSI market. Digital payments, which involve transactions through various electronic media, lead to minimized queues and boost the store experience for customers. It also nullifies the need for customers to go to a branch as all banking procedures are now digital, replacing the bank's physical presence with a continuous online presence through the use of IT. As per Banked Ltd., a UK-based payment technology company, US consumers widened their financial activities in November 2023, with 79.2% of participants regularly using 2-5 payment types every month, a significant increase from 57% in 2022. Debit cards continue to be the preferred payment method (66.6%), followed by PayPal (53%). Other frequently used methods are Venmo (16.4%), credit cards (51.4%), E-Wallets (20.4%), Cash App (31.6%), and bank transfers (10%). As a result, the rising adoption rate of digital payment methods is set to fuel the expansion of the IT BFSI market.
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What is the future CAGR of the it bfsi market, and how will it impact industry expansion?
In the past few years, the IT BFSI market size has expanded swiftly. The projections indicate an increase from $167.23 billion in 2024 to $188.83 billion in 2025, marking a compound annual growth rate (CAGR) of 12.9%. Factors such as regulatory compliance and security requirements, modernization of legacy systems, data analytics and business intelligence, fintech disruption, and risk management solutions have contributed to the growth in the historical period.
In the coming years, the IT BFSI market size is projected to experience rapid expansion, with a forecasted value of $318.95 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 14.0%. Various factors such as the implementation of advanced cybersecurity protocols, the integration of AI and machine learning, the adoption of cloud for scalability, open banking movements, and enhancements in customer experience contribute to the predicted growth during the forecast period. The key trends anticipated during the forecast period include the emergence of digital banking, continuous digital transformation, regulatory technology, the use of blockchain and distributed ledger technology, along with customer-focused solutions.
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What are the most significant trends transforming the it bfsi market today?
The penetration of technology is a prominent trend being embraced in the IT BFSI sector. Dominant companies in the IT BFSI sector are creating novel technologies to consolidate their market stance. For example, in August 2024, NPST, a digital banking and payment technology firm based in India, unveiled a set of seven AI-based digital payment products during the Global Fintech Fest 2024. These solutions, among them the Risk Intelligence Decisioning Platform and EVOK 3.0 Payments Platform, are crafted to bolster fraud prevention, facilitate efficient transaction processing, and customize payment experiences for banks, payment aggregators, and merchants.
Which key market segments comprise the it bfsi market and drive its revenue growth?
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
Subsegments:
1) By Managed Services: IT Infrastructure Management, Security Management Services, Cloud Managed Services, Application Management
2) By Professional Services: Consulting Services, System Integration Services, Implementation Services, Support And Maintenance Services
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What regions are at the forefront of it bfsi market expansion?
North America was the largest region in the IT BFSI market in 2024. The regions covered in the IT BFSI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the it bfsi market?
Major companies operating in the IT BFSI market include Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, accenture* plc, 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., 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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What Is Covered In The IT BFSI Global Market Report?
•Market Size Forecast: Examine the it bfsi market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the it bfsi market for a structured understanding.
•Key Players Overview: Analyze major players in the it bfsi market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the it bfsi market.
•Segment Contributions: Evaluate how different segments drive overall growth in the it bfsi market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the it bfsi market.
•Industry Challenges: Identify potential risks and obstacles affecting the it bfsi market.
•Competitive Landscape: Review strategic developments in the it bfsi market, including expansions, agreements, and new product launches.
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