Digital Payment Methods Driving IT BFSI Market Growth: Transformative Forces Shaping the IT BFSI Market Landscape in 2025

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IT BFSI Market Size Growth Forecast: What to Expect by 2025?
The Information Technology (IT) BFSI sector has seen a swift expansion in its market size over the past few years. The projection is that it will rise from $167.23 billion in 2024 and reach as high as $188.83 billion in 2025, boasting a compound annual growth rate (CAGR) of 12.9%. This tremendous growth during the historic period can be tied to factors such as regulatory compliance and security requirements, modernization of antiquated systems, the use of data analytics and business intelligence, fintech industry disruption, and risk management solutions.

How Will the IT BFSI Market Size Evolve and Grow by 2029?
The value of the IT BFSI market is anticipated to experience a swift enlargement in the upcoming years, reaching a worth of $318.95 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 14.0%. The potential growth throughout this forecast period can be accredited to the implementation of sophisticated cybersecurity defenses, the incorporation of AI and machine learning, the transition to cloud for scalability, various open banking schemes, and efforts taken for boosting customer experience. The forecast period will also witness major trends including the emergence of digital banking, continued digital transformation, regulatory technology (RegTech), the rise of blockchain and distributed ledger technology, and a focus on customer-oriented solutions.

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What Drivers Are Propelling the Growth of IT BFSI Market Forward?
The continual surge in widespread adoption of digital payment modes is projected to fuel the expansion of the IT BFSI industry in the future. Electronic forms of payment facilitate transactions through various electronic platforms, resulting in faster, more efficient payment processes that reduce customer wait times and significantly improve the in-store shopping experience. In terms of banking interactions, the necessity for a physical branch visit has been virtually eliminated due to digitalization; the bank's physical footprint has been supplanted by a constant online presence maintained through information technology. For example, a report from Banked Ltd., a UK-based payment technology firm, reveals that as of November 2023, a growing proportion of U.S. consumers diversify their financial transactions. An impressive 79.2% now adopt between 2-5 different payment methods monthly, a significant leap from 57% in 2022. Debit card usage, at 66.6%, remains the most popular choice, followed by PayPal, preferred by 53% of users. Other popular options include Venmo (16.4%), credit cards (51.4%), E-Wallets (20.4%), Cash App (31.6%), and bank transfers (10%). Given the increasing uptake rate of digital payment techniques, the IT BFSI market's growth will inevitably accelerate.

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Which Emerging Trends Are Transforming the IT BFSI Market in 2025?
The rise in technological development is a prevalent trend within the IT BFSI market. Big-name companies in this market are producing novel technologies to solidify their market standing. For example, NPST, a digital banking and payment technology company based in India, introduced seven AI-driven digital payment products in August 2024 at the Global Fintech Fest 2024. These tools, like the Risk Intelligence Decisioning Platform and the EVOK 3.0 Payments Platform, aim to improve fraud detection, simplify transaction processing, and offer customized payment experiences for banks, payment intermediaries, and business owners.

What Are the Key Segments in the IT BFSI Market?
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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Who Are the Key Players Shaping the IT BFSI Market's Competitive Landscape?
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

What Geographic Markets Are Powering Growth in the IT BFSI Market?
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.

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