IT BFSI Global Market Report 2024

Information technology in banking, financial services, and insurance involves using IT for a wide range of banking, financial, and insurance services. This includes managing data processing, application testing, software development, IT-enabled services, business process outsourcing, and technical and professional services.

Within the IT BFSI (Information Technology in Banking, Financial Services, and Insurance) sector, the main service categories are managed services and professional services. Managed services involve the delivery of network, application, infrastructure, and security services to clients through continuous support and active administration either on their premises, within the MSP's data center, or in a third-party data center. The technologies used in this process include cybersecurity, artificial intelligence, business intelligence, enterprise resource planning (ERP), human capital management (HCM), enterprise content management (ECM), customer relationship management (CRM), and unified communications. These technologies are deployed in both on-premises and cloud environments across organizations of varying sizes, including small, medium, and large enterprises.

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.

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 several factors, including increased regulatory compliance and security demands, the need for modernizing legacy systems, the integration of data analytics and business intelligence, disruptions caused by fintech innovations, and the adoption of risk management solutions. These factors have contributed to the growth and development of the industry during the historic period.

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 anticipated growth in the forecast period can be attributed to advanced cybersecurity measures, the integration of AI and machine learning, the adoption of cloud technology for scalability, open banking initiatives, and a focus on enhancing customer experience. Major trends expected in this period include the rise of digital banking, ongoing digital transformation, the emergence of regulatory technology (RegTech), the utilization of blockchain and distributed ledger technology, and the development of customer-centric solutions.

The rising penetration rate of digital payment methods is driving the growth of the IT BFSI (Information Technology in Banking, Financial Services, and Insurance) market. Digital payments offer convenience and efficiency, leading to their increased adoption globally. Finaria reported a significant increase in the global digital payments industry, reaching a value of $6.6 trillion in 2021, up 40% from 2019. This growth in digital payment methods is driving the demand for IT services in the BFSI sector.

The anticipated increase in cloud adoption is poised to drive the growth of the IT BFSI (Information Technology in Banking, Financial Services, and Insurance) market. Cloud adoption involves the widespread integration and utilization of cloud computing services, enabling remote storage, management, and access to data and applications for individuals, organizations, or industries. Cloud-based platforms offer BFSI institutions the ability to swiftly develop and deploy new financial products and services, allowing them to maintain a competitive edge. For example, as per Eurostat, the statistical office of the European Union, in December 2021, 41% of EU enterprises embraced cloud computing. Notably, the retail trade sector exhibited a significant 7-percentage point increase in cloud adoption compared to 2020. Additionally, the information and communication sector demonstrated the highest adoption rate at 76%, showcasing a substantial upward trend in cloud adoption across various industries within the European Union. Consequently, the escalating adoption of cloud technology is expected to be a key driver behind the growth of the IT BFSI market, enabling enhanced capabilities and innovation within the banking, financial services, and insurance sectors.

In the IT BFSI market, technological advancements have emerged as a pivotal trend, with major companies actively innovating to fortify their market positions. A notable example of this trend is the collaboration between IntellectEU, a US-based technology company specializing in digital finance, and KPMG, a Netherlands-based professional services network. Their joint effort resulted in the creation of the ClaimShare solution, leveraging enterprise blockchain, specifically R3 Corda, in tandem with R3's cutting-edge software technology called Conclave. Conclave introduces confidential computing capabilities, enabling insurers to exchange claim data without mutual visibility. This pioneering software technology by R3 serves as a distributed ledger platform tailored explicitly for the financial services sector.

Leading companies in the IT BFSI (Information Technology for Banking, Financial Services, and Insurance) market are directing their efforts towards developing innovative solutions, including Generative Pre-trained Transformer (GPT) technology, to cater to the needs of banks and financial institutions. GPTs are a type of large language model (LLM) that has gained prominence as a framework for generative artificial intelligence (AI). For example, in March 2023, Trustt, an India-based digital banking platform serving banks, non-banking financial companies (NBFCs), microfinance institutions (MFIs), and fintech firms, unveiled its First Major GPT Product Suite for the Banking Industry. This suite introduces personalized services, enhances operational efficiency through task automation, and leverages Generative Pre-trained Transformer (GPT) technology to improve natural language processing capabilities. In the IT BFSI market, this suite is expected to elevate customer experiences, streamline operational processes, and signify a significant adoption of advanced AI capabilities, thereby contributing to increased competitiveness and innovation within the sector.

In March 2022, Midpoint Holdings Ltd., a UK-based online international payments platform, acquired Blockchain World Ltd. for an undisclosed amount. This strategic move is intended to enhance Midpoint's consumer-facing platform in the digital asset space by integrating Blockchain World Ltd.'s blockchain technology. Blockchain World Ltd., also based in the UK, specializes in providing blockchain technology solutions for the BFSI (Banking, Financial Services, and Insurance) sector.

Major companies operating in the it bfsi market report are Microsoft Corporation, JPMorgan Chase & Co., 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., 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

North America was the largest region in the IT BFSI market in 2023. The regions covered in the it bfsi market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the it bfsi market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The IT BFSI market includes revenues earned by entities by providing services such as hardware support services, software and BPO services, and cloud services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

IT BFSI Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on it bfsi market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for it bfsi ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The it bfsi market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Microsoft Corporation; JPMorgan Chase & Co.; Amazon Web Services Inc.; Intel Corporation; Accenture plc
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.