The IT BFSI Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s IT BFSI Global Market Report 2024, 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 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.
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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
Major companies operating in the IT BFSI market are focusing on developing innovative solutions, such as Generative Pre-trained Transformer (GPT) technology, to assist banks and financial institutions. Generative Pre-trained Transformers (GPTs) are a type of large language model (LLM) and a prominent framework for generative artificial intelligence (AI). For instance, in March 2023, Trustt, an India-based digital banking platform serving banks, NBFCs, MFIs, and fintech companies, launched its First Major GPT Product Suite for the Banking Industry. This introduction features personalized services, operational efficiency through task automation, and utilizes Generative Pre-trained Transformer (GPT) technology for enhanced natural language processing. In the IT BFSI market, this suite promises to elevate customer experiences, optimize operational processes, and signify a notable adoption of advanced AI capabilities, contributing to increased competitiveness and innovation within the sector.
The it bfsi market report table of contents includes:
1. Executive Summary
2. IT BFSI Market Characteristics
3. IT BFSI Market Trends And Strategies
4. IT BFSI Market – Macro Economic Scenario
…
32. Global IT BFSI Market Competitive Benchmarking
33. Global IT BFSI Market Competitive Dashboard
34. Key Mergers And Acquisitions In The IT BFSI Market
35. IT BFSI Market Future Outlook and Potential Analysis
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