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Key Market Size Shifts in the IT BFSI Market: A Historical Perspective and beyond
In recent times, the IT BFSI sector has experienced a quick expansion in its market size. It is anticipated to swell from $167.23 billion in 2024 to $187.95 billion the following year, marking a compound annual growth rate (CAGR) of 12.4%.
This remarkable rise throughout the historic era is due to factors such as regulatory compliance and security requirements, the overhaul of legacy systems, the implementation of data analytics and business intelligence, disruption in fintech, and the introduction of risk management solutions.
The market size of IT BFSI is projected to experience significant growth in the coming years. It is anticipated to reach a mark of $315.24 billion by 2029, with a CAGR of 13.8%.
This expansion in the forecast period is due to advancements in cybersecurity, integration of AI and machine learning, moving to the cloud for increased scalability, initiatives in open banking, and improvement of customer experiences. Key trends for the forecast period encompass the emergence of digital banking, the continuation of digital transformation, regulatory technology (RegTech), blockchain and distributed ledger technology, and solutions focused on the customer.
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What’s Driving the Continued Growth of the Global IT BFSI Market?
The growing adoption of digital payment approaches is set to bolster the IT BFSI market’s expansion in the future. Digital payments include conveyance of transactions through various electronic means.
Such digital methods reduce lengthy queues, improve in-store user experiences, and negate the necessity for customers to personally visit bank branches since all banking operations have been digitized, thus substituting physical bank outlets with consistent online platforms via information technology.
As an example, a report by Banked Ltd., a UK-based fintech enterprise, noted in November 2023 that American consumers’ financial behaviors are evolving, with 79.2% of those surveyed presently using between 2-5 different payment systems each month.
This figure marks a significant rise from the 57% reported the previous year. Debit cards remain the most popular method (66.6%), with PayPal (53%) coming in second.
Other favored means consist of Venmo (16.4%), credit cards (51.4%), E-Wallets (20.4%), Cash App, (31.6%), and bank transfers (10%). Hence, the escalating adoption rate of digital payment systems is expected to fuel the IT BFSI market’s progression.
Top Revenue-Generating Segments in the IT BFSI Market
The it bfsimarket 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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Which Trends Will Guide the Development Path of the IT BFSI Industry?
The surge in technological advancements is a predominant trend that is becoming increasingly popular in the IT BFSI market. Leading businesses in this sector are developing and introducing innovative technologies to fortify their market standing.
For example, in August 2024, NPST, an established digital banking and payments technology company from India, unveiled a collection of seven AI-powered digital payment products at the Global Fintech Fest 2024. These modern solutions, such as the Risk Intelligence Decisioning Platform and the EVOK 3.0 Payments Platform, were specifically designed to boost fraud prevention efforts, improve transaction processing efficiency, and deliver a personalized payment experience to banks, payment aggregators, and merchants.
How Are Different Regions Contributing to the IT BFSI Market’s Growth?
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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Which Firms Are Setting the Benchmark in the Global 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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