IT BFSI Market : Size, Share, Growth, Industry Analysis and Business Prospects by Forecast

global IT BFSI market to grow from USD 73.81 Billion in 2016 to 149.74 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period.

(EMAILWIRE.COM, June 26, 2018 ) The IT BFSI market is expected to grow from USD 82.06 Billion in 2017 to USD 149.74 Billion by 2022, at a CAGR of 12.8% during the forecast period, owing to the rapid growth in data generated from multiple sources across various applications. Furthermore, the rising pressure on BFSI organizations to enhance customer experience, increasing focus on digital marketing activities, and customized advanced IT solutions launched by IT vendors to cater to specific needs of BFSI drive the adoption of IT technologies and services in the BFSI vertical. However, security and privacy concerns are a major restraint that would affect the adoption of advanced IT technologies in the BFSI vertical.

The on-premises deployment model is expected to account for a major share of the IT BFSI market by deployment type. The BFSI vertical holds high value sensitive data including financial, customer, and employee information. In order to maintain authenticity and secrecy of the data, BFSI organizations prefer to store and manage their sensitive data on-premises than over cloud. Also, governments and concerned authorities have deployed stringent regulations that mandate BFSI organizations to store and manage their sensitive data within the private cloud or on-premises.

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The Artificial Intelligence (AI) technology type is projected to gain traction in the IT BFSI market. AI is a trending technology that is witnessing increasing demand across applications. AI is expected play a vital role in streamlining business operations and enhancing customer experience. Automating operational processes by implementing the AI technology is expected to reduce the operational costs and speed up the banking operations. As a result, BFSI organizations are expected to witness profit margin expansion.

North America is expected to hold the largest market share and dominate the IT BFSI market from 2017 to 2022. The region has a high concentration of major BFSI organizations. This is one of the main factors that contribute to the dominance of North America in the IT BFSI market. However, the APAC region is considered to provide high growth opportunities for IT vendors catering to the needs of BFSI companies. This can be majorly attributed to the rapid technological developments and the increasing presence of BFSI companies in the developing countries.

Major IT vendors in the IT BFSI market include IBM (US), Microsoft (US), Accenture (Ireland), Micro Focus (UK), CA Technologies (US), Adobe Systems (US), SAP (Germany), Salesforce (US), Oracle (US), and Cognizant (US). These players have adopted various strategies, such as new product launches, product upgradations, and partnerships with technology companies to cater to the dynamic and specific needs of the BFSI organizations.
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