Global IT BFSI Market Forecast to 2022: Exploration of Digital Channels to Roll Out New Services at a Faster Pace
DUBLIN, Dec. 5, 2017 /PRNewswire/ --
The "IT BFSI Market - Global Forecast to 2022" report has been added to Research and Markets' offering.
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.
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.
Market Dynamics
Drivers
- Increasing Need to Enhance and Improve the Customer Experience
- Customized IT Solutions for Specific Banking Needs
- Exploration of Digital Channels to Roll Out New Services at A Faster Pace
Restraints
- Security and Privacy Concerns, Due to Advanced Cybersecurity Attacks
Opportunities
- Intelligent Applications Will Aid the Operations of the Banking Industry
Challenges
- Constantly Changing Technology Landscape
Use Cases
- IBM
- Qlik
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 IT BFSI Market, By Component
7 IT BFSI Market, By Organization Size
8 IT BFSI Market, By Deployment Type
9 IT BFSI Market, By Region
10 Competitive Landscape
11 Company Profiles
- Accenture
- Adobe Systems
- CA Technologies
- Cognizant
- IBM
- Micro Focus
- Microsoft
- Oracle
- SAP
- Salesforce
For more information about this report visit https://www.researchandmarkets.com/research/xwfmk5/it_bfsi_market
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