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IT BFSI Market Worth 149.74 Billion USD by 2022


News provided by

MarketsandMarkets

28 Nov, 2017, 16:30 GMT

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PUNE, India, November 28, 2017 /PRNewswire/ --

According to a new market research report "IT BFSI Market by Component (Technology Type (ECM, CRM, HCM, ERP, Artificial Intelligence, Business Intelligence, Unified Communications), and Services), Organization Size, Deployment Type (Cloud and On-Premises), and Region - Global Forecast to 2022", published by MarketsandMarkets™ the market size is expected to grow from USD 82.06 Billion in 2017 to USD 149.74 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period.

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Browse 55 Market Data Tables and 25 Figures spread through 134 Pages and in-depth TOC on "IT BFSI Market"

https://www.marketsandmarkets.com/Market-Reports/it-bfsi-market-245625011.html

Early buyers will receive 10% customization on this report 

Increasing need to enhance customer experience and customized IT solutions launched by IT vendors to match the specific BFSI needs are major factors driving the growth of IT BFSI Market.

Cyber security technology type is expected to contribute to the largest market share during the forecast period 

The BFSI vertical is one of the major targets for cyber criminals, considering the sensitive information it holds. The vertical collects vital data including customers' financial and other personal information and employee information. Therefore, the BFSI vertical is always on the radar of cyber security product and service vendors. With the advancements in cyber-attacks, the BFSI organizations face significant challenges to safeguard their databases from internal and external hackers. This is a major factor that contributes to the high adoption of cyber-security solutions in the BFSI vertical. This vertical is always improving its processing and transaction technologies. Also, the vertical continues to introduce new and improved financial products and services to improve its business operations. Cybercriminals are attracted toward this vertical to grab sensitive customer information. The stringent government regulations are another major factor that drives the adoption of cyber security solutions in the BFSI vertical.

Ask for PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=245625011

SMEs segment is expected to grow at a higher CAGR during the forecast period. 

Contribution from SMEs to the IT BFSI Market is comparatively low. However, SMEs are expected to create potential opportunities for IT vendors in the future. Proliferation of internet services is one of the major factors that have encouraged small and medium-sized banks to use advanced IT technologies to better serve their customers with online banking and mobile banking solutions. Furthermore, small and medium-sized banks have been under pressure to optimize their operations to meet the market pressure. This has encouraged small and medium-sized banks to adopt and implement IT technologies, such as ERP, CRM, HCM, and ECM, to streamline their operations and further reduce their operating costs.

North America accounts for the largest market share in the global IT BFSI Market. 

North America is projected to be the largest contributor to the global IT BFSI Market by region. The top countries contributing to the growth of the IT BFSI Market in North America are the US and Canada, out of which, about 75% of the market share are expected from the US alone. The IT BFSI Market in North America is expected to grow at a slow rate by 2022 compared to other regions, as the IT BFSI Market in the region is well-established and stagnant.

North America provides a suitable environment for startups and SMEs, in terms of government regulations and compliance. Owing to this, small financial institutions are growing rapidly in this region and thus creating heavy demand for IT technologies and services. Therefore, North America is expected to have the largest market share in the IT BFSI Market.

Major IT vendors that offer various technologies and services to the BFSI vertical 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).

Enquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=245625011

Browse Related Reports  

AI in Fintech Market by Component (Solution, Service), Application Area (Virtual Assistant, Business Analytics & Reporting, Customer Behavioral Analytics), Deployment Mode (Cloud, On-Premises), and Region - Global forecast to 2022

https://www.marketsandmarkets.com/Market-Reports/ai-in-fintech-market-34074774.html

Cybersecurity Market by Solution (IAM, Encryption, DLP, UTM, Antivirus/Anti-Malware, Firewall, IDS/IPS, Disaster Recovery, DDOS Mitigation, SIEM), Service, Security Type, Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2022

https://www.marketsandmarkets.com/Market-Reports/cyber-security-market-505.html

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About MarketsandMarkets™  

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
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USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

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