BFSI IT Market, Global Outlook and Forecast 2023-2032
Banking, Financial services and Insurance (BFSI) is an industry term for companies that provide a range of such financial products/services such as universal banks. BFSI comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pensions funds, mutual funds and other smaller financial entities.
This report aims to provide a comprehensive presentation of the global market for BFSI IT, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding BFSI IT. This report contains market size and forecasts of BFSI IT in global, including the following market information:
Global BFSI IT Market Revenue, 2018-2023, 2024-2032, ($ millions)
Global top five companies in 2022 (%)
The global BFSI IT market was valued at US$ million in 2022 and is projected to reach US$ million by 2029, at a CAGR of % during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
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.
MARKET MONITOR GLOBAL, INC (MMG) has surveyed the BFSI IT companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global BFSI IT Market, by Type, 2018-2023, 2024-2032 ($ millions)
Global BFSI IT Market Segment Percentages, by Type, 2022 (%)
ECM
CRM
HCM
ERP
Artificial Intelligence
Business Intelligence
Unified Communications
Global BFSI IT Market, by Application, 2018-2023, 2024-2032 ($ millions)
Global BFSI IT Market Segment Percentages, by Application, 2022 (%)
Commercial Banks
Insurance Companies
Non-Banking Financial Companies
Cooperatives
Others
Global BFSI IT Market, By Region and Country, 2018-2023, 2024-2032 ($ Millions)
Global BFSI IT Market Segment Percentages, By Region and Country, 2022 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Competitor Analysis
The report also provides analysis of leading market participants including:
Key companies BFSI IT revenues in global market, 2018-2023 (estimated), ($ millions)
Key companies BFSI IT revenues share in global market, 2022 (%)
Further, the report presents profiles of competitors in the market, key players include:
IBM
Microsoft
Accenture
Micro Focus
SAP
Cognizant
Outline of Major Chapters:
Chapter 1: Introduces the definition of BFSI IT, market overview.
Chapter 2: Global BFSI IT market size in revenue.
Chapter 3: Detailed analysis of BFSI IT company competitive landscape, revenue and market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Sales of BFSI IT in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: The main points and conclusions of the report.
