New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "IT BFSI Global Market Report 2023" - https://www.reportlinker.com/p06479837/?utm_source=GNW
, Hewlett Packard Enterprise, Intel Corporation, JPMorgan Chase & Co., ConsenSys, Akamai Technologies Inc., AlphaPoint, and Bitfury Group Limited.
The global IT BFSI market is expected to grow from $130.52 billion in 2022 to $149.50 billion in 2023 at a compound annual growth rate (CAGR) of 14.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The IT BFSI market is expected to reach $244.84 billion in 2027 at a CAGR of 13.1%.
The IT BFSI market includes revenues earned by entities by providing services such as hardware support services, software and BPO services, and cloud services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Information technology in banking, financial services, and insurance refers to use of information technology for a wide array of banking services, financial products and services, and insurance products. This is often utilized by businesses that manage data processing, application testing, and software development operations in this field, including information technology (IT), information technology-enabled services (ITES), business process outsourcing (BPO), and technical and professional services organizations.
North America was the largest region in the IT BFSI market in 2022. The regions covered in IT BFSI report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main services of IT BFSI are managed services and professional services.The managed service refers to the service that delivers services such as network, application, infrastructure, and security to the clients through ongoing and regular support and active administration on their premises, in their MSP’s data center (hosting), or in a third-party data center.
The technologies involved through this process are cyber security, artificial intelligence, business intelligence, ERP (enterprise resource planning), HCM (human capital management), ECM (enterprise content management), CRM (customer relationship management), and unified communications technologies deployed on-premise and cloud in various organizations including small, medium and large enterprises.
The increasing penetration rate of digital payment methods is expected to propel the growth of the IT BFSI market going forward.Digital payment refers to transactions made using several kinds of electronic media.
Digital payments result in shorter queues and enhance the customer’s in-shop experience and the requirement for customers to visit a branch is also eliminated since all banking processes are digitalized and the bank’s physical presence is replaced with an ongoing online presence with the help of information technology. For instance, in February 2021, according to Finaria, a UK-based finance and investment company, the global digital payments industry is expected to hit $6.6trn value in 2021, a 40% increase from 2019. Therefore, the increasing penetration rate of digital payment methods will drive the growth of the IT BFSI market.
Technological advancement is a key trend gaining popularity in the IT BFSI market.Major companies operating in the IT BFSI market are developing innovative technologies to strengthen their position in the market.
For instance, in March 2021, IntellectEU, a US-based technology company focused on digital finance, collaborated with KPMG, a Netherlands-based professional services network company, to develop the ClaimShare solution, which uses enterprise blockchain, R3 Corda, in combination with R3’s new software technology, Conclave.Conclave supports confidential computing, allowing insurers to exchange claim data without the other insurer being aware.
R3’s unique software technology is a platform for distributed ledger technology (DLT) created exclusively for the financial services industry.
In March 2022, Midpoint Holdings Ltd., a UK-based online international payments platform acquired Blockchain World Ltd. for an undisclosed amount. Through this acquisition, Midpoint aims to augment the consumer-facing platform within the digital asset space by using BWL blockchain technology. Blockchain World Ltd. is a UK-based online platform involved in blockchain technology for the BFSI sector.
The countries covered in the IT BFSI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The IT BFSI market research report is one of a series of new reports that provides IT BFSI market statistics, including IT BFSI industry global market size, regional shares, competitors with an IT BFSI market share, detailed IT BFSI market segments, market trends, and opportunities, and any further data you may need to thrive in the IT BFSI industry. This IT BFSI market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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