According to a 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”, The IT BFSI 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. 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.
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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.
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.
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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).
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