Global BFSI IT Market Growth (Status and Outlook) 2023-2029

Global BFSI IT Market Growth (Status and Outlook) 2023-2029

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.

LPI (LP Information)' newest research report, the “BFSI IT Industry Forecast” looks at past sales and reviews total world BFSI IT sales in 2022, providing a comprehensive analysis by region and market sector of projected BFSI IT sales for 2023 through 2029. With BFSI IT sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world BFSI IT industry.

This Insight Report provides a comprehensive analysis of the global BFSI IT landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on BFSI IT portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global BFSI IT market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for BFSI IT and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global BFSI IT.

The global BFSI IT market size is projected to grow from US$ million in 2022 to US$ million in 2029; it is expected to grow at a CAGR of % from 2023 to 2029.

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.

This report presents a comprehensive overview, market shares, and growth opportunities of BFSI IT market by product type, application, key players and key regions and countries.

Market Segmentation:

Segmentation by type
ECM
CRM
HCM
ERP
Artificial Intelligence
Business Intelligence
Unified Communications

Segmentation by application
Commercial Banks
Insurance Companies
Non-Banking Financial Companies
Cooperatives
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
IBM
Microsoft
Accenture
Micro Focus
SAP
Cognizant

Please note: The report will take approximately 2 business days to prepare and deliver.