PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1546275
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1546275
IT BFSI
Global IT BFSI Market to Reach US$523.1 Billion by 2030
The global market for IT BFSI estimated at US$234.5 Billion in the year 2023, is expected to reach US$523.1 Billion by 2030, growing at a CAGR of 12.1% over the analysis period 2023-2030. IT BFSI Solutions, one of the segments analyzed in the report, is expected to record a 11.4% CAGR and reach US$356.8 Billion by the end of the analysis period. Growth in the IT BFSI Services segment is estimated at 13.8% CAGR over the analysis period.
The U.S. Market is Estimated at US$63.7 Billion While China is Forecast to Grow at 11.6% CAGR
The IT BFSI market in the U.S. is estimated at US$63.7 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$81.2 Billion by the year 2030 trailing a CAGR of 11.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 10.4% and 10.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.8% CAGR.
Global IT in BFSI Market - Industry Trends & Strategic Developments
How Is IT Transforming the Banking, Financial Services, and Insurance (BFSI) Sector?
The integration of Information Technology (IT) into the Banking, Financial Services, and Insurance (BFSI) sector is transforming how these industries operate, offering enhanced efficiency, security, and customer experience. IT solutions are enabling banks and financial institutions to streamline their operations, automate processes, and deliver digital services that meet the evolving demands of tech-savvy customers. From mobile banking apps and digital wallets to automated underwriting and fraud detection systems, IT is playing a crucial role in driving innovation and competitiveness in the BFSI sector. The shift towards digital banking, accelerated by the COVID-19 pandemic, has further emphasized the importance of robust IT infrastructure in ensuring seamless service delivery, enhancing customer engagement, and improving operational resilience.
What Are the Key Technological Trends Shaping IT in the BFSI Sector?
Several key technological trends are shaping the future of IT in the BFSI sector, with cloud computing, artificial intelligence (AI), and blockchain at the forefront. Cloud computing is enabling financial institutions to scale their operations, reduce costs, and improve agility by leveraging on-demand IT resources. The adoption of AI and machine learning is enhancing decision-making, risk management, and customer service through the use of predictive analytics, chatbots, and robo-advisors. Additionally, blockchain technology is gaining traction in the BFSI sector for its potential to improve transparency, security, and efficiency in transactions and record-keeping. These technologies are not only driving innovation but also helping financial institutions comply with regulatory requirements and adapt to the changing competitive landscape.
TABLE OF CONTENTS
I. METHODOLOGY
II. EXECUTIVE SUMMARY
- 1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- IT BFSI - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Global Economic Update
- 2. FOCUS ON SELECT PLAYERS
III. MARKET ANALYSIS
IV. COMPETITION
