HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: November 2017
Report Code: TC 5768

 

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MarketsandMarkets forecasts the global IT BFSI market to grow from USD 73.81 Billion in 2016 to 149.74 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period. The forecast period has been considered from 2017 to 2022, while 2016 is considered as the base year for estimating the market size.

Objectives of the Study:

The main objective of this report is to define, describe, and forecast the IT BFSI market by segments – component, organization size, deployment, and vertical. The report provides detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth. The report forecasts the market size with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. The report profiles key players and comprehensively analyzes their core competencies. This report also tracks and analyzes competitive developments, such as mergers and acquisitions, new product developments, and Research and Development (R&D) activities in the IT BFSI market.

The research methodology used to estimate and forecast the IT BFSI market begins with the collection and analysis of data on key vendors’ product offerings and business strategies from secondary sources, such as IT service providers, technology providers, press releases and investor presentations of companies, white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases. Vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the global IT BFSI market from the revenue of the key market IT solution and service providers. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives.

IT BFSI Market

To know about the assumptions considered for the study, download the pdf brochure

Industry Ecosystem

Major vendors offering IT solutions and services in 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).

Key Target Audience

  • IT solution and service providers
  • System integrators
  • Application developers
  • Hardware vendors
  • Consulting firms
  • Research organizations
  • Resellers and distributors

Scope of the Report

The research report categorizes the IT BFSI market to forecast revenues and analyze the trends in each of the following submarkets:

By Component

  • Technology Types
    • CRM
    • HCM
    • ERP
    • ECM
    • Cyber Security
    • Unified Communication
    • Artificial Intelligence
    • Business Intelligence
  • Services
    • Managed Services
    • Professional Services
      • Consulting
      • System Integration
      • Support and Maintenance

By Organization Size

  • SMEs
  • Large Enterprises

By Deployment Type

  • Cloud
  • On-premises

By Region

  • North America
  • Europe
  • Middle East and Africa (MEA)
  • Asia Pacific (APAC)
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix which gives a detailed comparison of the product portfolio of each company

Geographic Analysis

  • Further breakdown of the North American IT BFSI market into countries
  • Further breakdown of the European market into countries
  • Further breakdown of the APAC market into countries
  • Further breakdown of the MEA market into countries
  • Further breakdown of the Latin American market into countries

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 12)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered
    1.5 Currency Considered
    1.6 Stakeholders

2 Research Methodology (Page No. - 16)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Research Assumptions and Limitations
           2.3.1 Research Assumptions
           2.3.2 Limitations

3 Executive Summary (Page No. - 22)

4 Premium Insights (Page No. - 25)
    4.1 Attractive Market Opportunities in the IT BFSI Market
    4.2 IT BFSI Market, By Technology Type and Region
    4.3 Market, By Deployment Type
    4.4 Market, By Component
    4.5 Market, By Region

5 Market Overview (Page No. - 29)
    5.1 Introduction
    5.2 Innovation Spotlight
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing Need to Enhance and Improve the Customer Experience
                    5.3.1.2 Customized IT Solutions for Specific Banking Needs
                    5.3.1.3 Exploration of Digital Channels to Roll Out New Services at A Faster Pace
           5.3.2 Restraints
                    5.3.2.1 Security and Privacy Concerns, Due to Advanced Cybersecurity Attacks
           5.3.3 Opportunities
                    5.3.3.1 Intelligent Applications Will Aid the Operations of the Banking Industry
           5.3.4 Challenges
                    5.3.4.1 Constantly Changing Technology Landscape
    5.4 Use Cases
           5.4.1 IBM
           5.4.2 Qlik
    5.5 Major Technology Deals in the BFSI Sector

6 IT BFSI Market, By Component (Page No. - 34)
    6.1 Introduction
    6.2 Technology Types
           6.2.1 Customer Relationship Management
           6.2.2 Human Capital Management
           6.2.3 Enterprise Content Management
           6.2.4 Cybersecurity
           6.2.5 Enterprise Resource Planning
           6.2.6 Unified Communication
           6.2.7 Artificial Intelligence
           6.2.8 Business Intelligence
    6.3 Services
           6.3.1 Managed Services
           6.3.2 Professional Services
                    6.3.2.1 Consulting
                    6.3.2.2 Support and Maintenance
                    6.3.2.3 System Integration

7 IT BFSI Market, By Organization Size (Page No. - 46)
    7.1 Introduction
    7.2 Small and Medium-Sized Enterprises
    7.3 Large Enterprises

8 IT BFSI Market, By Deployment Type (Page No. - 50)
    8.1 Introduction
    8.2 Cloud
    8.3 On-Premises

9 IT BFSI Market, By Region (Page No. - 53)
    9.1 Introduction
    9.2 North America
    9.3 Europe
    9.4 Asia Pacific
    9.5 Middle East and Africa
    9.6 Latin America

10 Competitive Landscape (Page No. - 71)
     10.1 Overview
     10.2 Competitive Scenario
             10.2.1 New Product Launches, 2015–2017
             10.2.2 Expansions, 2015–2017
             10.2.3 Mergers and Acquisitions, 2015–2017
             10.2.4 Partnerships and Collaborations, 2015–2017

11 Company Profiles (Page No. - 76)
(Business Overview, Services Offered, Recent Developments, MnM View, Key Strategies, SWOT Analysis)*
     11.1 IBM
     11.2 Micro Focus
     11.3 Microsoft
     11.4 CA Technologies
     11.5 Accenture
     11.6 Adobe Systems
     11.7 SAP
     11.8 Salesforce
     11.9 Oracle
     11.10 Cognizant

*Details on Business Overview, Services Offered, Recent Developments, MnM View, Key Strategies, SWOT Analysis Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 109)
     12.1 Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Introducing RT: Real Time Market Intelligence
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Author Details


List of Tables (55 Tables)

Table 1 United States Dollar Exchange Rate, 2014–2016
Table 2 IT BFSI Market Size and Growth Rate, 2015–2022 (USD Billion, Y-O-Y %)
Table 3 IT BFSI Market Size, By Component, 2015–2022 (USD Billion)
Table 4 Technology Types: IT BFSI Market Size, By Type, 2015–2022 (USD Billion)
Table 5 Customer Relationship Management Market Size, By Region, 2015–2022 (USD Billion)
Table 6 Human Capital Management Market Size, By Region, 2015–2022 (USD Billion)
Table 7 Enterprise Content Management Market Size, By Region, 2015–2022 (USD Billion)
Table 8 Cybersecurity Market Size, By Region, 2015–2022 (USD Billion)
Table 9 Enterprise Resource Planning Market Size, By Region, 2015–2022 (USD Billion)
Table 10 Unified Communication Market Size, By Region, 2015–2022 (USD Billion)
Table 11 Artificial Intelligence Market Size, By Region, 2015–2022 (USD Billion)
Table 12 Business Intelligence Market Size, By Region, 2015–2022 (USD Billion)
Table 13 Services: Market Size, By Type, 2015–2022 (USD Billion)
Table 14 Managed Services Market Size, By Region, 2015–2022 (USD Billion)
Table 15 Professional Services Market Size, By Region, 2015–2022 (USD Billion)
Table 16 Consulting Market Size, By Region, 2015–2022 (USD Billion)
Table 17 Support and Maintenance Market Size, By Region, 2015–2022 (USD Billion)
Table 18 System Integration Market Size, By Region, 2015–2022 (USD Billion)
Table 19 IT BFSI Market Size, By Organization Size, 2015–2022 (USD Billion)
Table 20 Small and Medium-Sized Enterprises: Market Size, By Region, 2015–2022 (USD Billion)
Table 21 Large Enterprises: Market Size, By Region, 2015–2022 (USD Billion)
Table 22 Market Size, By Deployment Type, 2015–2022 (USD Billion)
Table 23 Cloud: Market Size, By Region, 2015–2022 (USD Billion)
Table 24 On-Premises: Market Size, By Region, 2015–2022 (USD Billion)
Table 25 IT BFSI Market Size, By Region, 2015–2022 (USD Billion)
Table 26 North America: Market Size, By Component, 2015–2022 (USD Billion)
Table 27 North America: Market Size, By Technology Type, 2015–2022 (USD Billion)
Table 28 North America: Market Size, By Service, 2015–2022 (USD Billion)
Table 29 North America: Market Size, By Professional Service, 2015–2022 (USD Billion)
Table 30 North America: Market Size, By Deployment Type, 2015–2022 (USD Billion)
Table 31 North America: Market Size, By Organization Size, 2015–2022 (USD Billion)
Table 32 Europe: IT BFSI Market Size, By Component, 2015–2022 (USD Billion)
Table 33 Europe: Market Size, By Technology Type, 2015–2022 (USD Billion)
Table 34 Europe: Market Size, By Service, 2015–2022 (USD Billion)
Table 35 Europe: Market Size, By Professional Service, 2015–2022 (USD Billion)
Table 36 Europe: Market Size, By Deployment Type, 2015–2022 (USD Billion)
Table 37 Europe: Market Size, By Organization Size, 2015–2022 (USD Billion)
Table 38 Asia Pacific: IT BFSI Market Size, By Component, 2015–2022 (USD Billion)
Table 39 Asia Pacific: Market Size, By Technology Type, 2015–2022 (USD Billion)
Table 40 Asia Pacific: Market Size, By Service, 2015–2022 (USD Billion)
Table 41 Asia Pacific: Market Size, By Professional Service, 2015–2022 (USD Billion)
Table 42 Asia Pacific: Market Size, By Deployment-Type, 2015–2022 (USD Billion)
Table 43 Asia Pacific: Market Size, By Organization Size, 2015–2022 (USD Billion)
Table 44 Middle East and Africa: IT BFSI Market Size, By Component, 2015–2022 (USD Billion)
Table 45 Middle East and Africa: Market Size, By Technology Type, 2015–2022 (USD Billion)
Table 46 Middle East and Africa: Market Size, By Service, 2015–2022 (USD Billion)
Table 47 Middle East and Africa: Market Size, By Professional Service, 2015–2022 (USD Billion)
Table 48 Middle East and Africa: Market Size, By Deployment Type, 2015–2022 (USD Billion)
Table 49 Middle East and Africa: Market Size, By Organization Size, 2015–2022 (USD Billion)
Table 50 Latin America: IT BFSI Market Size, By Component, 2015–2022 (USD Billion)
Table 51 Latin America: Market Size, By Technology Type, 2015–2022 (USD Billion)
Table 52 Latin America: Market Size, By Service, 2015–2022 (USD Billion)
Table 53 Latin America: Market Size, By Professional Service, 2015–2022 (USD Billion)
Table 54 Latin America: Market Size, By Deployment Type, 2015–2022 (USD Billion)
Table 55 Latin America: Market Size, By Organization Size, 2015–2022 (USD Billion)


List of Figures (40 Figures)

Figure 1 IT BFSI Market: Market Segmentation
Figure 2 Regional Scope
Figure 3 Market: Research Design
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Market: Assumptions
Figure 8 Top 3 Categories With the Largest Market Shares in the IT BFSI Market in 2017
Figure 9 Market, By Region, 2017–2022
Figure 10 Increasing Pressure to Enhance Customer Experience is A Major Driver for the Growth of the IT BFSI Market
Figure 11 Cybersecurity and North America are Estimated to Have the Largest Market Shares in 2017
Figure 12 Cloud Deployment Type is Expected to Grow at A Higher CAGR in the Market During the Forecast Period
Figure 13 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 14 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 15 IT BFSI Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Services Component is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 17 Artificial Intelligence Technology Type is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 18 Managed Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 19 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 20 Cloud Deployment Type is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 21 North America is Expected to Have the Largest Market Size During the Forecast Period
Figure 22 Regional Snapshot: Asia Pacific is Expected to Grow at the Highest CAGR in the IT BFSI Market During the Forecast Period
Figure 23 North America: Market Snapshot
Figure 24 Asia Pacific: Market Snapshot
Figure 25 Key Developments By Leading Players in the IT BFSI Market for 2014–2017
Figure 26 IBM: Company Snapshot
Figure 27 IBM: SWOT Analysis
Figure 28 Micro Focus: Company Snapshot
Figure 29 Micro Focus: SWOT Analysis
Figure 30 Microsoft: Company Snapshot
Figure 31 Microsoft: SWOT Analysis
Figure 32 CA Technologies: Company Snapshot
Figure 33 Accenture: Company Snapshot
Figure 34 Accenture: SWOT Analysis
Figure 35 Adobe Systems: Company Snapshot
Figure 36 SAP: Company Snapshot
Figure 37 SAP: SWOT Analysis
Figure 38 Salesforce: Company Snapshot
Figure 39 Oracle: Company Snapshot
Figure 40 Cognizant: Company Snapshot

The IT BFSI market is expected to grow from USD 82.06 Billion in 2017 to USD 149.74 Billion by 2022, at a CAGR of 12.8% during the forecast period, owing to the rapid growth in data generated from multiple sources across various applications. Furthermore, the rising pressure on BFSI organizations to enhance customer experience, increasing focus on digital marketing activities, and customized advanced IT solutions launched by IT vendors to cater to specific needs of BFSI drive the adoption of IT technologies and services in the BFSI vertical. However, security and privacy concerns are a major restraint that would affect the adoption of advanced IT technologies in the BFSI vertical.

The on-premises deployment model is expected to account for a major share of the IT BFSI market by deployment type. The BFSI vertical holds high value sensitive data including financial, customer, and employee information. In order to maintain authenticity and secrecy of the data, BFSI organizations prefer to store and manage their sensitive data on-premises than over cloud. Also, governments and concerned authorities have deployed stringent regulations that mandate BFSI organizations to store and manage their sensitive data within the private cloud or on-premises.

The Artificial Intelligence (AI) technology type is projected to gain traction in the IT BFSI market. AI is a trending technology that is witnessing increasing demand across applications. AI is expected play a vital role in streamlining business operations and enhancing customer experience. Automating operational processes by implementing the AI technology is expected to reduce the operational costs and speed up the banking operations. As a result, BFSI organizations are expected to witness profit margin expansion.

IT BFSI Market

North America is expected to hold the largest market share and dominate the IT BFSI market from 2017 to 2022. The region has a high concentration of major BFSI organizations. This is one of the main factors that contribute to the dominance of North America in the IT BFSI market. However, the APAC region is considered to provide high growth opportunities for IT vendors catering to the needs of BFSI companies. This can be majorly attributed to the rapid technological developments and the increasing presence of BFSI companies in the developing countries.

Major IT vendors in the IT BFSI market 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). These players have adopted various strategies, such as new product launches, product upgradations, and partnerships with technology companies to cater to the dynamic and specific needs of the BFSI organizations.

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