The BFSI vertical across the globe is adopting IT and services rapidly, owing to the increasing need to enhance and improve customer experience, and to roll out new banking services through digital channels. IT BFSI solution and service providers are focusing more on this vertical by offering customized IT and services to meet the specific demands of the vertical. An inorganic growth strategy of strategic partnerships is an important strategy adopted by the key market players to develop new services and gain traction in the IT BFSI market. MarketsandMarkets expects the IT BFSI market 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.
The IT BFSI market includes various technology types, such as Customer Relationship Management (CRM), Human Capital Management (HCM), Enterprise Content Management (ECM), Cyber Security, Enterprise Resource Planning (ERP), Unified Communication, Artificial Intelligence (AI), and Business Intelligence (BI). Major vendors of 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 partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to achieve growth in the global IT BFSI market.
IBM, with a significant presence in the global IT BFSI market, is aspiring to become the top market provider of IT BFSI solutions focusing on analytics, cyber security, enterprise management solutions, and AI. For instance, in October 2017, IBM and Stellar, a non-profit organization based in Silicon Valley, launched the blockchain technology and software for moving digital currency across borders throughout the South Pacific. In June 2017, Yes Bank, SAP, and IBM, formed a collaboration to implement and adopt digital transformation in the banking industry.
Micro Focus (UK) is another major player in the global IT BFSI market. The company provides specialized solutions for each of its offering, such as analytics and big data, application development, test and delivery, collaboration, information management and governance, IT operations management, and security. In September 2017, Micro Focus launched a big data platform, Vertica 9. The Vertica 9 platform is upgraded with new algorithms, workflow tools, and models. It is available to integrate with Microsoft Azure and Google Marketplace. Furthermore, in September 2017, Infosys collaborated with Micro Focus SUSE to launch a private cloud solution to facilitate businesses with their digital transformation drive.
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
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