The IT BFSI Market is expected to reach USD 231.33 Billion by 2026, according to a new report by Reports and Data. The increase in growth is mainly associated with the increase in consumer electronics like smart phones, laptop among others coupled with adoption of advanced technology services that allow thousands of customers to access similar resources helping companies to cut down their expenses. Based on statistics, the penetration of advanced cloud based platforms that helps to develop new technology is also a significant factor stimulating market demand.
The BFSI sector is gaining popularity in the adoption of computer networking systems to reduce large, space-intensive databases, and is leading the race for the adoption of Cloud technology as well.
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Further key findings from the report suggest
- The IT BFSI Market is estimated to reach USD 231.33 Billion by 2026, at a CAGR of 12.3% during the forecast period.
- The On-premise segment is anticipated to grow at a higher rate of 12.4% during the forecast period.
- The demand for this method is increasing, along with the growing adoption of the IT BFSI among corporate since it is effortless and time efficient.
- The market size large organization accounts for a larger share of 63.8% of the market in 2018.
- Various BFSI transactions by implementing IT have emerged rapidly due to the growing preference of customers to perform transactions effortlessly without any inconvenience.
- APAC is forecasted to be the fastest growing market with the highest rate of 13.1% during the forecast period.
- The drivers for the growth of this region are the presence of key players, favorable reimbursement policies, and rising use of technology in the emerging countries along with several initiatives taken by the government.
- Various players are developing strategies to mark their presence in the industry.
- RD initiatives by companies to improve enhanced products that have a broad application base are anticipated to create tremendous growth possibilities for industry participants.
- It is expected that, with the evolving technological advancements, BFSI organizations will include sources of deep business focus, pervasive analytics, pure agnosticism, open source, and extensive automation as architectural policies, to attain new levels of agility, scalability, and flexibility.
Key companies profiled in the report include:
Accenture, Adobe Systems, CA Technologies, Cognizant, IBM, Micro Focus, Microsoft, Oracle, SAP, Salesforce.
Deployment Outlook (Revenue, USD Million; 2018-2026)
- On-premises
- Cloud
Technology Outlook (Revenue, USD Million; 2018-2026)
- Cyber security
- Artificial Intelligence
- Business Intelligence
- ERP
- HCM
- ECM
- CRM
- Unified Communications
Organization Size Outlook (Revenue, USD Million; 2018-2026)
- Large Enterprises
- SMEs
Services Outlook (Revenue, USD Million; 2018-2026)
- Professional
- Managed
Based on Region market is segmented into:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East Africa
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