Rising need for digital services among FinTech companies, exploration of digital channels to deploy new services, and rise of IT solutions for specific banking needs are driving the growth of global digital transformation in the BFSI market
PORTLAND, Oregon., April 20, 2021 / PRNewswire / – Allied Market Research published a report titled, “Digital transformation in the BFSI market by component (solution and service), deployment model (on-premise and cloud), company size (large enterprises and small and medium-sized enterprises), end user (banks, insurance companies and others) and technology (Artificial Intelligence, Cloud Computing, Blockchain, Big Data and Business Analytics, Cybersecurity and others): Global Opportunity Analysis and Industry Forecast, 2020-2027. ” According to the report, the world digital transformation in the BFSI industry generated $ 52.44 billion in 2019, and should collect $ 164.08 billion by 2027, registering a CAGR of 15.4% from 2020 to 2027.
Drivers, constraints and opportunities
The rise in the need for digital services among financial technology companies, the exploration of digital channels to deploy new services, and the rise of customized IT solutions for specific banking needs are driving the growth of the global digital transformation in the market. BFSI. However, security and privacy concerns are hampering the growth of the market. On the other hand, increasing adoption of advanced technology, AI and machine learning and increasing adoption of digital services in developing countries of Asia Pacific and LAMEA present new opportunities in the years to come.
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- The pandemic epidemic has drastically pushed the demand for blockchain technology in the BFSI industry. This is mainly due to the large number of banking and fintech industries adopting blockchain technology to provide secure and secure transaction channels to their customers.
- In addition, factors such as the increased need for transparency and accountability of transactions, and greater adoption of cross-border payments are propelling the requirement of blockchain technology into the pandemic situation.
The solutions segment to maintain its leading position throughout the forecast period
On a component basis, the solutions segment contributed the highest market share in 2019, accounting for almost three quarters of the global digital transformation in the BFSI market, and is expected to maintain its leadership position throughout the forecast period. This is due to an increased focus on customer acquisition among bankers, an increase in investments in solutions for faster processing of loans and management of the communication established between banking professionals and clients. However, the services segment is expected to experience the highest CAGR of 18.3% from 2020 to 2027, due to fast (2-3 days) deliveries of goods offered by these services around the world.
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The big data and analytics segment to maintain its leadership status during the forecast period
Based on the vertical sector, the big data and industry analytics segment held the highest market share, contributing nearly one-third of the global digital transformation of the BFSI market in 2019, and will maintain its leadership status during the forecast period. This is due to the strong adoption of big data analysis software by various organizations to provide improved and faster decision making and to provide competitive advantage by analyzing and acting on information in a timely manner. However, the blockchain segment is expected to represent the highest CAGR of 19.6% from 2020 to 2027. This is attributed to factors such as increasing need for transparency and accountability of transactions and greater adoption in cross-border payments.
North America continues to dominate in terms of turnover by 2027
Based on region, North America contributed to the highest share in 2019, holding nearly two-fifths of the global digital transformation in the BFSI market, and will continue its dominant share in terms of revenue by 2027. The demand for digital transformation in BFSI is growing in the North America due to the number of market players who have engaged in various developments such as partnership, product launch and collaboration. However, the market through Asia Pacific The region is expected to maintain the fastest CAGR of 18.1% during the forecast period. This is attributed to the growth of the banking and financial industry in developing countries of China and India and the boom in digitization in various developing countries.
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Main market players
- Alphasense Inc.
- Google, LLC
- HID Global Corporation
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE.
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