The global demand for Digital Transformation in BFSI Market is presumed to reach the market size of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period 2022 - 2028.
Digital transformation in BFSI refers to multiple changes in the banking and financial sectors to integrate various fintech solutions to automate, optimize, and digitize routine processes and increase data safety. It can encompass multiple large and small changes that can reshape the methods and technologies used in the financial sector. The various solutions used are data encryption, online banking applications, virtual assistants, Know Your Customer software, etc. The benefits offered by digital transformation are improved security on all levels of data handling, better analysis and risk management for banking operations, automation of repetitive tasks, and the ability to customize. Though it involves an expensive set of measures, if implemented strategically can lead to maximum benefits.
Market Dynamics
The banking and financial sector striving hard to adopt modern methods and integrate digital technologies into their operation routines will be the primary stimulant for Digital Transformation in the BFSI market. The rapid adoption of IoT solutions, blockchain, artificial intelligence, and cloud technology in the banking and financial sectors will benefit market growth. The huge penetration of the internet and mobile devices worldwide will positively impact the development of this market. Adopting digital solutions increasing the productivity, profits, and efficiency of the banking and financial sectors will further propel market growth. The movement towards a cashless economy and the introduction of digital currencies will be a market booster. High costs involved in implementing and maintaining digital technology, data security & privacy concerns, and cyber-attacks are few factors that can hamper the market growth.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of digital transformation in bfsi. The growth and trends of digital transformation in bfsi industry provide a holistic approach to this study.
Market Segmentation
This section of the digital transformation in bfsi market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Component
By Deployment Model
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By End User
- Banks
- Insurance Companies
- Others
By Technology
- Artificial Intelligence
- Cloud Computing
- Blockchain
- Big Data and Business Analytics
- Cyber Security
- Other
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Digital Transformation in BFSI market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Digital Transformation in BFSI Market Share by Region (Representative Graph)
Know more about this report: Download free sample
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the digital transformation in bfsi market include Accenture, Alphasense Inc., Cognizant, FUJITSU, Google, LLC, HID Global Corporation, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation and SAP SE.. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.