Digital Transformation in BFSI Market by Component (Solution and Service), Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), End User (Banks, Insurance Companies and Others), and Technology (Artificial Intelligence, Cloud Computing, Blockchain, Big Data and Business Analytics, Cyber Security and Other): Global Opportunity Analysis and Industry Forecast, 2020–2027
Digital transformation is a method of using digital technology for changing current business approaches into more advance and technologically driven business approaches for increasing customer satisfaction and to enhance revenue opportunities. In addition to this, various banks, fintech and insurance companies are adopting digital banking platform for increasing transparency among the enterprises and to building more trust among the employees. Furthermore, various insurance companies across the globe are adopting digital transformation to increase productivity of employees as well as to save time and resources of the company. The key factors that drive the growth of the global digital transformation in BFSI market include increase in adoption of digital technology by various banks and surge in need of digital services among the fintechs to enhance and to improve the customer experience. In addition, increase in customize IT solutions for specific banking need positively impacts the growth of the market. However, high implementation and maintenance cost of digital technology and security & privacy concerns related to data theft and cyber-attacks is expected to hamper the market growth. On the contrary, increase in adoption of advance technology such as AI and machine learning among the companies is expected to offer remunerative opportunities for the expansion of the global market during the forecast period. The global digital transformation in BFSI is segmented on the basis of component, deployment model, enterprise size, end user, technology and region. In terms of component, the market is segmented into solution and service. By deployment model, the market is divided into on-premises and cloud. In terms of enterprise size, the market is segmented into large enterprises and small & medium enterprises. As per end user, the market is bifurcated into banks, insurance companies and others. On the basis of technology, it is divided into artificial intelligence, cloud computing, blockchain, big data and business analytics, cyber security and other. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The key players operating in the global 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS • The study provides an in-depth analysis of global digital transformation in BFSI market forecast along with the current trends and future estimations to elucidate the imminent investment pockets. • Information about key drivers, restraints, and opportunities and their impact analysis on global market is provided in the report. • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry. • The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.
Key Market Segments
By Component • Solution • Service
By Deployment Model • On-premise • Cloud
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
By Region • North America o U.S. o Canada • Europe o UK o Germany o France o Italy o Spain o Netherlands o Rest of Europe
• Asia-Pacific o China o India o Japan o Australia o South Korea o Singapore o Rest of Asia-Pacific
• LAMEA o Latin America o Middle East o Africa
KEY MARKET PLAYERS • Accenture • Alphasense Inc. • Cognizant • FUJITSU • Google, LLC • HID Global Corporation • International Business Machines Corporation • Microsoft Corporation • Oracle Corporation • SAP SE
Our reports have been used by over 10K customers, including:
This IDC study discusses worldwide storage software market shares of 2020."As digital transformation efforts were spurred on by the global pandemic, more organizations embraced a hybrid/multicloud architecture both to address their secondary storage needs and to deploy new cloud-native applications," said Lucas Mearian, research manager, Storage...
This IDC study provides a benchmark for organizations to compare themselves against their peers in relation to their progress toward becoming an IT organization for the business of the future."Organizations are making significant changes and investments in digital infrastructure and infrastructure management to continuously develop new capabilities...
Traditional inspection approaches for solar and wind farms require are labor intensive and time-consuming techniques. The experts have to be dispatched to the fields, capture the photos, and perform the inspection tasks.
In some cases, the image may not be complete and clear as needed, which causes difficulties for further diagnosis...
This IDC study provides historical market share data (2016-2020) for the worldwide server market. The historical data illustrates top server vendor shares overall and by product (form factor). IDC has reported vendor shares in vendor revenue and units for the total market and in vendor revenue for the product segment views."Ultimately, the...
This IDC Market Perspective discusses the state of IoT in South Africa, including business use cases, challenges, partnerships, and strategies. The report also provides a competitive view of the IoT landscape and serves as guidance for local and international IoT ecosystem players seeking opportunities in South Africa."Despite many impediments...
The upstream oil and gas (O&G) industry is increasingly focused on cutting costs and improving recovery rates through radical innovation and digital transformation. The Start-Up Tracker is a resource to help the upstream industry identify providers with specific solutions to industry challenges.
The tracker provides a rich database...
186 pages •
By Global Industry Analysts
• Apr 2021
- Global Retail Digital Transformation Market to Reach $12.7 Trillion by 2027
- Amid the COVID-19 crisis, the global market for Retail Digital Transformation estimated at US$3.4 Trillion in the year 2020, is projected to reach a revised size of US$12.7 Trillion by 2027, growing at aCAGR of 20.6% over the...
This IDC PlanScape provides a road map for hospitality and travel companies to leverage digital signage to deliver on business outcomes by enhancing customer and employee experiences and engagement, driving ROI and improving operations."Self-directed experiences have been a persistent component of digital transformation road maps, but COVID-19...
This IDC Perspective focuses on physical infrastructure that can potentially be accessed by unauthorized third parties, based on location. As our global economy transforms into the digital economy, one that leverages data in real time and integrates into digitally enhanced products, services, and experiences, the cost and impact from digital...
This IDC study shows that communications SPs are advancing their business IT and network operations systems to support new 5G-based services while continuing to reduce the cost of supporting existing customers tied to already-deployed network technology. IT spending will continue its course and could possibly exceed previously forecast levels...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.