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2021
Digital Transformation In Bfsi Market

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
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A10570
Pages: 280
Mar 2021 | 5734 Views
Author(s) : Pramod Borasi, Vaibhav Modi , Vineet Kumar
Tables: 178
Charts: 86
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global digital transformation in BFSI market size was valued at $52.44 billion in 2019, and is projected to reach $164.08 billion by 2027, growing at a CAGR of 15.4% from 2020 to 2027. Digital transformation in BFSI is a set of methodologies, tools and processes that is used by modern companies to improve their operational activities and to enhance their sales. The key objective of digital transformation in BFSI is to automate, and digitize processes in the banking & fintech organizations and to streamline critical process of the organization. Numerous benefits are associated with digital transformation in BFSI which include enhance security features, better risk management process, automation of repetitive tasks and others. 

The pandemic has significantly pushed the demand for blockchain technology in the BFSI industry. This is mainly attributed due to large number of banking and fintech industries adopting blockchain technology for providing secure and safe transaction channels for their customers. In addition to this, factors such as increase in need for transactions transparency and accountability, and greater adoption in cross-border payments drive the growth of blockchain technology in the pandemic situation.

The key factors that drive the growth of the global digital transformation in BFSI market trends include increase in adoption of digital technology by various banks and surge in need of digital services among the fintech 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 digital transformation in BFSI market growth. On the contrary, increase 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. 

Digital-Transformation-in-BFSI-Market

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The large enterprises segment dominated the digital transformation in BFSI industry in 2019 and is projected to maintain its dominance during the forecast period, owing to rise in different factors among the large enterprises which include assets protection, reputation management, supply chain risks, IP protection, and competitor analysis. Furthermore, the small & medium enterprises are expected to grow at a significant CAGR during the forecast period, owing to surge in the adoption of digital services among SMEs to upsurge their revenue opportunities and to increase their market value across the globe.

Region wise, the digital transformation in BFSI market share was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to increase in demand to transform traditional business operations into digital across the region and rapid adoption of IoT solutions, mobile devices, and cloud technology among the banking and fintech industries. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rise in investment in digital transformation solution by various venders in order to prevent and detect threats at early stages.

The report focuses on the growth prospects, restraints, and trends of digital transformation in BFSI market analysis. The study provides porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on global digital transformation in BFSI market.

Digital Transformation in BFSI Market
By Component

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Solution is projected as one of the most lucrative segments.

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Segment review

The global digital transformation in BFSI market 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.

Digital Transformation in BFSI Market
By Deployment Model

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On-Premise is projected as one of the most lucrative segments.

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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 digital transformation in BFSI industry. 

Digital Transformation in BFSI Market
By Enterprise Size

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Large Enterprises is projected as one of the most lucrative segments.

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Covid-19 Impact Analysis

The emergence of COVID-19 is expected to have a considerable impact on the growth of the digital transformation in BFSI market revenue. The spending on the digital transformation is expected to increase compared to the spending planned before this pandemic, owing to increase in COVID-19 patients across the globe. Furthermore, COVID-19 pandemic has brought radical changes to daily lives of people, work, and the surrounding environment. The current estimation of 2027 is projected to be significantly higher than pre-COVID-19 estimates. It is expected to grow significantly at a higher CAGR in the coming years, owing to working from home (WFH), social distancing, and digital transformation of businesses. These factors have become the key components in the emergence of business messaging as the ideal channel to communicate with consumers. 

Digital Transformation in BFSI Market
By End User

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Banks is projected as one of the most lucrative segments.

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Top Impacting Factors

Surge in need of digital services among the fintech

Increase in need of digital service among the fintech solution providers is one of the most prominent ways to accelerate digital transformation in BFSI market growth. In addition, banks and fintechs are digitizing their asset for providing increasing customer retention rate and to provide customers with enhance services. Furthermore, digital financial service helps banks to increase their productivity speed and to provide transparency of fund transactions to their clients. In addition, increase in demand for digital service among the fintech solution owing to rise in need to understand the basic needs of the customers drives the growth of the digital transformation in BFSI market.

Digital Transformation in BFSI Market
By Technology

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Big Data & Business Analytics is projected as one of the most lucrative segments.

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Exploration of digital channels to roll out new services

Many organizations are adopting digital channels for upgrading their system to improve customer experience. In addition to this, most of the banking and fintech organizations are adopting digital channel that focused on enhancing the speed of the transaction processing and improving user experience of financial services. Furthermore, the penetration of fifth generation wireless (5G) technology in the banking sector is enabling consumers to faster data transmission and uninterrupted connectivity at the payment processing time. In addition, increase in adoption of mobile and online banking apps among the general public is allowing them to transfer fund immediately and receiving financial details instantly. This is becoming a permanent change as customers are comfortable to use online/mobile banking channels and reducing visit to branch. Therefore, exploration of digital channels to roll out new services is considered as an important factor to boost digital transformation in BFSI market.

Digital Transformation in BFSI Market
By Region

2027
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 18.1% during 2020-2027.

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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 the global digital transformation in BFSI market share 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 digital transformation in BFSI 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
    • U.S.
    • Canada
  • Europe 
    • UK
    • Germany 
    • France
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia-Pacific 
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Singapore
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America 
    • Middle East 
    • Africa
 

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The adoption of digital transformation in BFSI has increased over time to improve business insights of organizations and to reduce operational cost of the organization as well as to streamline the business process. In addition, digital transformation helps banks and financial institutions to know what the people actually want & help the organization to fulfil the customer requirement and to strengthen customer engagement with personalized offerings. Furthermore, many banking and insurance industries are investing heavily in digital transformation to evaluate their current limitations and obstacles and reduce fraudulent activities in the organization. In addition, various financial institutions are adopting digital transformation in the pandemic situation to carry out various routine issues, which include review of budget and others.

The key providers of digital transformation in BFSI solution includes International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Cognizant and Google, LLC account for a significant share in the market. According to industry experts, although the digital transformation is a new technology, it is still expected to witness increased adoption in the upcoming years, owing to exploration of digital channels to roll out new services at a faster pace and surge in need to streamline business by the insurance vendors. In addition to this, small business users are the major users of digital transformation. Therefore, increase in number of small banking, fintech and other industries in developing nations, such as China, India, Japan, and Thailand, is expected to provide lucrative opportunity for the market growth. North America is expected to dominate the market during the forecast period while emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities.

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