TechDogs-"Digital Transformation In BFSI Market To Reach $310.67 Billion, Globally, By 2032 At 16.6%% CAGR: Allied Market Research"

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Digital Transformation In BFSI Market To Reach $310.67 Billion, Globally, By 2032 At 16.6%% CAGR: Allied Market Research

By GlobeNewswire

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The growth of the global digital transformation in BFSI market is driven by increase in customize IT solutions for specific banking needs, exploration of digital channels to roll out new services, and surge in need of digital services among the fintech companies’ devices.

New Castle, Delaware, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled,Digital Transformation in BFSI Market Component (Solution, and Service) Deployment Model (On-Premise, and Cloud) Enterprise Size (Large Enterprises, and Small and Medium-sized Enterprises) Technology (Artificial Intelligence, Cloud Computing, Blockchain, Big Data and Business Analytics, Cyber Security, and Others) and End User (Banks, Insurance Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global digital transformation in BFSI industry generated $68.21 billion in 2022, and is anticipated to generate $310.67 billion by 2032, witnessing a CAGR of 16.6% from 2023 to 2032.     

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/10935  

Digital transformation in BFSI is a set of methodologies, tools and processes that is used for automating and digitizing activities in banking and fintech companies. It serves benefits like enhanced security features, better risk management process, automation of repetitive tasks 

Prime determinants of growth 

The key factors that impact on the growth of the market include the surge in need to improve the customer experience and increase in customizing of IT solutions for specific banking needs. In addition, exploration of digital channels to roll out new services at a faster pace drives the digital transformation in BFSI market growth across the globe. Furthermore, security and privacy concerns for confidential data is expected to affect the growth of the market to a certain extent. Moreover, an increase in adoption of advanced technology such as AI and machine learning is anticipated to influence the growth of the global market. 

Report coverage & details: 

Report Coverage  Details 
Forecast Period  2023–2032 
Base Year  2022 
Market Size in 2022  $68.21 billion 
Market Size in 2032  $310.67 billion 
CAGR  16.6% 
No. of Pages in Report  530 
Segments covered  Component, Deployment Mode, Enterprise Size, Technology, End User, and Region. 
Drivers  Increase in customize IT solutions for specific banking needs  Exploration of digital channels to roll out new services  Surge in need of digital services among the fintech 
Opportunities  Increase in adoption of advance technology AI and machine learning  Rise in adoption of digital services among developing nations of Asia-Pacific and LAMEA countries 
Restraints  Security and privacy concerns 

Covid-19 Scenario 

  • The pandemic forced BFSI companies to accelerate their digital transformation initiatives to meet the surge in demand for digital services. This led to the rapid adoption of digital channels, mobile apps, and online platforms, resulting in a more digitally-enabled customer base. With physical branches temporarily closed or operating under restrictions, BFSI companies turned to digital channels to serve customers, including those in remote and underserved areas. This promoted financial inclusion by expanding access to banking and insurance services.   
  •  Overall, increase in customer demand for online purchasing, surge in use of advance technologies in operation, and rise in use of innovative technology such as AI in business decision making capabilities, are some of the important factors that boosted adoption of digital transformation in BFSI industries during the COVID-19 outbreak. 

The big data and business analytics segment to maintain its leadership status throughout the forecast period 

Based on technology, the big data and business analytics segment held the highest market share in 2022, accounting for nearly one-third of the global digital transformation in BFSI market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the surge in adoption of big data analytics software by various organizations to deliver enhanced & faster decision-making and to provide competitive advantage by analyzing and acting upon information in a timely manner. However, the blockchain segment is projected to manifest the highest CAGR of 21.4% from 2023 to 2032, owing to the increase in need for transactions transparency & accountability, and greater adoption in cross-border payments. 

Want to Access the Statistical Data & Graphs, and Key Players' Strategies:  https://www.alliedmarketresearch.com/digital-transformation-in-bfsi-market/purchase-options  

The large enterprises segment to maintain its leadership status throughout the forecast period  

Based on enterprise size, the large enterprises segment held the highest market share in 2022, accounting for more than two-thirds of the global digital transformation in BFSI market revenue, owing to rise in different factors among the large enterprises which include assets protection, reputation management, supply chain risks, IP protection, and competitor analysis. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 18.6% from 2023 to 2032, 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.   

North America to maintain its dominance by 2032 

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global digital transformation in BFSI revenue. 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, the Asia-Pacific region is expected to witness the fastest CAGR of 19.7% from 2023 to 2032, and is likely to dominate the market 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. 

Leading Market Players: - 

  • Accenture 
  • Alphasense Inc. 
  • Cognizant 
  • FUJITSU 
  • Google, LLC 
  • HID Global Corporation 
  • International Business Machines Corporation 
  • Microsoft Corporation 
  • Oracle Corporation 
  • SAP SE 

Procure Complete Report (530 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3RjFcoq  

The report provides a detailed analysis of these key players of the global digital transformation in BFSI market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Key Benefits for Stakeholders 

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the digital transformation in BFSI market forecast from 2022 to 2032 to identify the prevailing digital transformation in BFSI market opportunity.  
  • Market research is offered along with information related to key drivers, restraints, and opportunities of digital transformation in BFSI market outlook. 
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. 
  •  In-depth analysis of the digital transformation in BFSI market segmentation assists in determining the prevailing digital transformation in BFSI market opportunity. 
  • Major countries in each region are mapped according to their revenue contribution to the global market. 
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
  • The report includes an analysis of the regional as well as global digital transformation in BFSI market trends, key players, market segments, application areas, and market growth strategies. 

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About Us:    

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.   

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.    

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First published on Tue, Oct 24, 2023

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Allied Market Research Digital Transformation Digital Lending Market BFSI Market

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