PUNE, India, November 28, 2017 /PRNewswire/ —
According to a new market research report “IT BFSI Market by Component (Technology Type (ECM, CRM, HCM, ERP, Artificial Intelligence, Business Intelligence, Unified Communications), and Services), Organization Size, Deployment Type (Cloud and On-Premises), and Region – Global Forecast to 2022“, published by MarketsandMarkets™ the market size is expected to grow from USD 82.06 Billion in 2017 to USD 149.74 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period.
Browse 55 Market Data Tables and 25 Figures spread through 134 Pages and in-depth TOC on “IT BFSI Market“
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Increasing need to enhance customer experience and customized IT solutions launched by IT vendors to match the specific BFSI needs are major factors driving the growth of IT BFSI Market.
Cyber security technology type is expected to contribute to the largest market share during the forecast period
The BFSI vertical is one of the major targets for cyber criminals, considering the sensitive information it holds. The vertical collects vital data including customers’ financial and other personal information and employee information. Therefore, the BFSI vertical is always on the radar of cyber security product and service vendors. With the advancements in cyber-attacks, the BFSI organizations face significant challenges to safeguard their databases from internal and external hackers. This is a major factor that contributes to the high adoption of cyber-security solutions in the BFSI vertical. This vertical is always improving its processing and transaction technologies. Also, the vertical continues to introduce new and improved financial products and services to improve its business operations. Cybercriminals are attracted toward this vertical to grab sensitive customer information. The stringent government regulations are another major factor that drives the adoption of cyber security solutions in the BFSI vertical.
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SMEs segment is expected to grow at a higher CAGR during the forecast period.
Contribution from SMEs to the IT BFSI Market is comparatively low. However, SMEs are expected to create potential opportunities for IT vendors in the future. Proliferation of internet services is one of the major factors that have encouraged small and medium-sized banks to use advanced IT technologies to better serve their