Dallas - April 1, 2022 /MarketersMEDIA/ —
Digital Transformation in Banking Financial Services and Insurance Industry (BFSI) Gets Tailwind from COVID-19 Outrage
The global digital transformation in banking, financial services, and insurance market is expected to reach USD 121.70 billion by 2025. Digital transformation in BFSI (banking financial services) is essentially in a nascent stage of development and is likely to brace new technological innovations in the coming years. These market highlights have been sourced from Adroit Market Research's recent business intelligence study aimed at simplifying decision making efforts to unsure robust growth outlook and stable revenue cycles. Recent activities spotted in the industry mainly focused on commercial agreements such as mergers and acquisitions to register a flourishing market progression. Need for operational advances such as transition from legacy infrastructure to more innovative and agile infrastructure ramps up advances in digital transformation in banking financial services and insurance sector.
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Digital transformation has had a major impact on a multitude of professional world practices and processes. Combined with smartphones and the internet, technology offers countless advantages for both clients and financial institutions. Previously, the consequences of digital conversion were unknown as the shift from manual to digital world worried individuals. The situation has now altered, though. With tighter legislation and evolving client requirements, economic apps and systems have become more agile and progressive. Digitalization has affected economic growth favorably and has accelerated innovation development. Many are discussing that economic growth does not exist, but the indications of future beneficial effect are quite noticeable. For instance, mobile money, mobile banking apps, and e-wallets.
Catastrophic developments such as the ongoing COVID-19 plight has helped rapid transformation of BFSI industry into digitally equipped infrastructure to offset the challenges of interrupted businesses. However, this transformation is a time intensive affair as many legacy practices and assts need to be upgraded to bring about complete digitization.
The pandemic has been catalyzing adoption of new technology to speed up and accelerate business outcome. The pandemic outrage has made digitization in BFSI a mass specific development, including new populations across rural and sub-urban pockets. Bridging the gaps between end-users and technology dissemination is however a time intensive affair and is thoroughly dependent on the user awareness levels.
With ample adoption of online channels is likely to trace new growth map for the industry. Growth in associated industries such as e-commerce and retail further add growth momentum as online buyers show higher interests for online payment channels. These developments are expected to assist in rapid transition into digital transformation.
As of 2018, the market for digital transformation in banking, financial services, and insurance is fragmented with global and domestic players. The market is a mix of different technology providers offering single services or multiple services. For instance, Amazon and Google offer multiple technologies such as cloud services, big data services, and artificial intelligence whereas companies such as Bitcoin.com, BitGo, and Coinbase offer only cryptocurrencies.
Moreover, the established companies are either merging or acquiring domestic and technology providers to boost their online offerings by using digital technologies such as cloud and big data. For instance, in June 2019, Trustly, a Swedish fintech company has agreed to merge with PayWithMyBank which is based in the U.S. This will help billers and merchants to accept payments from around millions of consumers across U.S. and Europe. The major companies covered in the report are IBM Corporation, Microsoft Corporation, Google, SAP, Oracle Corporation, Coinbase, Fujitsu, Cross Match Technologies, HID Global, and AlphaSense Inc.,
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Key segments of the global digital transformation in banking, financial services, and insurance market include:
Technology Overview, 2015-2025 (USD Billion)
Cloud Computing
Blockchain
Artificial Intelligence
Biometrics
Big Data
Others
Regional Overview, 2015-2025 (USD Billion)
North America
US
Canada
Europe
United Kingdom
Germany
France
Italy
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
Southeast Asia
Rest of Asia Pacific
Rest of the World
About Us:
Adroit Market Research is an India-based business analytics and consulting company. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
Contact Info:
Name: Ryan Johnson
Email: Send Email
Organization: Adroit Market Research
Website: https://www.adroitmarketresearch.com/industry-reports/digital-transformation-in-bfsi-market
Release ID: 89072456
