According to a new report, published by KBV research, The Global Digital Transformation in BFSI Market size is expected to reach $215 billion by 2030, rising at a market growth of 15.8% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 16.8% during (2023 - 2030). Digital transformation services in the BFSI sector improve customer experience, operational efficiency, security, and innovation. These benefits not only enhance the competitiveness of financial institutions but also result in more convenient and efficient financial services for customers. Digital services enhance anti-money laundering (AML) and know your customer (KYC) processes, reducing compliance-related risks.
The Banks segment is leading the Global Digital Transformation in BFSI Market, By End User in 2022 thereby achieving a market value of $132.4 billion by 2030. Banks are increasingly opening their application programming interfaces (APIs) to third-party developers. This allows FinTech’s and other financial institutions to build and offer complementary services using the bank's infrastructure, such as payment apps and financial management tools. Banks support adopting digital payments by providing services like mobile wallets, contactless payments, and peer-to-peer payment platforms.
The Small & Medium Enterprises segment has shown the high growth rate of 18.1% during (2023 - 2030). SMEs, particularly fintech startups, drive innovation in BFSI by developing specialized digital solutions. They offer innovative payment systems, lending platforms, and insurance technologies. Some SMEs are adopting RPA to automate routine, rule-based tasks in BFSI, such as data entry and document processing. This improves efficiency and reduces errors in financial processes.
The On premise segment acquired the highest revenue share in the Global Digital Transformation in BFSI Market, By Deployment Type in 2022 thereby achieving a market value of $117.6 billion by 2030. Enhanced control over sensitive customer data and critical financial transactions due to on-premise reduces the risk of data breaches. On-premises deployment typically leads to lower data transfer times and reduced latency in processing transactions, which can be crucial in financial operations.
The Cloud Computing segment would display a CAGR of 16.6% during (2023 - 2030). The BFSI sector offers a wide range of services, including cloud services for value-based payments in health insurance and insurance data sharing. Cloud-native development enables faster application development and deployment cycles, fostering innovation and agility in developing new financial products and services.
The North America region dominated the Global Digital Transformation in BFSI Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $76.4 billion by 2030. The Europe market is anticipated to grow at a CAGR of 15.4% during (2023 - 2030). Additionally, The Asia Pacific market would witness a CAGR of 16.7% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/digital-transformation-in-bfsi-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of HID Global Corporation (Assa Abloy AB), Google LLC (Alphabet Inc.), Microsoft Corporation, SAP SE, Oracle Corporation, Alphasense, Inc., Accenture PLC, Cognizant Technology Solutions Corporation, Fujitsu Limited, and IBM Corporation.
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By End User
By Enterprise Size
By Deployment Type
By Technology
By Geography
Companies Profiled
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