Choose License Type
Previously in 2018, the global digital transformation in banking, financial services, and insurance market was valued at USD 29.97 billion and is estimated to grow at an exponential growth rate over the forecast period. The major driving factors include increasing penetration of cloud-based services, adoption of new technologies by consumers, increasing investment in fintech, and development of new business models.
Digital transformation in banking, financial services, and insurance refers to all the companies that offer various technologies/solutions/services including cloud services, big data tools, biometric technology, blockchain services, and artificial intelligence solutions among others. The key players analyzed in digital transformation in the BFSI industry are IBM Corporation, Microsoft Corporation, Google, SAP, Oracle Corporation, Coinbase, Fujitsu, Cross Match Technologies, HID Global, and AlphaSense Inc.
Key segments of the global digital transformation in banking, financial services, and insurance market include:
Technology Overview, 2015-2025 (USD Billion)
Regional Overview, 2015-2025 (USD Billion)
Reasons for the study
What does the report include?
Who should buy this report?
This study is suitable for industry participants and stakeholders in the banking, financial services, and insurance Industry, who want an in-depth insight into the digital transformation market. The report will benefit:
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.
Moreover, their companies from both supply and demand sides are taking strategic measures to make the implementation process faster.
Based on technology, the global digital transformation in banking, financial services, and insurance market are categorized into cloud computing, big data, artificial intelligence, biometrics, and blockchain. The cloud computing technology dominated the global digital transformation in the BFSI industry in 2018 and is expected to do so over the forecast period. The advantage of cloud adoption in finance is undeniable. Financial services cloud technology speeds up new digital workflows that enable effective interdepartmental collaboration or collaboration between business and third parties. For company procedures such as HR and accounting, financial institutions use SaaS-based cloud applications. As employees and team leaders become comfortable with the implementation, it becomes incorporated with the key systems.
However, blockchain technology is witnessing a strong compounded annual growth rate of 78.5% over the forecast period. Blockchain is one of the trendiest digital tools these days. The financial services industry is regarded to have entered a fresh digital era with the introduction of Blockchain technology. This new technology has altered our way of thinking about operations, revolutionizing the economy. Blockchain technology stands out from all the techniques that perturbed vertical finance. Encrypted information blocks are regarded as currency in Blockchain technology and are shared during transactions. Blockchain technology uses sophisticated methods of encryption to check currency and transaction. Blockchain technology guarantees that information can be edited using the private key only by approved consumers who own the Blockchain portion. Smart Contract is one of Blockchain's most appealing apps. It automates trade agreements and transactions execution. Since Blockchain technology does not entertain intermediaries, smart contracts are regarded to be safer than traditional agreements that add costs for intermediaries. It is also thought that the technology of Blockchain will help to reduce fraud, enable efficient & cost effective trading and one time KYC process.
Based on region, the global digital transformation in the BFSI industry is categorized into North America, Europe, Asia Pacific and Rest of the World. North America dominated the overall market by occupying a 35.1% share in 2018 and estimated to maintain its position over the forecast period. The United States is one of the major markets for the development and implementation of new technologies across the world. Moreover, the country is a major headquarters for technology companies including Microsoft, Adobe, SAP, Google, IBM, and Amazon.
Asia Pacific is the fastest growing region which is expected to grow at a CAGR of 24.0% over the forecast period. China, India, South Korea, Japan, and Southeast Asian Countries are pushing the growth of digital transformation in banking, financial services and insurance market further. These countries are actively implementing and adopting new technologies in the BFSI industry. The penetration of cloud-based services has witnessed a strong demand over the last few years. Increasing use of smartphones coupled with the introduction of new mobile application for banking services had a positive impact on the market. Moreover, going forward with the development of new use cases coupled with emerging technologies such as blockchain and Artificial Intelligence the market for digital transformation is expected to pave the way for new opportunities.
Previously in 2018, the global digital transformation in banking, financial services, and insurance market was valued at USD 29.97 billion and is estimated to grow at an exponential growth rate over the forecast period. The major driving factors include increasing penetration of cloud-based services, adoption of new technologies by consumers, increasing investment in fintech, and development of new business models.
Digital transformation in banking, financial services, and insurance refers to all the companies that offer various technologies/solutions/services including cloud services, big data tools, biometric technology, blockchain services, and artificial intelligence solutions among others. The key players analyzed in digital transformation in the BFSI industry are IBM Corporation, Microsoft Corporation, Google, SAP, Oracle Corporation, Coinbase, Fujitsu, Cross Match Technologies, HID Global, and AlphaSense Inc.
Key segments of the global digital transformation in banking, financial services, and insurance market include:
Technology Overview, 2015-2025 (USD Billion)
Regional Overview, 2015-2025 (USD Billion)
Reasons for the study
What does the report include?
Who should buy this report?
This study is suitable for industry participants and stakeholders in the banking, financial services, and insurance Industry, who want an in-depth insight into the digital transformation market. The report will benefit:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Market drivers
3.2.2. Market restraints
3.2.3. Market opportunities
3.3. Porter’s Five Forces’ analysis
3.4. Value chain analysis
Chapter 4. Digital Transformation in Banking, Financial Services, and Insurance Market Overview, By Technology
4.1. Global digital transformation in banking, financial services, and insurance market share, by technology, 2018 & 2025
4.2. Cloud Computing
4.2.1. Market size and projections, 2015-2025 (USD Million)
4.3. Blockchain
4.3.1. Market size and projections, 2015-2025 (USD Million)
4.4. Artificial Intelligence
4.4.1. Market size and projections, 2015-2025 (USD Million)
4.5. Biometrics
4.5.1. Market size and projections, 2015-2025 (USD Million)
4.6. Big Data
4.6.1. Market size and projections, 2015-2025 (USD Million)
Chapter 5. Digital Transformation in Banking, Financial Services and Insurance Market Overview, By Region
5.1. Global digital transformation in banking, financial services and insurance market share, by region, 2018 & 2025
5.1.1. North America
5.1.1.1. Market size and projections, 2015-2025 (USD Million)
5.1.1.2. US
5.1.1.2.1. Market size and projections, 2015-2025 (USD Million)
5.1.1.3. Canada
5.1.1.3.1. Market size and projections, 2015-2025 (USD Million)
5.1.2. Europe
5.1.2.1. Market size and projections, 2015-2025 (USD Million)
5.1.2.2. Germany
5.1.2.2.1. Market size and projections, 2015-2025 (USD Million)
5.1.2.3. United Kingdom
5.1.2.3.1. Market size and projections, 2015-2025 (USD Million)
5.1.2.4. France
5.1.2.4.1. Market size and projections, 2015-2025 (USD Million)
5.1.2.5. Italy
5.1.2.5.1. Market size and projections, 2015-2025 (USD Million)
5.1.2.6. Rest of Europe
5.1.2.6.1. Market size and projections, 2015-2025 (USD Million)
5.1.3. Asia Pacific
5.1.3.1. Market size and projections, 2015-2025 (USD Million)
5.1.3.2. China
5.1.3.2.1. Market size and projections, 2015-2025 (USD Million)
5.1.3.3. India
5.1.3.3.1. Market size and projections, 2015-2025 (USD Million)
5.1.3.4. Japan
5.1.3.4.1. Market size and projections, 2015-2025 (USD Million)
5.1.3.5. South Korea
5.1.3.5.1. Market size and projections, 2015-2025 (USD Million)
5.1.3.6. Southeast Asia
5.1.3.6.1. Market size and projections, 2015-2025 (USD Million)
5.1.3.7. Rest of Asia Pacific
5.1.3.7.1. Market size and projections, 2015-2025 (USD Million)
5.1.4. Rest of the World
5.1.4.1. Market size and projections, 2015-2025 (USD Million)
Chapter 6. Company Profiles
6.1. IBM Corporation
6.1.1. Company overview
6.1.2. Product offerings
6.1.3. Financial performance
6.1.4. Recent initiatives
6.2. Microsoft Corporation
6.2.1. Company overview
6.2.2. Product offerings
6.2.3. Financial performance
6.2.4. Recent initiatives
6.3. Google
6.3.1. Company overview
6.3.2. Product offerings
6.3.3. Financial performance
6.3.4. Recent initiatives
6.4. SAP
6.4.1. Company overview
6.4.2. Product offerings
6.4.3. Financial performance
6.4.4. Recent initiatives
6.5. Oracle Corporation
6.5.1. Company overview
6.5.2. Product offerings
6.5.3. Financial performance
6.5.4. Recent initiatives
6.6. Coinbase
6.6.1. Company overview
6.6.2. Product offerings
6.6.3. Financial performance
6.6.4. Recent initiatives
6.7. Fujitsu
6.7.1. Company overview
6.7.2. Product offerings
6.7.3. Financial performance
6.7.4. Recent initiatives
6.8. Cross Match Technologies
6.8.1. Company overview
6.8.2. Product offerings
6.8.3. Financial performance
6.8.4. Recent initiatives
6.9. HID Global
6.9.1. Company overview
6.9.2. Product offerings
6.9.3. Financial performance
6.9.4. Recent initiatives
6.10. AlphaSense Inc.
6.10.1. Company overview
6.10.2. Product offerings
6.10.3. Financial performance
6.10.4. Recent initiatives