Market Overview:
The global digital transformation in banking, financial services, and insurance market is expected to grow at a CAGR of 16.8% during the forecast period from 2018 to 2030. The growth of this market can be attributed to the increasing adoption of cloud computing, blockchain technology, artificial intelligence (AI), biometrics, and big data analytics by banks, financial service providers (FSPs), and insurers worldwide. Cloud computing is one of the most widely adopted technologies for digital transformation in banking, financial services, and insurance sector as it helps organizations reduce costs associated with infrastructure maintenance and management. The global cloud computing market is expected to grow at a CAGR of 17% during the forecast period from 2018 to 2030. Blockchain technology is another key technology that is being adopted for digital transformation in banking sector as it helps reduce fraudulent activities such as identity theft and money laundering. The global blockchain technology market is expected to grow at a CAGR of 31% during the forecast period from 2018 to 2030. AI-based solutions are also being increasingly adopted by banks for customer engagement purposes such as fraud detection & prevention, customer segmentation & targeting etc., AI-based chatbots are also used by FSPs for account opening processes which has led to reduced processing time by up-to 70%.
Product Definition:
The definition of digital transformation in banking, financial services, and insurance is the application of technology to improve the customer experience, make processes more efficient and effective, and create new opportunities for growth. The importance of digital transformation in banking, financial services, and insurance is that it can help organizations stay competitive by improving customer engagement, speeding up processes, and creating new opportunities for growth.
Cloud Computing:
Cloud computing is a part of digital transformation in the BFSI industry that helps improve customer experience and business operations. It offers shared computer resources over a network allowing users to access data from remote locations. The technology assists organizations in reducing costs associated with IT infrastructure, application development, software maintenance & support along with storage facilities and servers thereby providing flexibility to adapt to change.
Blockchain:
Blockchain is a digital record of data or information that is maintained in a decentralized manner and can be accessed by multiple users. The technology behind blockchain enables transparent, secure, and efficient transfer of data. It helps organizations to move away from traditional infrastructure-based systems to modern distributed ledgers.
The technology offers four key benefits which include transparency & traceability, efficiency & accuracy, security & reliability along with collaboration between banks for better management of financial services.
Application Insights:
The banking sector is expected to emerge as the dominant segment over the forecast period. The adoption of digital technologies in banks has been rising steadily over the past few years. This trend is expected to continue during the forecast period, thereby driving demand for DaaS platforms in this segment.
Global digital transformation in banking, financial services,.
Digital technologies have enabled banks to offer their customers more convenient and innovative products and services while improving operational efficiency across all channels of communication with customers (phone/internet). These benefits are likely to drive demand for DaaS platforms among banks during the forecast period. However, there are certain risks associated with adopting cloud computing that need consideration before implementation: 1) data loss & cyber-attacks; 2) downtime; 3) cost increase; 4) migration issues etc.
Regional Analysis:
The North American regional market is anticipated to dominate the global market over the forecast period. The growth can be attributed to increasing investments in digital transformation projects by banks and financial services firms in order to meet customer demands, improve operational efficiency, and reduce costs. Moreover, growing adoption of cloud computing technologies across various industries including banking has led them to start exploring potential use cases for DaaS solutions. This factor is also expected drive demand for digital transformation solutions across this region during the forecast period.
However, Asia Pacific is projected to emerge as a prominent regional market over the next eight years owing its rapidly developing economy coupled with increased spending on technology infrastructure by several large enterprises such as Google Inc., Samsung Electronics Co., Ltd., BSNL among others seeking improved operating efficiencies are some factors driving growth in this region.
Growth Factors:
- Increased customer demand for digital banking and financial services: Customers are increasingly demanding more digital banking and financial services options, such as online account management, mobile banking, and 24/7 customer service. Financial institutions that can provide a superior digital experience will be more successful in attracting and retaining customers.
- The need to compete with new fintech startups: Financial institutions are facing increasing competition from innovative fintech startups that are developing new technologies and business models to disrupt the traditional banking sector. To stay competitive, banks and other financial services providers must embrace digital transformation in order to improve their product offerings, increase efficiency, reduce costs, and improve customer satisfaction.
- The growth of mobile payments: The use of smartphones for making payments is growing rapidly around the world as consumers become more comfortable with using their phones for this purpose. Financial institutions that want to remain competitive need to develop mobile payment solutions that allow customers to make transactions quickly and easily using their smartphones or other devices.
Scope Of The Report
Report Attributes
Report Details
Report Title
Digital transformation in Banking, Financial Services, and Insurance Market Research Report
By Type
Cloud Computing, Blockchain, Artificial Intelligence, Biometrics, Big Data, Others
By Application
Banking, Financial Services, Insurance
By Companies
IBM Corporation, Microsoft Corporation, Google, SAP, Oracle Corporation, Coinbase, Fujitsu, Cross Match Technologies, HID Global, AlphaSense Inc.
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
232
Number of Tables & Figures
163
Customization Available
Yes, the report can be customized as per your need.
Global Digital transformation in Banking, Financial Services, and Insurance Market Report Segments:
The global Digital transformation in Banking, Financial Services, and Insurance market is segmented on the basis of:
Types
Cloud Computing, Blockchain, Artificial Intelligence, Biometrics, Big Data, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Banking, Financial Services, Insurance
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- IBM Corporation
- Microsoft Corporation
- Google
- SAP
- Oracle Corporation
- Coinbase
- Fujitsu
- Cross Match Technologies
- HID Global
- AlphaSense Inc.
Highlights of The Digital transformation in Banking, Financial Services, and Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud Computing
- Blockchain
- Artificial Intelligence
- Biometrics
- Big Data
- Others
- By Application:
- Banking
- Financial Services
- Insurance
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Digital transformation in Banking, Financial Services, and Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Digital transformation is the process of transforming an organization’s business processes and systems to enable them to operate in a digital world. In banking, financial services, and insurance, this can include everything from upgrading outdated software to creating new customer-facing applications that allow customers to conduct transactions online or through mobile devices.
Some of the key players operating in the digital transformation in banking, financial services, and insurance market are IBM Corporation, Microsoft Corporation, Google, SAP, Oracle Corporation, Coinbase, Fujitsu, Cross Match Technologies, HID Global, AlphaSense Inc..
The digital transformation in banking, financial services, and insurance market is expected to register a CAGR of 16.8%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Digital transformation in Banking, Financial Services, and Insurance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Digital transformation in Banking, Financial Services, and Insurance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Digital transformation in Banking, Financial Services, and Insurance Market - Supply Chain
4.5. Global Digital transformation in Banking, Financial Services, and Insurance Market Forecast
4.5.1. Digital transformation in Banking, Financial Services, and Insurance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Digital transformation in Banking, Financial Services, and Insurance Market Size (000 Units) and Y-o-Y Growth
4.5.3. Digital transformation in Banking, Financial Services, and Insurance Market Absolute $ Opportunity
5. Global Digital transformation in Banking, Financial Services, and Insurance Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Type
5.3.1. Cloud Computing
5.3.2. Blockchain
5.3.3. Artificial Intelligence
5.3.4. Biometrics
5.3.5. Big Data
5.3.6. Others
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Digital transformation in Banking, Financial Services, and Insurance Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Application
6.3.1. Banking
6.3.2. Financial Services
6.3.3. Insurance
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Digital transformation in Banking, Financial Services, and Insurance Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Digital transformation in Banking, Financial Services, and Insurance Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Digital transformation in Banking, Financial Services, and Insurance Demand Share Forecast, 2019-2029
9. North America Digital transformation in Banking, Financial Services, and Insurance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Application
9.4.1. Banking
9.4.2. Financial Services
9.4.3. Insurance
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Type
9.7.1. Cloud Computing
9.7.2. Blockchain
9.7.3. Artificial Intelligence
9.7.4. Biometrics
9.7.5. Big Data
9.7.6. Others
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Digital transformation in Banking, Financial Services, and Insurance Demand Share Forecast, 2019-2029
10. Latin America Digital transformation in Banking, Financial Services, and Insurance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Application
10.4.1. Banking
10.4.2. Financial Services
10.4.3. Insurance
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Type
10.7.1. Cloud Computing
10.7.2. Blockchain
10.7.3. Artificial Intelligence
10.7.4. Biometrics
10.7.5. Big Data
10.7.6. Others
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Digital transformation in Banking, Financial Services, and Insurance Demand Share Forecast, 2019-2029
11. Europe Digital transformation in Banking, Financial Services, and Insurance Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Application
11.4.1. Banking
11.4.2. Financial Services
11.4.3. Insurance
11.5. Basis Pint Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Type
11.7.1. Cloud Computing
11.7.2. Blockchain
11.7.3. Artificial Intelligence
11.7.4. Biometrics
11.7.5. Big Data
11.7.6. Others
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Digital transformation in Banking, Financial Services, and Insurance Demand Share, 2019-2029
12. Asia Pacific Digital transformation in Banking, Financial Services, and Insurance Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Application
12.4.1. Banking
12.4.2. Financial Services
12.4.3. Insurance
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Type
12.7.1. Cloud Computing
12.7.2. Blockchain
12.7.3. Artificial Intelligence
12.7.4. Biometrics
12.7.5. Big Data
12.7.6. Others
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Digital transformation in Banking, Financial Services, and Insurance Demand Share, 2019-2029
13. Middle East & Africa Digital transformation in Banking, Financial Services, and Insurance Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Application
13.4.1. Banking
13.4.2. Financial Services
13.4.3. Insurance
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Digital transformation in Banking, Financial Services, and Insurance Market Size and Volume Forecast by Type
13.7.1. Cloud Computing
13.7.2. Blockchain
13.7.3. Artificial Intelligence
13.7.4. Biometrics
13.7.5. Big Data
13.7.6. Others
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Digital transformation in Banking, Financial Services, and Insurance Demand Share, 2019-2029
14. Competition Landscape
14.1. Global Digital transformation in Banking, Financial Services, and Insurance Market: Market Share Analysis
14.2. Digital transformation in Banking, Financial Services, and Insurance Distributors and Customers
14.3. Digital transformation in Banking, Financial Services, and Insurance Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. IBM Corporation
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Microsoft Corporation
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Google
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. SAP
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Oracle Corporation
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Coinbase
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Fujitsu
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Cross Match Technologies
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. HID Global
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. AlphaSense Inc.
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMP
