Market Overview:
The global IT spending in financial services market is expected to grow at a CAGR of 7.5% during the forecast period 2018-2030. The market is segmented on the basis of type, application and region. On the basis of type, the market is segmented into services, software and hardware. Services accounted for majority share in 2017 and is expected to maintain its dominance during the forecast period owing to increasing demand for cloud-based services among financial institutions. Software accounted for second largest share in 2017 and is projected to grow at highest CAGR during 2018-2030 due to rising adoption of big data analytics, artificial intelligence (AI) and machine learning among financial institutions for fraud detection & prevention purposes.
Product Definition:
IT spending in financial services is important because it allows for the efficient and secure handling of transactions. It also enables customers to access their accounts and banking information online.
Services:
The global services market is expected to grow at a CAGR of XX% over the forecast period. Services include support & maintenance as well as application development and integration, consulting, training & education, hardware procurement and deployment etc.
Software:
Software is any set of rules or instructions which can be used to get the desired result. In other words, it is a collection of tools and technologies that help in carrying out operations more efficiently. IT spending in financial services includes all software related to accounting, finance and management information systems, billing & customer relationship management (CRM), enterprise resource planning (ERP), supply chain management (SCM) and money handling/banking applications etc.
Application Insights:
The banks application segment accounted for the largest market share in 2017 and is projected to grow at a CAGR of XX% over the forecast period. The growth can be attributed to increasing demand for financial services across emerging economies, such as China, India and Brazil. Furthermore, technological advancements in payment processing & settlement systems are further driving the adoption of these solutions among banks worldwide.
The insurance application segment was valued at USD 1,252 billion in 2017 owing to its ability to automate business processes and offer flexibility on when claims need to be processed or settled. The growing digitalization within organizations is also paving way for innovative new products that cater specific needs of customers globally - from underwriting policies & procedures through customer profiling & analytics right up till claim settlement time itself with the help of cloud-based software applications or SaaS offerings (Software as a Service).
Regional Analysis:
North America dominated the global market in 2017. The growth of the regional market can be attributed to several factors such as increasing IT investments by banks and financial services companies, high demand for cloud-based solutions, and rising adoption of mobility solutions. Moreover, North America is home to some of the key players in this industry such as IBM Corporation; Citigroup Inc.; Wells Fargo & Company; JPMorgan Chase & Co.; Bank Of America Corporation; American Express Company Inc.; UBS Group AG; Royal Bank Of Canada Limited; TD Bank Financial Group Inc., etc.
Asia Pacific is expected to emerge as a lucrative region over the forecast period owing to growing economies like China and India along with other developing countries in Asia Pacific region that have a large customer base for financial institutions offering various banking products including loans, deposits, insurance policies). Furthermore these countries are also investing aggressively in building new infrastructure projects which will create significant opportunities for service providers across all technology domains including banking software development.
Growth Factors:
- Increased demand for innovative technologies that can improve the customer experience
- The need to comply with new regulations and standards
- The growth of digital banking and mobile payments
- The increasing use of big data and analytics to drive business decisions
- The need for secure, reliable, and scalable IT systems
Scope Of The Report
Report Attributes
Report Details
Report Title
IT Spending in Financial Services Market Research Report
By Type
Services, Software, Hardware
By Application
Banks, Insurances, Other Financial Services
By Companies
Accenture, ALTEN, Altran Technologies, IBM, SAP, ABB, Alcatel-Lucent, Alstom, Hitachi, Bombardier, Capgemini, CGI, Cisco Systems, DXC Technology, GE Transportation, Huawei Technologies, Indra Sistemas, Infosys, Siemens, TCS
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
209
Number of Tables & Figures
147
Customization Available
Yes, the report can be customized as per your need.
Global IT Spending in Financial Services Market Report Segments:
The global IT Spending in Financial Services market is segmented on the basis of:
Types
Services, Software, Hardware
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
Banks, Insurances, Other Financial Services
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:
- Accenture
- ALTEN
- Altran Technologies
- IBM
- SAP
- ABB
- Alcatel-Lucent
- Alstom
- Hitachi
- Bombardier
- Capgemini
- CGI
- Cisco Systems
- DXC Technology
- GE Transportation
- Huawei Technologies
- Indra Sistemas
- Infosys
- Siemens
- TCS
Highlights of The IT Spending in Financial Services 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:
- Services
- Software
- Hardware
- By Application:
- Banks
- Insurances
- Other Financial Services
- 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 IT Spending in Financial Services 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:
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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?
IT spending in financial services is typically focused on the deployment and management of technology infrastructure, including systems and applications. Financial institutions also commonly invest in software that helps them manage risk, optimize their operations, and comply with regulations.
Some of the major companies in the it spending in financial services market are Accenture, ALTEN, Altran Technologies, IBM, SAP, ABB, Alcatel-Lucent, Alstom, Hitachi, Bombardier, Capgemini, CGI, Cisco Systems, DXC Technology, GE Transportation, Huawei Technologies, Indra Sistemas, Infosys, Siemens, TCS.
The it spending in financial services market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 IT Spending in Financial Services Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 IT Spending in Financial Services Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 IT Spending in Financial Services Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the IT Spending in Financial Services Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global IT Spending in Financial Services Market Size & Forecast, 2018-2028
4.5.1 IT Spending in Financial Services Market Size and Y-o-Y Growth
4.5.2 IT Spending in Financial Services Market Absolute $ Opportunity
Chapter 5 Global IT Spending in Financial Services Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 IT Spending in Financial Services Market Size Forecast by Type
5.2.1 Services
5.2.2 Software
5.2.3 Hardware
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global IT Spending in Financial Services Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 IT Spending in Financial Services Market Size Forecast by Applications
6.2.1 Banks
6.2.2 Insurances
6.2.3 Other Financial Services
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global IT Spending in Financial Services Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 IT Spending in Financial Services Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America IT Spending in Financial Services Analysis and Forecast
9.1 Introduction
9.2 North America IT Spending in Financial Services Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America IT Spending in Financial Services Market Size Forecast by Type
9.6.1 Services
9.6.2 Software
9.6.3 Hardware
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America IT Spending in Financial Services Market Size Forecast by Applications
9.10.1 Banks
9.10.2 Insurances
9.10.3 Other Financial Services
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe IT Spending in Financial Services Analysis and Forecast
10.1 Introduction
10.2 Europe IT Spending in Financial Services Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe IT Spending in Financial Services Market Size Forecast by Type
10.6.1 Services
10.6.2 Software
10.6.3 Hardware
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe IT Spending in Financial Services Market Size Forecast by Applications
10.10.1 Banks
10.10.2 Insurances
10.10.3 Other Financial Services
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific IT Spending in Financial Services Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific IT Spending in Financial Services Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific IT Spending in Financial Services Market Size Forecast by Type
11.6.1 Services
11.6.2 Software
11.6.3 Hardware
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific IT Spending in Financial Services Market Size Forecast by Applications
11.10.1 Banks
11.10.2 Insurances
11.10.3 Other Financial Services
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America IT Spending in Financial Services Analysis and Forecast
12.1 Introduction
12.2 Latin America IT Spending in Financial Services Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America IT Spending in Financial Services Market Size Forecast by Type
12.6.1 Services
12.6.2 Software
12.6.3 Hardware
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America IT Spending in Financial Services Market Size Forecast by Applications
12.10.1 Banks
12.10.2 Insurances
12.10.3 Other Financial Services
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) IT Spending in Financial Services Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) IT Spending in Financial Services Market Size 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 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) IT Spending in Financial Services Market Size Forecast by Type
13.6.1 Services
13.6.2 Software
13.6.3 Hardware
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) IT Spending in Financial Services Market Size Forecast by Applications
13.10.1 Banks
13.10.2 Insurances
13.10.3 Other Financial Services
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 IT Spending in Financial Services Market: Competitive Dashboard
14.2 Global IT Spending in Financial Services Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Accenture
14.3.2 ALTEN
14.3.3 Altran Technologies
14.3.4 IBM
14.3.5 SAP
14.3.6 ABB
14.3.7 Alcatel-Lucent
14.3.8 Alstom
14.3.9 Hitachi
14.3.10 Bombardier
14.3.11 Capgemini
14.3.12 CGI
14.3.13 Cisco Systems
14.3.14 DXC Technology
14.3.15 GE Transportation
14.3.16 Huawei Technologies
14.3.17 Indra Sistemas
14.3.18 Infosys
14.3.19 Siemens
14.3.20 TCS
