BFSI Sector Enterprise ICT Market Analysis and Future Outlook by Segments (Hardware, Software and IT Services)
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BFSI Enterprise ICT Vertical Intelligence Report Overview
The BFSI Enterprise ICT Vertical Intelligence Report, a new Vertical Intelligence Report by GlobalData, summarizes key findings from GlobalData’s ICT Customer Insight Survey carried out in H1-2023 and GlobalData’s Market Opportunity Forecasts to 2027: Financial Markets, GlobalData’s Market Opportunity Forecasts to 2027: Insurance and GlobalData’s Market Opportunity Forecasts to 2027: Retail Banking. It reveals an executive-level overview of how the overall ICT budgets and their allocations towards various segments have changed for enterprises operating in BFSI in 2023 compared to 2022 and ICT revenue opportunity with detailed forecasts of key indicators up to 2027. The report provides a detailed analysis of the overall BFSI’s enterprise ICT market trends and growth drivers based on GlobalData’s ICT Customer Insight Survey and GlobalData’s Market Opportunity Forecasts.
Annual change in Enterprise ICT budget allocation in BFSI Vertical (2021-22 vs. 2022-23)
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The report also discusses the market growth inhibitors impacting BFSI’s overall ICT market. It sheds focus on enterprise ICT budget allocations and ICT revenue opportunities covering 18 solution areas, segmental analysis, and regional analysis. The report also includes a brief profile of some of the key ICT vendors within the BFSI vertical.
Market Size 2022 | >$524 billion |
CAGR | >11% |
Forecast Period | 2022-2027 |
Enterprise ICT Budget Allocation Analysis Period | 2022-2023 |
ICT Segment | Hardware, Software, Services |
ICT Solution Areas | Cloud Computing, IoT, Communications and Collaboration, Client Computing, Consulting & Integration Services, Networking, Business Process Outsourcing, Application Development and Management, Business Process Applications, IT Management, Security, Storage, Data and Analytics, Servers, Data Center & Hosting, Artificial Intelligence, Mobility, Edge Computing |
Key Regions | North America, Asia Pacific, Western Europe |
Key Digital Transformation Areas | Artificial Intelligence & Machine Learning, Automation/RPA, IoT, Edge Computing and Others |
Enterprise Technology Priorities and Spending Preferences | Cloud Computing, Networking, Client Computing, Consulting & Integration Services, and Business Process Outsourcing |
Companies Mentioned | Google, Microsoft, Apple, Meta Platforms, Adobe |
GlobalData’s ICT customer insight survey reveals a positive outlook for enterprises operating in BFSI vertical spending in ICT, with over 79% of respondents claiming an increase in their enterprise ICT budget in 2023 compared to 2022. This is about 21 percentage points (p.p.) higher for increases in 2022-2023 compared to 2021-2022. This upward trend is paving the way for a promising opportunity for optimistic growth in ICT revenue from the BFSI vertical. The rise in investment signifies enterprises’ willingness to allocate a budget toward technological advancements.
BFSI’s overall ICT market was pegged at $524.1 billion in 2022 and is expected to grow at a CAGR of over 11% during 2022-2027 to $905.1 billion in 2027. With rising competition in the BFSI market, companies are expected to increase their ICT spend as digital technologies enable them to remain competitive and relevant in the market by allowing them to quickly develop products and services as per customer needs, lower operational costs, upgrade their technology infrastructure, and enhance security capabilities, among others.
Total ICT Revenue Opportunity in BFSI 2022-2027 ($Billion)
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Enterprise ICT Revenue Opportunity in BFSI – Segment Analysis
GlobalData’s survey findings suggest that enterprise ICT budget allocations for all ICT products and services areas in BFSI have increased in 2023 compared to 2022. For ‘software,’ over 65% claimed that their ICT budget allocation increased in 2023 compared to 2022.
Annual Change in Distribution of Enterprise ICT Spending in BFSI, By ICT Products/Services in 2023
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According to GlobalData, BFSI’s ICT market would see the majority share of its revenue come from the IT services segment over the forecast period. The report also discusses the enterprise ICT revenue opportunity across IT service, IT software and IT hardware segments over the forecast period.
- IT Services
- IT Software
- IT Hardware
Total ICT Revenue Opportunity in BFSI, by Segment 2022 (%)
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Enterprise ICT Market Dynamics in BFSI – Drivers, Trends and Challenges
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Enterprise ICT Market by Infrastructure Segments in BFSI – Services, Software, and Hardware
IT Services – Segment Outlook
As per GlobalData’s survey findings, BFSI companies increased their ICT budgets across all ICT services categories in 2023 compared to 2022. More than 59% confirmed an increase in their enterprise ICT budget for all ICT services in 2023 compared to 2022.
Annual Change in Enterprise ICT Services Budget Allocations in BFSI
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Revenue opportunity for ICT services in the BFSI vertical was pegged at $326 billion in 2022 and is predicted to grow at a CAGR of over 11% between 2022-2027 to reach $568.5 billion in 2027 on the back of ICT contracts signed by major BFSI companies specifically in the areas of cloud computing, network services, enterprise applications, IT security, and business intelligence tools.
Total ICT Revenue Opportunity in BFSI, by ICT services 2022-2027 ($Billion)
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The enterprise ICT vertical intelligence report in BFSI offers ICT revenue market indicators across the following IT services solution areas:
- Cloud computing services
- Communications and collaboration services
- Consulting & integration services
- Business process outsourcing services
- Application development and management services
- Networking services
- Internet of things (IoT) services
- Client computing services
- Data center and hosting services
- Security services
- Artificial intelligence (AI) services
- Storage services
- Mobility services
- Servers services
- Edge computing services
Enterprise ICT Technology Revenue Opportunity and Spending Priorities in BFSI – Key Solution Areas
Cloud computing is the largest ICT solution area in the BFSI vertical in terms of revenue opportunity. Revenue opportunity for cloud computing in the BFSI vertical was pegged at $86 billion in 2022. It is estimated to grow at a CAGR of over 17% during 2022-2027. Cloud platforms are more cost-efficient and secure than servers and traditional IT infrastructure, moreover they enable companies to scale-up their operations quickly.
Total ICT Revenue Opportunity in BFSI, by Solution Areas 2022 (%)
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Enterprise Cloud Computing Investment Priority in BFSI – Now vs Next Two Years
Enterprises are increasingly utilizing cloud to make their business operations and processes more efficient. This was validated by GlobalData’s survey, where over 73% confirmed that their budget allocation towards cloud services increased in 2023 vs. 2022.
Cloud Computing Technology Investment Priority – Current vs Next Two Years
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Enterprise ICT Technology Revenue Opportunity in BFSI – Key Regions
ICT revenue opportunity in BFSI was pegged at $176.2 billion in 2022, and it is expected to grow at a CAGR of over 9% during 2022-2027. Increased spending in emerging technologies to deliver innovative banking and investment services is expected to drive the adoption of ICT solutions.
Total ICT Revenue Opportunity in BFSI, by Regions
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Scope
The Vertical intelligence report provides an in-depth analysis of the following –
- The macroeconomic and regulatory context and government initiatives in BFSI vertical.
- Enterprise ICT market outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT segments, ICT solution areas, and key regions.
- Enterprise ICT Budget Allocations – 2022 vs 2023: Overview of survey findings regarding changes in the overall enterprise ICT budget allocations in 2023 compared to the previous year and across ICT segments, ICT solution areas, existing vs new IT projects.
- Enterprise ICT growth drivers, market trends and challenges
- IT hardware segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT hardware solution areas and budget allocations by ICT hardware categories.
- IT software segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT software solution areas and budget allocations by ICT software categories.
- IT services segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT services solution areas and budget allocations by ICT services categories.
- Enterprise Technology Priorities: Overview of survey findings on enterprise investment priority for key solution areas in current vs next two years.
- Company landscape: analysis of the market position of leading ICT providers in BFSI market.
- Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.
- The survey was conducted in H1 2023 via an online methodology, with respondents all having ICT decision maker responsibility (typically CIOs and IT Managers). GlobalData plans to repeat the survey in H1 2024, to monitor ICT budget changes on an ongoing basis.
Reasons to Buy
- This Vertical Intelligence Report is based on GlobalData’s IT Customer Insight Survey carried out annually covering key ICT decision makers from enterprises in BFSI vertical and GlobalData’s Market Opportunity Forecasts to 2027, to offer a thorough, forward-looking analysis of BFSI’s enterprise ICT investment priorities and ICT revenue opportunity market.
- Accompanying GlobalData’s IT Customer Insight Survey and Market Opportunity Forecasts to 2027, the report examines the assumptions and drivers behind ongoing and upcoming trends in BFSI’s enterprise ICT market.
- The report offers a thorough analysis of enterprise ICT investment trends and how it has changed this year compared to the previous year.
- The report also presents an analysis of enterprise ICT budget allocations by various spending areas, business functions and product/service categories and how they have changed this year compared to previous years.
- The report also presents an analysis of enterprise ICT revenue opportunity by various solution areas, enterprise size band, end-use verticals, and segment over the forecast period 2022-2027.
- With more than 50 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
- The report provides insights in a concise format to help executives build proactive and profitable growth strategies.
- The report provides an easily digestible market assessment for decision-makers built around research gathered from the local IT decision makers, which enables executives to quickly get up to speed with the current and emerging trends in enterprise ICT investment priorities.
Table of Contents
Frequently asked questions
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How did the overall enterprise ICT budget in BFSI vertical change in 2023 compared to 2022?
More than 79% of respondents from the BFSI vertical claimed that there has been an increase in their enterprise ICT budget for 2022-23 compared to 2021-22.
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What was the enterprise ICT revenue market size for BFSI in 2022?
The enterprise ICT revenue market size for BFSI was valued at over $524 billion in 2022.
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What is the enterprise ICT revenue market growth rate for BFSI?
The enterprise ICT revenue in BFSI is expected to grow at a CAGR of more than 11% during the forecast period 2022-2027.
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What are the key ICT revenue market drivers for BFSI?
Rising ICT budgets and digital transformation efforts along with Investments and partnerships with tech startups are the key market drivers for BFSI’s ICT revenue market growth.
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What are the key ICT segments in BFSI?
IT services, IT software and IT hardware segments are the key ICT segments in BFSI.
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What are the key regions for ICT products/services in BFSI?
North America, Asia Pacific and Western Europe are the key regions for ICT products/services in BFSI.
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What are the key ICT solution areas with investment priorities in BFSI?
Cloud computing, networking, client computing, consulting & integration services, and business process outsourcing are the key ICT solution areas in BFSI.
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Which are the ICT companies mentioned in enterprise ICT vertical intelligence report for BFSI?
The companies mentioned in the enterprise ICT vertical intelligence report for BFSI are Google, Microsoft, Apple, Meta Platforms and Adobe among others.
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