BFSI IT Market in India 2015-2019
About BFSI IT
IT can be defined as an integrated platform consisting of hardware, software, and services. Organizations have IT departments that are responsible for storing, safeguarding, processing, transmitting, and retrieving information. IT enables a smooth flow of information across an organization. IT departments manage all IT-related services, software, and solutions, and integrate and streamlet them with various processes to facilitate a smooth flow of organizational information. They also help organizations align their business processes with various technologies to improve overall efficiency.
TechNavio's analysts forecast the BFSI IT Market in India to grow at a CAGR of 14.15 percent over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the BFSI IT market in India for the period 2015-2019. The BFSI IT market in India is categorized by three main segments: Hardware, Software, and IT Services.
TechNavio's report, BFSI IT Market in India 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and also includes the profiles of key vendors operating in this market.
TechNavio Announces the Publication of its Research Report – BFSI IT Market in India 2015-2019
TechNavio recognizes the following companies as the key players in the BFSI IT Market in India: HP Corp., IBM Corp., Oracle Corp., Polaris, TCS Ltd. and Wipro Ltd.
Other Prominent Vendors in the market are: 3i Infotech, Accenture, Acer, Aegis, Atom Technologies, Capgemini India, Cisco Systems, CMS Infosystems, CSC, Dell, Diebold, Firstsource Solutions, Genpact India, HCL Technologies, Hitachi, iGATE Global Solutions, JP Morgan, KPIT Technologies, L&T Infotech, Maverick Technologies, Microsoft, MindTree, Mphasis, Netapp, Newgen, Nucleus Software, Ramco Systems, Robert Bosch Engineering and Business Solutions, SAP, Serco Global Services, Syntel, Tally, Tech Mahindra, Vmware, WNS Global Services and Wolters Kluwer.
Commenting on the report, an analyst from TechNavio’s team said: “Increased adoption of cloud computing and virtualization by Banking, Financial Services and Insurance (BFSI) firms has become one of the major trends in the market. Financial institutions are cutting their capital investment and costs associated with maintenance, security and infrastructure by moving their IT infrastructures to the cloud.”
According to the report, stringent regulatory framework is one of the major drivers that has increased the need for enhancement of compliance functions among organizations in the BFSI sector in India. Many financial institutions have established in-house software testing services in order to meet regulatory requirements, which has increased their operational costs.
Further, the report states that lack of awareness of advanced technologies and rising security issues has become a major challenge in the market. The emergence of social networking, cloud-based services and big data systems has also made business enterprises more vulnerable to cyber-attacks in India.
HP , IBM , Oracle , Polaris, TCS, Wipro , 3i Infotech, Accenture, Acer, Aegis , Atom Technologies, Capgemini India, Cisco Systems, CMS Infosystems, CSC , Dell, Diebold, Firstsource Solutions , Genpact India , HCL Technologies , Hitachi, iGATEGlobal Solutions, JP Morgan, KPIT Technologies , L&T Infotech, Maverick Technologies , Microsoft, MindTree , Mphasis, Netapp, Newgen, Nucleus Software, Ramco Systems, Robert Bosch Engineering and Business Solutions , SAP, SercoGlobal Services, Syntel, Tally, Tech Mahindra , Vmware, WNS Global Services , Wolters Kluwer