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North America Digital Transformation in BFSI Market Size, Share & Industry Trends Analysis Report By End User, By Enterprise Size (Large Enterprises, and Small & Medium Enterprises), By Deployment Type, By Technology, By Country and Growth Forecast, 2023

Publisher Knowledge Based Value (KBV) Research
Published Sep 30, 2023
Length 154 Pages
SKU # KBV18279485

Description

North America Digital Transformation in BFSI Market Size, Share & Industry Trends Analysis Report By End User, By Enterprise Size (Large Enterprises, and Small & Medium Enterprises), By Deployment Type, By Technology, By Country and Growth Forecast, 2023 - 2030


The North America Digital Transformation in BFSI Market would witness market growth of 15.1% CAGR during the forecast period (2023-2030).

Financial services have benefited from digital transformation, allowing the BFSI sectors to provide more customized services to its clients. These services range from delivering custom investment and insurance alternatives that fit the income range to providing banking services to senior citizens at their homes, among other diverse and extensive options.

The banking industry has even gone one step further and offered hyper-personalization to satisfy the rising client demands. Because the data is centralized and accessible from any branch of the financial institution, one of the critical benefits of BFSI digital transformation is that it can help answer client complaints and inquiries considerably more quickly. One can get answers to their questions through voice assistants and web chatbots while relaxing at home.

The BFSI businesses can benefit significantly from a variety of developing technology. Some of these technologies and technological improvements are already playing a crucial role in areas like business ease, security, and transparency. The earliest IoT devices the banking system likely ever employed were automated teller machines. Banks utilize ATMs as IoT devices for real-time transactions such as withdrawals and deposits.

The BFSI industry is leveraging IoT to better serve its clients' individual needs as it emphasizes the digital customer experience. Chatbots, for instance, can offer customer support and handle their issues whenever they arise. Large amounts of data are generated daily by the BFSI sectors' everyday transactions, which can be utilized to develop various cutting-edge business concepts and reduce risks. Customized product offers, financial products, and improved customer service can all be created using big data analytics.

North America is home to several of the largest banks, which is a significant factor in the growth of digital banking. One of the most inventive and early adopters of cloud computing is North America. The strong regional presence of cloud infrastructure providers contributes to the market's continued expansion. Additionally, regulatory bodies in North America, such as the Office of the Comptroller of the Currency (OCC) in the United States and the Office of the Superintendent of Financial Institutions (OSFI) in Canada, have introduced initiatives to promote open banking and foster innovation. These initiatives are driving digital transformation in the industry. These factors will help in the market's expansion in the coming years.

The US market dominated the North America Digital Transformation in BFSI Market, By Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $54,742.7 million by 2030. The Canada market is showcasing a CAGR of 17.7% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 16.6% during (2023 - 2030).

Based on End User, the market is segmented into Banks, Insurance Companies, and Others. Based on Enterprise Size, the market is segmented into Large Enterprises, and Small & Medium Enterprises. Based on Deployment Type, the market is segmented into On premise, and Cloud. Based on Technology, the market is segmented into Big Data & Business Analytics, Artificial Intelligence, Cybersecurity, Cloud Computing, Blockchain, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include HID Global Corporation (Assa Abloy AB), Google LLC (Alphabet Inc.), Microsoft Corporation, SAP SE, Oracle Corporation, Alphasense, Inc., Accenture PLC, Cognizant Technology Solutions Corporation, Fujitsu Limited, and IBM Corporation.

Scope of the Study

Market Segments covered in the Report:

By Component
  • Solution
  • Services
By End User
  • Banks
  • Insurance Companies
  • Others
By Enterprise Size
  • Large Enterprises
  • Small & Medium Enterprises
By Deployment Type
  • On premise
  • Cloud
By Technology
  • Big Data & Business Analytics
  • Artificial Intelligence
  • Cybersecurity
  • Cloud Computing
  • Blockchain
  • Others
By Country
  • US
  • Canada
  • Mexico
  • Rest of North America
Companies Profiled
  • HID Global Corporation (Assa Abloy AB)
  • Google LLC (Alphabet Inc.)
  • Microsoft Corporation
  • SAP SE
  • Oracle Corporation
  • Alphasense, Inc.
  • Accenture PLC
  • Cognizant Technology Solutions Corporation
  • Fujitsu Limited
  • IBM Corporation
Unique Offerings from KBV Research
  • Exhaustive coverage
  • Highest number of market tables and figures
  • Subscription based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Table of Contents

154 Pages
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Digital Transformation in BFSI Market, by Component
1.4.2 North America Digital Transformation in BFSI Market, by End User
1.4.3 North America Digital Transformation in BFSI Market, by Enterprise Size
1.4.4 North America Digital Transformation in BFSI Market, by Deployment Type
1.4.5 North America Digital Transformation in BFSI Market, by Technology
1.4.6 North America Digital Transformation in BFSI Market, by Country
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
Chapter 4. Competition Analysis - Global
4.1 KBV Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Acquisition and Mergers
4.3 Top Winning Strategies
4.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
4.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2020, Jul – 2023, Jul) Leading Players
4.4 Porter’s Five Forces Analysis
Chapter 5. North America Digital Transformation in BFSI Market, By Component
5.1 North America Solution Market, By Country
5.2 North America Services Market, By Country
Chapter 6. North America Digital Transformation in BFSI Market, By End User
6.1 North America Banks Market, By Country
6.2 North America Insurance Companies Market, By Country
6.3 North America Other End User Market, By Country
Chapter 7. North America Digital Transformation in BFSI Market, By Enterprise Size
7.1 North America Large Enterprises Market, By Country
7.2 North America Small & Medium Enterprises Market, By Country
Chapter 8. North America Digital Transformation in BFSI Market, By Deployment Type
8.1 North America On premise Market, By Country
8.2 North America Cloud Market, By Country
Chapter 9. North America Digital Transformation in BFSI Market, By Technology
9.1 North America Big Data & Business Analytics Market, By Country
9.2 North America Artificial Intelligence Market, By Country
9.3 North America Cybersecurity Market, By Country
9.4 North America Cloud Computing Market, By Country
9.5 North America Blockchain Market, By Country
9.6 North America Others Market, By Country
Chapter 10. North America Digital Transformation in BFSI Market, By Country
10.1 US Digital Transformation in BFSI Market
10.1.1 US Digital Transformation in BFSI Market, By Component
10.1.2 US Digital Transformation in BFSI Market, By End User
10.1.3 US Digital Transformation in BFSI Market, By Enterprise Size
10.1.4 US Digital Transformation in BFSI Market, By Deployment Type
10.1.5 US Digital Transformation in BFSI Market, By Technology
10.2 Canada Digital Transformation in BFSI Market
10.2.1 Canada Digital Transformation in BFSI Market, By Component
10.2.2 Canada Digital Transformation in BFSI Market, By End User
10.2.3 Canada Digital Transformation in BFSI Market, By Enterprise Size
10.2.4 Canada Digital Transformation in BFSI Market, By Deployment Type
10.2.5 Canada Digital Transformation in BFSI Market, By Technology
10.3 Mexico Digital Transformation in BFSI Market
10.3.1 Mexico Digital Transformation in BFSI Market, By Component
10.3.2 Mexico Digital Transformation in BFSI Market, By End User
10.3.3 Mexico Digital Transformation in BFSI Market, By Enterprise Size
10.3.4 Mexico Digital Transformation in BFSI Market, By Deployment Type
10.3.5 Mexico Digital Transformation in BFSI Market, By Technology
10.4 Rest of North America Digital Transformation in BFSI Market
10.4.1 Rest of North America Digital Transformation in BFSI Market, By Component
10.4.2 Rest of North America Digital Transformation in BFSI Market, By End User
10.4.3 Rest of North America Digital Transformation in BFSI Market, By Enterprise Size
10.4.4 Rest of North America Digital Transformation in BFSI Market, By Deployment Type
10.4.5 Rest of North America Digital Transformation in BFSI Market, By Technology
Chapter 11. Company Profiles
11.1 HID Global Corporation (Assa Abloy AB)
11.1.1 Company Overview
11.1.2 Financial Analysis
11.1.3 Segmental and Regional Analysis
11.1.4 Research & Development Expense
11.1.5 SWOT Analysis
11.2 Google LLC (Alphabet Inc.)
11.2.1 Company Overview
11.2.2 Financial Analysis
11.2.3 Segmental and Regional Analysis
11.2.4 Research & Development Expense
11.2.5 Recent strategies and developments:
11.2.5.1 Partnerships, Collaborations, and Agreements:
11.2.6 SWOT Analysis
11.3 Microsoft Corporation
11.3.1 Company Overview
11.3.2 Financial Analysis
11.3.3 Segmental and Regional Analysis
11.3.4 Research & Development Expenses
11.3.5 SWOT Analysis
11.4 SAP SE
11.4.1 Company Overview
11.4.2 Financial Analysis
11.4.3 Segmental and Regional Analysis
11.4.4 Research & Development Expense
11.4.5 Recent strategies and developments:
11.4.5.1 Partnerships, Collaborations, and Agreements:
11.4.5.2 Acquisition and Mergers:
11.4.6 SWOT Analysis
11.5 Oracle Corporation
11.5.1 Company Overview
11.5.2 Financial Analysis
11.5.3 Segmental and Regional Analysis
11.5.4 Research & Development Expense
11.5.5 Recent strategies and developments:
11.5.5.1 Partnerships, Collaborations, and Agreements:
11.5.6 SWOT Analysis
11.6 Alphasense, Inc.
11.6.1 Company Overview
11.6.2 Recent strategies and developments:
11.6.2.1 Acquisition and Mergers:
11.6.3 SWOT Analysis
11.7 Accenture PLC
11.7.1 Company Overview
11.7.2 Financial Analysis
11.7.3 Segmental and Regional Analysis
11.7.4 Research & Development Expenses
11.7.5 Recent strategies and developments:
11.7.5.1 Partnerships, Collaborations, and Agreements:
11.7.5.2 Acquisition and Mergers:
11.7.6 SWOT Analysis
11.8 Cognizant Technology Solutions Corporation
11.8.1 Company overview
11.8.2 Financial Analysis
11.8.3 Segmental and Regional Analysis
11.8.4 Recent strategies and developments:
11.8.4.1 Partnerships, Collaborations, and Agreements:
11.8.5 SWOT Analysis
11.9 Fujitsu Limited
11.9.1 Company Overview
11.9.2 Financial Analysis
11.9.3 Segmental and Regional Analysis
11.9.4 Research & Development Expenses
11.9.5 Recent strategies and developments:
11.9.5.1 Partnerships, Collaborations, and Agreements:
11.9.5.2 Acquisition and Mergers:
11.9.6 SWOT Analysis
11.10. IBM Corporation
11.10.1 Company Overview
11.10.2 Financial Analysis
11.10.3 Segmental and Regional Analysis
11.10.4 Research & Development Expenses
11.10.5 Recent strategies and developments:
11.10.5.1 Partnerships, Collaborations, and Agreements:
11.10.5.2 Acquisition and Mergers:
11.10.6 SWOT Analysis

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