The Europe Digital Transformation in BFSI Market would witness market growth of 15.4% CAGR during the forecast period (2023-2030).
The expansion of digital technology adoption by different banks and the rise in demand for digital services among fintech to enhance the customer experience are the main drivers of the growth of the market. Banks and fintech companies are digitizing their assets to improve customer services and increase client retention. In addition, digital financial services help banks work more quickly and give their customers access to transparent fund transfers. Additionally, research into digital channels for the distribution of new services is regarded as a critical element in accelerating the market.
In addition, digital transformation in BFSI has expanded over time to enhance business insights for firms, lower operational costs for those same organizations, and expedite business processes. Additionally, digital transformation enables banks and other financial institutions to better understand what customers genuinely want, fulfill those needs, and increase customer engagement through tailored products and services. Furthermore, many banking and insurance companies invest significantly in digital transformation to assess their current constraints and challenges and lessen organizational fraud. In addition, several financial institutions embraced digital transformation during the pandemic to handle various routine tasks, including budget review.
Europe has invested heavily in information technology infrastructure and connectivity, providing a solid foundation for developing and deploying digital banking services. One of the key international hubs for financial services is the United Kingdom, and fintech represents one of its fastest-growing industries. In the UK, the ecosystems for digital banking are starting to flourish. The UK has an advantage over other Western nations in several digital fields because of its early adoption of open banking and regulations, as well as the subsequent expansion of fintech disruptors and other factors. Therefore, the region will present lucrative growth prospects for the expansion of the market.
The Germany market dominated the Europe 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 $13,895.4 million by 2030. The UK market is registering a CAGR of 14.4% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 16.2% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Digital Transformation in BFSI Market will Hit $215 Billion by 2030, at a CAGR of 15.8%
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.
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