CRN Network, February 19, 2010, 1130 hrs
The Banking, Financial Services and Insurance (BFSI) IT Services market in India is expected to grow from $1.6 billion in 2009 to $2.7 billion in 2013, growing at a CAGR of 14.2 percent, according to Springboard Research report The Indian IT Services Market for the Banking, Financial Services and Insurance Vertical. The report also indicated that the BFSI market is intensely competitive and fragmented between a large number of services providers.
“Although the BFSI vertical in India is maturing in terms of adoption and usage of IT, it continues to be price sensitive. Indian CIOs are becoming as demanding as their global counterparts, consistently expecting vendors to offer a fresh approach,” said Sanchit Vir Gogia, Senior Research Analyst, Services, Springboard Research. “Now, the key challenge for IT vendors moving forward will be to keep pace with end user demand for rapid innovation.”
Springboard observed that the move to adopt CRM solutions and customer-focused technology is driven by the increasing need for maintaining and enhancing customer relationships.
Given the critical nature of the solution, Springboard believes BI and Anti-Money Laundering (AML) solutions will have significant growth in the Indian BFSI marketplace in the next two to three years. The report also emphasized that cost-benefit of IT infrastructure is the key driver for Green IT investments in the Indian BFSI enterprises. |