Friday 24 April 2015, Amsterdam
The report 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.
The report 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.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.