Market share of IT solutions in China’s banking and insurance industry in 2020 From IDC
The following is the Market share of IT solutions in China’s banking and insurance industry in 2020 From IDC recommended by recordtrend.com. And this article belongs to the classification: IDC.
In 2020, under the overall tone of strong supervision and risk control, the whole financial market will abide by positive innovation, actively carry out scientific and technological construction and application innovation, continue to promote the process of digital transformation, and use scientific and technological means to improve the efficiency of serving the real economy.
In this context, IDC has been studying and tracking the market for 11 consecutive years. On September 7, 2021, IDC released the reports “market share of IT solutions in China’s banking industry, 2020” and “market share of IT solutions in China’s insurance industry, 2020”. In the report, based on the research on the development of IT solution Market in China’s financial industry in 2020, IDC expounds the changes of the overall market environment, the needs of financial institutions, the main manufacturers and market competition pattern in different market segments, the development characteristics and trends of the industry, and comprehensively presents the pattern and picture of the overall market, which can be used to think about the key direction of digital transformation of financial institutions in the future Find and analyze the development status and potential of head financial technology manufacturers, and provide reference for the overall judgment of the market.
Market observation of IT solutions in China’s banking industry in 2020
In 2020, under the influence of various factors, the banking industry’s market demand for it solutions will show a relatively stable development trend. In the first half of 2020, the bank’s IT solution procurement and project promotion were delayed due to the impact of the epidemic, but in the second half of 2020, the demand for relevant orders increased significantly, and the digital transformation continued to advance.
In 2020, the overall scale of China’s banking IT solution market reached 50.24 billion yuan, an increase of 18.0% over 2019. IDC predicts that the average annual compound growth rate of the market from 2021 to 2025 will be 14.64%. IDC predicts that by 2025, the market scale of IT solutions in China’s banking industry will reach 118.56 billion yuan. From the perspective of competition pattern, manufacturers such as CLP Jinxin, Yuxin technology and Shenzhou information still maintain a leading position.
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The overall characteristics of IT solutions in the banking industry are as follows:
The upgrading of distributed core and the supporting transformation of peripheral systems are still the key areas invested by major banks. In the next five years, the market scale of Bank of China’s core business system will still maintain stable growth, and will show a rapid growth trend in the past two years. At present, the main driving factor comes from the host down construction in the distributed transformation; At the same time, the credit operating system has entered the window period of update and iteration. With the architecture of the distributed core system, the demand for Taihua reconstruction in the credit system has increased.
Strengthen the investment in data capacity-building to realize the fine operation and management of various businesses. Use big data, artificial intelligence, blockchain and other technologies to empower marketing, customer acquisition, risk control and other capabilities, improve the level of data management, analysis and utilization, and accelerate the construction of retail transformation, transaction banking and other business capabilities.
The construction of ecological scene has been paid attention to as an opportunity for the bank to expand its extension. Especially under the influence of the epidemic, the demand for ecological scene construction serving online channels has been stimulated. Banks actively explore more innovative service models and improve the level of open services.
It solution market observation of China’s insurance industry in 2020
In 2020, driven by a number of insurance regulatory policies, the impact and stimulation of the epidemic, the innovation demand for insurance business transformation and other factors, the investment in science and technology and the demand for science and technology services of insurance institutions will continue to grow. In 2020, China’s insurance depth will be 4.5% and the insurance density will be 3205.7 yuan / person. There is still a large gap compared with generally developed countries. It is necessary to accelerate the development and innovation of insurance business with the help of science and technology.
In 2020, the IT solution market of China’s insurance industry continued to maintain a growth trend, with the market size reaching RMB 12.14 billion, an increase of 18.2% compared with 2019. The overall market still maintains the characteristics of high concentration, and Zhongke soft still maintains a leading position in the whole market share.
IDC research found that the overall insurance it solution market presents the following characteristics:
The transformation of core business system is still the field with the highest proportion of investment. At present, insurance institutions usually tend to make full use of the original technical basis, improve the business support ability of the core system through appropriate and necessary transformation, and carry out distributed transformation and innovation construction suitable for different institutions on the premise of ensuring stability and security.
Significant attention has been paid to the investment in online capacity-building. The agent’s ability of remote order issuing, remote exhibition, online sales and service is the focus of construction in 2020.
The construction of data capacity has been strengthened. In 2020, insurance institutions began to strengthen the construction of underlying data capacity, strengthen data governance, and improve the efficiency and level of data quality, analysis and utilization, so as to support the standardized development and innovation of business.
Wang Chen, analyst of IDC’s China financial industry research department, said that in 2020, a series of financial technology supporting policies were successively released, the reverse promotion of the epidemic, and the technology application was becoming more and more mature and perfect, which provided a number of conditions for the continuous promotion of the overall market demand. After digital transformation and construction in previous years, financial institutions have made varying degrees of progress in core reconstruction, online channel construction, marketing customer acquisition and risk control. In 2021, financial institutions will continue to support business innovation and transformation through technological route transformation, focus on agility, remoteness, digitization and ecology, and continue to increase their commitment and intensity in it construction and transformation. Meanwhile, as financial technology subsidiaries and large cloud service providers continue to make efforts to enter the market, the competition and cooperation situation of the overall market may change in the future. By exploring new technology output modes in competition and cooperation among different types of manufacturers, it is expected to provide more comprehensive and innovative IT solutions for financial institutions. More reading: IDC: in the second quarter of 2021, the global shipment of smart phones reached 313 million, an increase of 13.2%. IDC: in 2020, the overall scale of China’s banking IT solution market reached 50.24 billion yuan. IDC: in the fourth quarter of 2019, the shipment of China’s tablet computer market was about 5.81 million units. IDC: in 2021, the global shipment of traditional personal computers reached 349 million units, a year-on-year increase of 14.8%. IDC: in the first half of 2021, the overall scale of China’s cloud professional service market was 9.87 billion units In the first half of the year, the shipment volume of China’s public tablet printing market increased by about US $1.23 billion (IDC: 2021.2% in the first half of the year, IDC: 2021.2% in the first half of the year, IDC: 2021.2% in the first half of the year) IDC: China’s hyper converged storage system (HCI) market reached US $732 million in the second quarter of 2021 IDC: China’s software defined storage (SDS) in the second quarter of 2021 Market size reached USD 913 million IDC: in the fourth quarter of 2020, the shipment volume of China’s printing peripheral market was 5.463 million units, with a year-on-year increase of 13.2% IDC: in the first half of 2021, the total shipment volume of China’s projector market was 2.27 million units, with a year-on-year increase of 32.4% IDC: in 2020, the global big data software market reached RMB 481.36 billion IDC: in 2020, the market size of China’s software definition and calculation software market reached USD 1.17 billion, with a year-on-year increase of 27.9%
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