In the late 2000s, it was very clearly stated that data will be the new crude and this has emerged extremely true. The finance sector has gone through tremendous changes over the period of last few years. Major driving force for these changes is the dynamic technology, which has revolutionized almost every industry. Many countries are now turning towards digitalization, and this truly gives impetus to the growth of big data in financial service market. Latest technologies like artificial intelligence (AI), machine learning, and analytics creates requirement for data which helps several companies understand customer behavioral pattern. Primarily Big data includes petabytes of structured and unstructured data that are mainly used to anticipate how customer will behave and help banks & financial companies determine new trends and draft new strategies as per it.
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Several factors contribute to the growth of the big data in financial service market, and one of those is rapid digitalization. Majority of banks and finance companies are relying immensely on big data by opting for latest technology-based solutions to capitalize on the changing market scenarios. This aggressively drives the growth of this market.
Meanwhile, as major chunk of data is stored on drives or servers hosted on cloud, the risk of it getting compromised. The nature of data stored by banks is extremely sensitive and in case of any cyberattack can cause huge loss in terms of money. This is the reason why several banks and financial organizations are skeptical to adopt new technologies. This dents the growth of the big data in financial service market.
On the other hand, the ease of use and accessibility is forcing many banks, insurance companies and credit unions adopt solutions that work on Big data. This clearly showcases that the Big Data in Financial Service Market will be seeing tremendous growth over the period of forecast.
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Key Findings – Global Big Data in Financial Service Market
- The services segment of the Big Data in Financial Service Market is will be witnessing growth at the fastest rate courtesy of the recurring nature of revenue generated by it.
- The cloud-based segment of the Big Data in Financial Service Market will be seeing growth at the fastest growth. Ease of installation that too at utterly affordable costs make it a number one choice of smaller banking firms.
- The region of Asia Pacific is forecasted to witness growth at the fastest rate for the Big Data in Financial Service Market. Complete digitalization initiative which includes a step towards cashless economy drives the growth of this market in the region.
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Some of the major players operating in the Big Data in Financial Service Market are listed below:
- Abrigo
- Actian Corporation
- Adobe
- ALTERYX, INC.
- AppZen, Inc.
- Aspire Systems
- Databricks
- Datameer, Inc
- Domo, Inc
- ExlService Holdings, Inc.
- E-Zest Solutions
- Flowcast
- MICROSTRATEGY INCORPORATED
- Oracle
- ZestFinance, Inc.
- Other Market Participants
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Global Big Data in Financial Service Market
By Offering
- Solutions
- Services
By Deployment
- Cloud-based
- On Premise
By Application
- Business Intelligence
- Asset and Liability Management
- Marketing Analytics
- Risk Analysis & Management
- Compliance
- Customer Service
- Others
By End User
- Banks
- Credit Unions
- Insurance Companies
- Capital Markets
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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