Big Data Analytics In BFSI - What Is Driving New Market Adoption And Growth In The Market?

Uncovering the market secrets of  Big Data Analytics in BFSI

In the financial services industry, big data refers to enormous, heterogeneous data sets that are generated in real time through various activities such as ATM transactions, cash transactions, online fund transfers, account opening, risk assessment, payment processing, and other operations. The need for big data analytics in the BFSI industry is driven by the desire to provide personalised services to customers and a changing regulatory environment.

Propel forward the market growth of Big Data Analytics in BFSI

Rapid growth in data due to transactions in various modes, risk management, and personalised product offerings to clients are driving the worldwide big data analytics in the BFSI market. Furthermore, the market's growth is fueled by a strong demand for superior customer service, a diverse range of financial products, and consumer insights into their investment and transaction behaviour. However, an increase in online transaction fraud, a lack of IT awareness, and concerns about data privacy and security are projected to limit its expansion. Big data analytics can improve operational efficiency and transparency in corporate processes, which can lead to market growth.

Insights into Key Companies and Market Share

The BFSI market for big data analytics is classified by end user, application, and geography. Banking, capital markets, and insurance are the three types of end users. The market is divided into risk management, operations optimization, customer relationship management, and others, depending on the application. It is examined in North America, Europe, Asia-Pacific, and Latin America and the Caribbean. This research also includes a detailed competitive analysis and profiles of leading market players such as Accenture, Aerospike Inc., Alpine Data, BAE Systems, BigPanda, Inc., Clustrix, Datameer Inc., Gainsight, IBM Corporation, and Nimbix, Inc.

Key Advantages

• To identify the prevailing market opportunities, this study examines current and developing industry trends and dynamics in the worldwide big data analytics in BFSI market between 2016 and 2023.
• To comprehend the competitive environment across geographies, this study analyses the competitive landscape and value chain.
• A thorough examination of the factors that drive and restrain the global artificial intelligence in the BFSI market is offered.
• Within the market framework, extensive market study is undertaken by following key product positioning and monitoring the main rivals.

Key Market Players

• Accenture
• Aerospike Inc.
• Alpine Data
• Bae Systems
• Bigpanda Inc.
• Clustrix
• Datameer, Inc.
• Gainsight
• Ibm Corporation
• Nimbix Inc.

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