Big data in BFSI refers to large voluminous data sets that are heterogeneous in nature and generated timely in the financial services through different activities such as ATM transactions, cash transaction, online fund transfer, account opening, risk assessment, payment clearance, and other activities. The need to provide personalized services to the user and dynamic government regulatory environment generate the demand for big data analytics in the BFSI market.
The global big data analytics in BFSI market is driven by rapid growth in data due to transactions through a different mode, risk management, and customized product offerings to the clients. In addition, high need for better customer service, a broad range of financial products, and need for consumer insights related to their investment and transaction behavior fuel the market growth.
However, surge in online transaction frauds, lack of IT awareness, and data privacy & security are expected to restrict this growth. The boost in operational efficiency and transparency in business processes through big data analytics are opportunities for market development.
The big data analytics in BFSI market is segmented based on end user, application, and geography. On the basis of end user, it is divided into banking, capital market, and insurance. According to the application, the market is classified into risk management, operations optimization, customer relationship management, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive competitive analysis and profiles of major market players such as Accenture, Aerospike Inc., Alpine Data, BAE Systems, BigPanda, Inc., Clustrix, Datameer Inc., Gainsight, IBM Corporation, and Nimbix, Inc., are also provided in this report.
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global big data analytics in BFSI market between 2016 and 2023 to identify the prevailing market opportunities.
- This study evaluates the competitive landscape and value chain to understand the competitive environment across the geographies.
- Comprehensive analysis of factors that drive and restrict the growth of the global artificial intelligence in BFSI market is provided.
- Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework
Big Data Analytics in BFSI Market Key Segments:
By End User
- Capital Market
- Risk Management
- Operations Optimization
- Customer Relationship Management
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East