The Global Big Data Analytics In BFSI Market size is expected to reach USD 86.68 Billion in 2027 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Large, voluminous data sets that are heterogeneous in nature and produced timely in the financial services through various activities, such as ATM transactions, cash transactions, online fund transfers, account opening, risk assessment, payment clearance, and other activities, are referred to as “big data” in the BFSI industry. The demand for big data analytics in the BFSI market is driven by the desire to offer personalised services to the user and a dynamic regulatory environment at the federal level.
The global market for big data analytics in the BFSI sector is propelled by the data’s explosive expansion as a result of transactions conducted in various ways, risk management, and the provision of tailored products to customers. A wide choice of financial products, a strong demand for better customer service, and a need for consumer insights into their transaction and investment behaviour all contribute to the market’s expansion.
However, this expansion is anticipated to be constrained by the rise in online transaction frauds, a lack of IT awareness, and data privacy and security. Opportunities for market expansion arise from the increase in operational efficiency and transparency in corporate operations brought about by big data analytics.
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Some Key Highlights of Report
- To identify the existing market opportunities, this research offers a thorough analysis of the current and upcoming industry trends and dynamics in the worldwide big data analytics in BFSI market between 2016 and 2023.
- In order to comprehend the competitive environment across geographies, this study analyses the value chain and competitive landscape.
- The variables influencing and restraining the growth of the worldwide artificial intelligence in BFSI market are thoroughly analysed.
- In-depth market analysis is carried out by keeping track of key product positioning and keeping tabs on the leading rivals within the market framework.
- The insurance firm segment is growing as a result of the expanding use of big data analytics in the insurance industry, and this pattern is anticipated to hold during the projection period.
- The market in North America is expanding significantly because to the substantial presence of domestic and foreign players, such as Alteryx Inc., BigPanda Inc., Nimbix Inc., and Salesforce.com Inc., among others, in the region.
- The global market is mostly focused on acquisitions, and existing players are concentrating on enhancing and strengthening their product and service portfolios, as well as growing their market share.
- Alteryx Inc. purchased ClearStory Data Inc. in April 2019. Alteryx will improve its skills in data analytics and data science as a result of this purchase.
- Key market players include SAP SE, Oracle Corporation, Accenture plc, Alteryx Inc, International Business Machines Corporation, BigPanda, Inc., Nimbix, Inc., Gainsight, Inc., Fractal Analytics Inc., and Salesforce.com, Inc.
The global market for big data analytics in the BFSI sector has been divided into segments by type, delivery, application, end-use, and region by Emergen Research.
Type Outlook (Revenue, USD Billion; 2020–2027)
- Descriptive Analytics
- Diagnostic Analytics
- Predictive Analytics
- Prescriptive Analytics
Delivery Outlook (Revenue, USD Billion; 2020–2027)
Application Outlook (Revenue, USD Billion; 2020–2027)
- Customer Relationship Management (CRM)
- Fraud Detection
- Risk Management
- Operation Optimization
- Customer Analytics
End-use Outlook (Revenue, USD Billion; 2020–2027)
- Insurance Companies
- Capital Market
Regional Outlook (Revenue, USD Billion; 2020–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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