Big Data Analytics in Banking Industry Anticipated to Grow at an Impressive Rate by 2023 - Accenture, Aerospike Inc., Alpine Data, BAE Systems, BigPanda, Inc., Clustrix, Datameer Inc.

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.

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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.

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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.

Big Data Analytics in BFSI Market Key Segments:

By End User

• Banking
• Capital Market
• Insurance

By Application

• Risk Management
• Operations Optimization
• Customer Relationship Management

hapter: 4 GLOBAL BIG DATA ANALYTICS IN BFSI MARKET, BY END USERS

4.1. OVERVIEW

4.1.1. Market size and forecast

4.2. BANKING

4.2.1. Key market trends
4.2.2. Growth factors and opportunities
4.2.3. Market size and forecast

4.3. CAPITAL MARKET

4.3.1. Key market trends
4.3.2. Growth factors and opportunities
4.3.3. Market size and forecast

4.4. INSURANCE

4.4.1. Key market trends
4.4.2. Growth factors and opportunities
4.4.3. Market size and forecast

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