Big Data Analytics in Banking Market is expected to grow at a CAGR of 12.97 %, to reach a value of USD 14.83 million by 2023| Major Players - SAP SE, ORACLE CORPORATION, IBM CORPORATION, ALTERYX INC, ZESTFINANCE, ADOBE SYSTEMS INCORPORATED, amongst others

Market Analysis:

APAC is expected to have High Adoption Rate
Rapid technological developments in the information technology sector and increasing business operations mark Asia-Pacific (APAC) as the most important market for Big Data in banking during the forecast period. Many organizations in the APAC region are increasingly depending on digital systems to realize their goals.

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Big data analytics has gradually emerged to be the most prominent collective phenomena in the early 21st century. The banking analytics tools enable them to translate hordes of consumer data into actionable Insights. Information analytical tools will play a pivotal role in the near future as they have the ability to help companies stay well informed of the banking trends, with the applications, like customer analytics, which can interpret and uncover meaningful data insights. Moreover, Big Data analytics is also enhancing the efficiency of the Customer Relationship Management (CRM) systems, and in addition, it can support strategies for increasing the revenue and customer lifetime value, prospect engagement, conversion rates, and manage many other enterprise-driven metrics.

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Market Segments:
Big Data Analytics in Banking Market is segmented by:
1. Type of Deployment: On Premise, Cloud
2. Application: Fraud Detection and Management, Operation Intelligence, Customer Analytics, Social Media Analytics, Feedback Management, Others
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• November 2017 - IBM, Packet Clearinghouse (PCH), and The Global Cyber Alliance (GCA) launched a free service designed to give consumers, and businesses added privacy and security protection as they access the internet.
• May 2017 - SAP SE released u2018SAP Anywhere’, which is a cloud-based, mobile-friendly solution specifically designed for businesses with less than USD10 million in sales. It enables small businesses to sell wholesale or retail, B2B or B2C.

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