openPR Logo
Press release

Big Data Analytics in Banking Market to Reflect Impressive Growth Rate of 12.97% by 2023 | Top Key Players (Sap Se, Oracle, IBM, Alteryx, Aspire Systems, Zestfinance, Adobe Systems Incorporated, Microstrategy)

05-22-2019 04:46 PM CET | IT, New Media & Software

Press release from: Market Prognosis

The global big data analytics in banking market was valued at USD 7.19 billion in 2017, and is expected to reach a value of USD 14.83 million by 2023, at a CAGR of 12.97 %, during the forecast period (2018 - 2023). The scope of the report is limited to applications in banking, such as Fraud Detection and Management, Operation Intelligence, Customer Analytics, Social Media Analytics, Feedback Management. While the type of deployments in the scope of the report include on premise, and Cloud.

Detailed Sample Copy of Updated Analysis @ https://marketprognosis.com/sample-request/16227

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.

The major players include –
SAP SE, ORACLE CORPORATION, IBM CORPORATION, ALTERYX, INC, ASPIRE SYSTEMS, ZESTFINANCE, ADOBE SYSTEMS INCORPORATED, MICROSTRATEGY, INC., HEXANIKA AND PEERIQ, amongst others.

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. The new Quad 9 Domain Name System (DNS) service helps protect users from accessing millions of malicious internet sites known to steal personal information, infect users with ransom ware and malware, or conduct fraudulent activity
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

APAC is expected to have High Adoption Rate Owing to Large Potential
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. The biggest contributors to this market are China and India that account for most of the revenue in the APAC region. Many organizations in the APAC region are increasingly depending on digital systems to realize their goals. Several vendors, such as SAP and IBM provide wide -range of Big Data analytics services to banks in the region. Some of the core capabilities of these services include real-time monitoring, big cloud services, and other customized dashboards for easier retrieval of data, to ease the workflows. These tools enable organizations for on-the-resource planning and offer modified plans to aid decision-making.

Request Discount on this report @ https://marketprognosis.com/discount-request/16227

Emphasis on Analytics drives the Growth for Big Data Analytics in the Domain
There has been an unprecedented explosion of data in the BFSI industry, which can be turned into actionable insights if analysed. Additional factors, such as depleting operational efficiency and the increasing operational costs along with the ability to predict the outcome of a particular event have all emphasized on the need for big data analytics. The use of analytics by many banks are already underway such that data driven decisions are further expected to improve the customer relationship and experience in turn contribution to sales for the banks.

Such analytics insights obtained are useful for various applications, such as Fraud detection, application screening, which emphasizes the need for accurate variables in case of predictive analytics. This further helps in optimizing the target selection various activities, such as loan selection and business to invest in etc. one of the most primary function of such analytics tools is fraud detection, as many of the banking industries primary concern is fraud, big data analytics helps in judging the chances of fraud for a particular person.

Customer Analytics is expected to be One of the Prime Software Application
A number of categories, such as defecting customers, loyal customers etc. can be identified through big data analytics and the required reward for each category can be decided. Through such applications, the retention of customers is possible, and the detection of disloyal customers helps the company to reduce the focus on such customers. The buying habits of customers can also be identified, and the sales for each customer can be customized. This customization results in the high response rate for customers and better customer experienced.

Maintaining records of customers who tend to default and those who pay instalments on time can also be done, which helps in easing the process. It has also been reported that the banks adoption of predictive analytics has aided in the growth of customer opportunities by about 10% per year.

Enquiry Before Buying@ https://marketprognosis.com/enquiry/16227

About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

Contact us:
ProgMarkPvt Ltd,
Thane - 421501
India.
Contact No: +1 973 241 5193
Email: sales@marketprognosis.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Big Data Analytics in Banking Market to Reflect Impressive Growth Rate of 12.97% by 2023 | Top Key Players (Sap Se, Oracle, IBM, Alteryx, Aspire Systems, Zestfinance, Adobe Systems Incorporated, Microstrategy) here

News-ID: 1749657 • Views: 247

More Releases from Market Prognosis

Technological Advancement in Global Mobile Advertising Market Forecast to 2026 …
Global Mobile Advertising Market Report 2019 offers elaborated knowledge on the market parts like size, Key Regions, growth, trends, dominating firms, Major Manufactures. The Mobile Advertising report introduces market competition situation among the vendors, revenue, product & services, latest developments and business strategies. Overview of the Global Mobile Advertising Market: The Global Mobile Advertising Market is accounted for $30.98 Billion in 2017 and is expected to reach $214.75 Billion by 2026 growing
Mining Chemicals Market Analysis and Forecast Report 2019 - 2026 with Estimated …
Global Mining Chemicals Market research report 2019 - 2026 provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. Overview of the Global Mining Chemicals Market: The Global Mining Chemicals Market is accounted for $6.11 Billion in 2017 and is expected to reach $10.01 Billion by 2026 growing at a CAGR of 5.6%. Significant factors which are influencing the market
Implantable Biomaterials Market Covering Prime Factors and Competitive Outlook T …
This comprehensive Implantable Biomaterials Market research report 2019 – 2026 includes a brief on these trends that can help the businesses operating in the industry to understand the market and strategize for their business expansion accordingly. The research report analyzes the market size, industry share, growth, key segments, CAGR and key drivers. Overview of the Global Implantable Biomaterials Market: The Global Implantable Biomaterials Market is accounted for $96.11 Billion in 2017 and
Booming Growth in Global Semi-Trailer Market and Forecast to 2023 by Worldwide T …
The report covers a forecast and an analysis of the Semi-Trailer Market on a global and regional level. The study provides historical data for 2016, 2017, and 2018 along with a forecast from 2019 to 2023 based on revenue and volume. Overview of the Global Semi-Trailer Market: The report spread across 89 pages is an overview of the Global Semi-Trailer Market - Analysis of Growth, Trends and Forecasts (2018 - 2023). These

All 5 Releases


More Releases for Analytics

Healthcare Predictive Analytics Market
The mounting concern for optimizing healthcare costs among myriad healthcare providers and payers is a key factor boosting the demand for predictive analytics in the healthcare sector. The ever-growing need for boosting patient outcomes and improving the quality of care is a seminal trend boosting the evolution of healthcare productive analytics. In recent years, there is a surging interest among payer organizations and several healthcare institutions in using predictive tools
Healthcare Analytics Market
Healthcare Analytics Market – Global Industry Analysis and Forecast (2017-2026) _ by Type, Component, Delivery Mode, Application, End-user and by Geography Healthcare Analytics Market is expected to reach USD 42.4 Billion by 2024 from USD 7.1 Billion in 2016 at a CAGR of 29.1%. This is a comprehensive global report focused on the current and future prospects of the Healthcare Analytics Market. This report is a consolidation of primary and secondary
Operational Analytics Market Growth Analytics 2025
Global Operational Analytics Market: Snapshot The global operational analytics market is prognosticated to showcase a high potential for growth in the forthcoming years on the back of decisive factors such as the dominating advent of Internet of things (IoT)-enabled devices. The growth of the global operational analytics market could be on account of the rise in demand for cloud-based arrangements. Trouble-free maintenance and optimal cost could be some of the critical
Predictive Analytics Market Share
According to a new report, “Predictive Analytics Market (2017 – 2023)”, published by KBV research, the Global Predictive Analytics Market size is expected to reach $13.8 billion by 2023, rising at a market growth of 21% CAGR during the forecast period. The North America market holds the largest market share in Global Risk Analytics Solution Market by Region in 2016, and would continue to be a dominant market till 2023; growing
Business Analytics Software Market:
Business analytics software helps in interpretation and analysis of business data through continuous exploration and investigation of historical business performance to gain decisive insights for business planning. Through the application of statistical methods and tools in business performance data, a business analytics software conducts predictive analysis to derive decision making insights and inputs. A business analytics software thus helps an organization optimize its business operations and facilitates informed and strategic
Global Analytics Service Market by Type: Predictive analytics, Prescriptive anal …
Learning Objective • To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the global Analytics as a service Market. • To provide insights about factors affecting the market growth. • To Analyze the Analytics as a service Market based on various factors- porters five force analysis, mega trend analysis, macroeconomic indicators etc. • To provide historical and forecast revenue of the