The global big data analytics in banking market is anticipated to grow at a CAGR of 28.5% during the forecast period (2024-2031). The increase in the cloud deployment and maintenance of huge records of transactions is propelling the growth of big data analytics in banking market. Thousands of data are recoded by banks in the form of transactions. Big data analytics provide a platform for the easy record of these transactions. In addition to this, big data analytics enables the banks to understand the customer behavior and preferences based on the inputs received from various insights that include investment patterns, shopping trends, motivation to invest, and personal or financial background. Furthermore, it also helps in the detection of fraud. For instance, in February 2020 Oracle’s Financial Crime and Compliance Management (FCCM) suite of products added an integrated analytics workbench, 300-plus customer risk indicators, and embedded graph analytics visualizations. These were built to help financial institutions fight money laundering and achieve compliance.
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The key companies operating in the industry are highly inclined towards the adoption of different growth strategies including acquisition, technological advancement, and product innovation, to remain competitive in the marketplace. For instance, in February 2020 – The Central Bank of Libya in Tripoli has upgraded its current FLEXCUBE solution that is offered by Oracle Corporation. FLEXCUBE supports the banks to meet customers’ evolving expectations for more digital, responsive, and connected experiences. In addition to this, the integrated solution also helps the banking staff with critical insights and helps to improve operations. Furthermore, in December 2020, Accenture plc acquired End-to-End Analytics LLC, to strengthen data analytics consulting capabilities in Latin America and the US.
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Market Coverage
- Segment Covered-
o By Deployment Type
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- IBM Corp., SAP SE, Oracle Corp., Tableau System, LLC, Microsoft Corp., and others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Big Data Analytics in Banking Market Report Segment
By Deployment Type
- On-Premise
- Cloud
By Application
- Fraud Detection and Management
- Customer Relationship Management
- Feedback Management
- Risk Management
- Others
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1. We cover more than 15 major industries, further segmented into more than 90 sectors.
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3. Over 100+ paid data sources mined for investigation.
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