WiseGuyReports.Com Publish a New Market Research Report On –“ Big Data in the Financial Services Market Status, Analysis and Business Outlook 2019-2030”.
The term Big Data denotes to huge and diverse sets of information that are considered ever increasing. It encompasses the quantity of information, the speed or velocity at which it is extracted, and the scope or variety of the data segments being covered. Big data is often extracted from various sources and is available in multiple formats.
Big data can be classified as unstructured, semi-structured or structured kind of data. This data has the potential to help organizations improve internal operations and make efficient decisions and business improvement strategies. Big data can be extracted from different sources including mobile devices, emails, websites & applications, spreadsheets & databases, and servers. This information, when captured, formatted, stored, maintained, manipulated, and further analyzed, can assist an organization to gain useful insight to grow revenues, get or retain their target customers and improve business operations.
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Market growth analysis
Amid the proliferation of historical and real-time data from sources such as websites & mobile applications, connected devices, social media, log files, sensors, and transactional applications, Big Data, and analytics is promptly attaining traction from a varying range of vertical sectors.
The financial services sector has started adopting this technology into its business procedures, where Big Data offers a variety of applications ranging from credit scoring and targeted marketing to data-driven trading, fraud detection and usage-based insurance.
Research reports offered by Researcher suggests that Big Data investments in the financial services sector accounted for approximately US$9 billion in the year 2018.
Led by a large number of business opportunities for insurers, reinsurers, banks, credit card providers & payment processing specialists, asset and wealth management organizations, and other crucial stakeholders, these investments are further foreseen to grow at a CAGR of almost 17% over the forecast period.
The market can be forecasted based on the following segments-
Product and services offered in the market-
Maintenance or deployment-related services
Let's focus on the list of horizontal submarkets-
Storage & Compute Infrastructure
Hadoop & Infrastructure Software
Analytic Platforms & Applications
Based on the key application areas, the market can be segmented into-
Personal & Business Banking
Investment Banking & Capital Markets
Credit Cards & Payment Processing
Asset & Wealth Management
Lending & Financing
Asia Pacific, Eastern Europe, Latin & Central America, the Middle East & Africa, North America, and Western Europe are the primary regions driving the growth of the global market.
Banks and other conventional financial services organizations are attracted to adopt cloud-based platforms, especially hybrid-cloud based implementations, in the desire to alleviate the technical and other scalability related challenges associated with on-premise Big Data deployment environments.
Big Data technologies are playing a vital role in promoting the development and growth of advanced FinTech (Financial Technology) startups, notably in alternative insurance, online lending, and money transfer sectors.
In addition to utilizing conventional data sources, financial services sectors are now also dependent on alternative data sources like social media, satellite imagery – that can offer previously hidden insights for multiple application segments including credit scoring and data-driven trading and investments.
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