Published on : Jul 03, 2018
Albany, New York, July 3, 2018: The financial services sector has gone through the exceptional change in the last few years. In recent time, big data has become an important part of the financial services industry and will continue to drive innovation well into the future. Market Research Hub (MRH) has publicized a study titled “Big Data in the Financial Services Industry: 2018 - 2030 - Opportunities, Challenges, Strategies & Forecasts” to its online repository, which deeply covers different sections on market definition, market dynamics comprising the key drivers, restraints and trends that are governing the market.
This 521-pages in-depth study offers up-to-date information on investment potential, application areas, use cases, future roadmap, case studies, value chain, vendor profiles and key strategies. The report also presents market size forecasts for big data software, hardware and professional services investments from 2018 through to 2030. According to the latest evaluations, in 2018, Big Data vendors will pocket nearly $9 Billion from hardware, software and professional services revenues in the overall financial services industry.
Key Insights from the Report
• While some financial services organizations may be resilient to change, the fact remains that big data is here to stay for lonbg. Big Data is rapidly gaining traction from a diverse range of vertical sectors. The financial services industry is no exception to this trend, where Big Data has found a host of applications ranging from targeted marketing and credit scoring to usage-based insurance, data-driven trading, and fraud detection and beyond.
• Presently, the market has been led by various crucial factors. By providing productive business opportunities for banks, insurers, credit card and payment processing specialists, asset and wealth management firms, lenders and other stakeholders, the investments in the market are expected to grow at a notable CAGR of 17% over the next three years, eventually accounting for over $14 Billion by the end of 2021. Analysts also estimate that Big Data investments in the financial services industry will account for nearly $9 Billion in 2018 alone.
• Further, the research has also analyzed that Big Data technologies are playing a pivotal role in facilitating the creation and success of innovative FinTech (Financial Technology) startups, most notably in the online lending, alternative insurance and money transfer sectors. Today, financial services can leverage big data to become more proficient in order to compete with FinTech companies, which use cutting-edge technology to provide customers with banking and financial services.
• Prime applications of big data in the financial sector include personal & business banking, credit cards & payment processing, asset & wealth management, investment banking & capital markets, lending & financing and insurance services.
Later in the study, profiles and strategies of over 270 leading and emerging Big Data ecosystem players have been underlined. Some of the key players include Acadian Asset Management, Apixio, Accenture, Bedrock Data, Big Panda, Cambridge Semantics, Capgemini, Dolphin Enterprise Solutions Corporation, Databricks, IBM Corporation and others.
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