Market outlook of big data spending in financial industry
The explosive growth of data in financial transactions over the last decade is the key driver for the growth of the big data market in the financial sector. Big data solutions can be used in the financial sector for various purposes including risk, regulations and compliances, product innovation, and for improving customer experience. Technavio’s research analyst predicts the big data spending in the financial industry to grow at a rate of 26% during the forecast period.
Financial institutions have started analyzing big data to support critical business activities including anti-money laundering, risk management, trade surveillance, regulatory compliance, and improving customer experience. This increasing importance of risk management is also driving the growth of this market.
Segmentation by products and analysis of the big data spending in the financial industry
This research report estimates the IT services segment to reach USD 7 billion by the end of the forecast period. The rapid adoption of server, storage, networking, and software packages for big data projects is expected to increase the demand for IT services among financial services globally. IT services for the financial sector comprise of data visualization, sales intelligence software, contract analysis, and predictive analytics services.
Geographical segmentation of the global big data IT spending in financial industry
The Americas dominate the big data financial market and is expected to reach USD 6 billion by the end of 2019. The developing interest of organizations in acquiring visibility over the financial performance of their business is driving the growth of big data solution in the financial sector. Big data is used for real-time marketing, integration of the e-commerce platform with the business activities, the creation of a social network information database, and facilitating the small loans and microloans market in the US.
Competitive landscape and key vendors
The global healthcare big data market is dominated by big players such as IBM, SAP, and Oracle. Competition in this market is expected to increase due to the intense competition within the financial industry. The rise in demand for big data is expected to provide opportunities for niche vendors to capture the market.
The leading vendors in the market are -
Other prominent vendors in the market include Atos, Chartio, Cirro, Clearstory Data, Continuum Analytics, Datameer, DataStax, EMC, Enthought, Maana, MapR, and Predixion.
Key questions answered in the report include
What will the market size and the growth rate be of the global big data spending in the financial industry in 2019?
What are the key factors driving the big data spending in the financial sector?
What are the key market trends impacting the growth of the global big data spending in the financial sector?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global big data spending in the financial sector?
Trending factors influencing the market shares of the global big data spending in the financial industry in the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the big data spending in the financial sector?