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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.
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.
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.
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.
Other prominent vendors in the market include Atos, Chartio, Cirro, Clearstory Data, Continuum Analytics, Datameer, DataStax, EMC, Enthought, Maana, MapR, and Predixion.
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