With the emergence and long-term Impact of COVID-19, Global Big Data Analytics in the Banking Market to reach USD 11.58 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Big Data Analytics in the Banking Market is poised to raise up to USD 11.58 Billion by 2030. The market of big data analytics in the banking industry refers to utilizing advanced analytics techniques and technology to extract valuable insights and make data-driven decisions making in the banking industry. Big data analytics includes the collection, storage, processing and the analysis on large amount of structured and unstructured data from various sources of banks ecosystem.
The driving factors of the market are the increasing adoption of cloud services and the increasing need for fraud detection and prevention systems. However, issues associated with installation and integration among banks and financial institutions is hinder the growth of the market.
Geographically, the global Big Data Analytics in the Banking market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to factors such as rising adoption of big data applications by major American banks and rising investments on advance analytics technology solutions. Whereas, Asia Pacific is emerging as the fastest growing region due to the increasing volume of data generated by banks and the large customer base in the region and this region also consists with the highest smartphone users.
The global Big Data Analytics in the Banking market is highly competitive owing to the presence of several key market players such as Oracle Corporation, SAP SE, International Business Machine Corporation, Alteryx Inc., Aspire Systems Inc., Adobe Systems Incorporated, and others.
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Key findings of the study suggest:
- Global Big Data Analytics in the Banking Market is anticipated to grow with a healthy growth rate of more than 10.8% over the forecast period 2023-2030.
- In the Type segment, Cloud emerged out as the leading market segment in 2022.
- In the Application segment, Fraud Detection and Management emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth Owing to rising adoption of big data applications by major American banks and rising investments on advance analytics technology solutions.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Type:
- On-premise
- Cloud
By Application:
- Feedback Management
- Customer Analytics
- Social Media Analytics
- Fraud Detection and Management
- Other
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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