Big Data Market in BFSI Introduction
Over the past decade, the big data and analytics pendulum for BFSI services have officially swung from passing fad or experiment to huge deployment. Upward trending spends on next-generation infrastructure solutions such as big data and analytics solutions by BFSI sector has created significant growth opportunities for the key players. Furthermore, organizations in the BFSI sector generate a huge amount of data such as profile data, purchase data, social media data, and browsing history every single day. Used in a wise way, organizations can employ data analytics to achieve their objectives more efficiently. Advanced data capabilities delivered by big data and analytics solutions enable banks and financial institutions to reduce their IT operating costs and address questions associated with ROI and value generated during the financial year.
Big data technologies and services have enabled organization—operating in the BFSI sector—to manage rising cost of compliance, improve their offerings by understanding changing consumer behavior in short span and internalize analytics-based decision making. This, in turn, increases the adoption of big data solutions and services among end users and drives the market growth. In contrast, lack of skilled workforce and IT budget allocation, especially in emerging markets such as India and China, are projected to hamper the market growth.
The big data market in BFSI has been divided into various segments to track market performance from a different perspective. Major segments analyzed are offering and end user. Based on offering the market is bifurcated into infrastructure, software, services segments. The infrastructure segment takes in server, storage, cloud infrastructure, and networking sub-segments. The software segment includes information management software, application software, and discovery and analytics software sub-segments. The big data market in BFSI is segmented based on services into consulting, implementation & integration, outsourcing, repair & maintenance, and other support services. Based on end user, the big data market in BFSI is classified into banks, financial institutions, and Insurance companies.
The global big data market in banking, financial services, and insurance (BFSI) sector has been analyzed at a regional level. Key regions covered in this report are North America, Western Europe, Latin America, Asia Pacific, Eastern Europe, and Middle East and Africa. Big data technologies and services in BFSI sector are rapidly gaining traction. End users especially in developed regions such as are focused towards deploying advanced big data solutions and services. For instance, sentiment analytics is rapidly gaining popularity among end users as it provides a summary of the sheer volume of communications—shared and discussed on different social media platforms such as social networks, blogs, and review sites—and enable the organization to swiftly analyze about their brands, products, and services.
Big Data Market in BFSI Competitive Landscape
Leading players in the big data market are projecting massive growth in adoption of big data analytics solutions in the BFSI sector owing to increase in need for transformation huge volume of gleaned unstructured data into actionable intelligence and competitive advantage. The market ecosystem consists of prominent vendors providing servers, storage, networking, software, and services. Key vendors analyzed in the big data market in BFSI are Capgemini SE, Computacenter plc., Computer Sciences Corp (CSC), PricewaterhouseCoopers LLP (PwC), Hewlett Packard Enterprise, Tata Consultancy Services Ltd., Fujitsu Limited, Cloudera, Inc., Datameer, Inc., and MapR Technologies, Inc.
Major Regions/Countries include:
- North America
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on big data market in BFSI would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.