Emergence of Big Data Analytics in Global Banking Market Anticipated for Strong growth with CAGR of 17.2% until 2020
Albany, New York, January 9, 2017: In today’s digitized world, financial institutions are also changing the way they do businesses and regulatory reforms is driving this change in the banking sector. To explore the detailed information, researchers have recently studied the global banking market and prepared a report, titled as “Global Analytics and Risk Compliance Solutions for Banking Market 2016-2020”. This research study has been published to the online database of Market Research Hub (MRH). On the basis of geography, it primarily focuses on some of the key regions, such as APAC, Americas and EMEA. According to the analysts’ projections, the global analytics and risk compliance solutions for banking market will expand at a strong CAGR of 17.2% until the end of 2020.
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In this study, the market landscape is also covered and to measure the market size, the revenue generated from the above regions have been considered. The report states that, continuous increase in the investments in big data analytics will drive the global market to generate a revenue of $2.41 billion through 2020. Since service providers are widely implementing big data technologies, there has been a great improvement in risk management and customer target marketing abilities. Due to these aspects, the Americas accounted for the largest market share in 2015 and it will also continue to maintain its dominance in the market.
It is well known that financial services, insurance and banks are among the maximum data-driven industries. So, companies are now relying on technologies that can handle huge amount of data and analytics burden, which requires the adoption of big data analytics. Currently, the major market drivers observed by the study are-
- Greater efficiency and productivity
- Exponential growth in data and portfolio risk solutions
- Growing requisite to comply with regulatory requirements.
Further, the report studies that with the exponential growth in data and portfolio risk solutions, the use of analytics and risk compliance solutions will increase expressively in the banking sector. Due to increasing penetration of digital devices, data privacy and data security are becoming essential in the banking industry which is still a market challenge. Moreover, latest market trends such as the emergence of social media marketing and collaboration medium are gaining popularity in the banking sector. Now, several banks are using social media platforms to collect the feedback of customers, offering product updates, resolve queries in real-time and drive insight generation and fraud investigation. These factors are fueling the market growth at present and will also remain constant till the end of the forecast period.
Key vendors in the global market are:
By analyzing the key vendors, it has been studied that CMO has established a strong present in the IT service sector due to its wide offerings like audit and assessment and compliance management. Some other remarkable vendors in the market are: Oracle, Check Point Software Technologies, LogicManager, NAVEX Global, Protiviti, SAS Institute, Software AG, SAP etc.
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