The global big data analytics in BFSI market size is expected to reach USD 86.68 Billion in 2027 at a CAGR of 27.7% during the forecast period. Big data analytics solution has been witnessing significantly high demand from the BFSI sector owing to rising need to enhance customer experience, increasing demand for early fraud detection, and generation of large volumes of data through trading and transactions in the capital market. These are among some of the key factors expected to continue to drive revenue growth of the global market during the forecast period. Increasing need for faster, safer, and more efficient data processing in the BFSI sector is expected to further fuel market growth going ahead.
Big data analytics is susceptible to data breaches and the data collected and stored for third parties can be at risk of disclosure to competitors. This has increased concerns surrounding data security and other related aspects and is expected to restrain market growth to a significant extent over the forecast period. Inconsistent data collection by big data analytics solutions is also expected to negatively impact market growth to some extent over the forecast period.
Some Key Highlights in the Report:
- Descriptive analytics segment revenue is expected to expand significantly during the forecast period owing to increasing adoption of descriptive analytics by insurance firms to efficiently extract business information to enhance business growth and offer improved services to customers.
- Cloud-based delivery segment is expected to register significant revenue CAGR during the forecast period. This growth can be attributed to rising deployment of cloud-based technologies in end-user verticals such as banks and insurance service providers.
- Fraud detection segment is expected to account for largest revenue share during the forecast period, attributable to rising incidence of fraudulent healthcare insurance claims and growing demand for effective solutions to minimize payer losses.
- Increasing adoption of big data analytics in the insurance sector is expected to drive growth of the insurance company segment over the forecast period. Big data analytics in insurance companies helps the analytics insurer perform precise risk analysis for issuing any type of insurance. This is expected to continue to drive segment growth over the forecast period.
- North American market revenue is expected to expand considerably during the forecast period, attributed to robust presence of key market players such as Alteryx Inc., BigPanda, Inc., Nimbix, Inc., and Salesforce.com, Inc.
- Major companies operating in the market include SAP SE, Oracle Corporation, Accenture plc, Alteryx Inc, International Business Machines Corporation, BigPanda, Inc., Nimbix, Inc., Gainsight, Inc., Fractal Analytics Inc., and Salesforce.com, Inc.
- In April 2019, Alteryx Inc. gained a controlling stake in ClearStory Data, Inc., which is a company that provides data processing and analysis solutions. Under the acquisition agreement, Alteryx Inc. will strengthen its offerings and capabilities in data analytics and data science fields.
For the purpose of this report, Emergen Research has segmented the global big data analytics in BFSI market on the basis of type, delivery, application, end-use, and region.
Type Outlook (Revenue, USD Billion; 2017–2027)
- Descriptive Analytics
- Diagnostic Analytics
- Predictive Analytics
- Prescriptive Analytics
Delivery Outlook (Revenue, USD Billion; 2017–2027)
Application Outlook (Revenue, USD Billion; 2017–2027)
- Customer Relationship Management (CRM)
- Fraud Detection
- Risk Management
- Operation Optimization
- Customer Analytics
End-use Outlook (Revenue, USD Billion; 2017–2027)
- Insurance Companies
- Capital Market
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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