About big data IT spending in financial services
The financial services are among the most data-driven industries. Financial services institutions operate within regulatory environments that require firms to store and analyze several years of transactional data. For making the most from the businesses, financial services relies on relational technologies coupled with business intelligence tools to handle the ever increasing data and analytics burden. In today’s world of information, the financial service industry is witnessing a disruptive change in the way do businesses worldwide. Regulatory reforms majorly drive this change. Ailing business and customer settlements, continuous economic crisis in other industry verticals, high cost of new technology and business models, and high degree of industry consolidation and automation are some of the other growth drivers.Many financial services currently focus on improving their traditional data infrastructure as they have been addressing issues such as customer data management, risk, workforce mobility, and multichannel effectiveness. These daily problems led financial organization to deploy big data as a long-term strategy. By the end of 2014, big data has turned out to be the fastest growing technology adopted by the financial institutions over the past five years.
Technavio's analysts forecast global big data IT spending in financial services market to grow at a CAGR of 25.5% over the period 2014-2019.
Covered in this report
This report covers the present scenario and the growth prospects of the global big data IT spending in financial services for 2015-2019. To calculate the market size, the report considers revenue generated from the sale of big data solutions only in the financial services sector. It includes big data hardware, software, and services revenue to calculate the market size. In order to calculate hardware, software, and IT services spending, the following sub-segments have been considered:
Technavio Announces the Publication of its Research Report – Global Big Data IT Spending Market in Financial Sector 2015-2019
Technavio recognizes the following companies as the key players in the Global Big Data IT Spending Market in Financial Sector: Alteryx, IBM, SAS, SAP, Capgemini and Oracle
Other Prominent Vendors in the market are: Atos, Chartio, Cirro, Clearstory Data, Continuum Analytics, Datameer, DataStax, EMC, Enthought, Maana, MapR, and Predixion.
Commenting on the report, an analyst from Technavio’s team said: “Social media has started playing a major role in data sourcing among many organizations. This is because of its ability to offer instant feedback about businesses through social networking sites and blogs. Organizations are adding data warehouses with external data sources.”
According to the report, the major reason for growth in investments in marketing technology is the growing desire of companies to automate marketing. Some of the data intelligence tools help companies analyze the scope of improvement in areas such as sales, promotion, and product development.
Further, the report states that one of the major concerns with big data solutions is the difficulty in ascertaining the accuracy of the underlying data that is used to support corporate decision-making.
Alteryx, IBM, SAS, SAP, Capgemini, Oracle, Atos, Chartio, Cirro, Clearstory Data, Continuum Analytics, Datameer, DataStax, EMC, Enthought, Maana, MapR, Predixion.
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