Big Data Analytics In Banking Market Size (2024 - 2029)

Big Data Analytics in Banking Market Analysis

The Big Data Analytics In Banking Market size is estimated at USD 8.58 million in 2024, and is expected to reach USD 24.28 million by 2029, growing at a CAGR of 23.11% during the forecast period (2024-2029).

Based on the inputs obtained from numerous insights, such as investment patterns, shopping trends, investment motivation, and personal or financial background, big data analytics can help banks understand client behavior.

• The considerable increase in the volume of data generated and governmental requirements are the main forces behind adopting Big Data analytics in the banking sector. With the development of technology, consumers are using more and more devices to start transactions (such as smartphones), which impacts the volume of transactions. Given the current data growth rate, better data collection, organization, integration, and analysis are necessary.
• Government rules and considerable data gathering are affecting the banking industry. As technology develops, more consumers are using more devices to start transactions (such as smartphones), which boosts the volume of transactions. This motivates big data analytics, which gives data analysts a single location to see and quickly locate all data points. Thanks to this consolidated picture, team members can exchange insights that could enhance the banking industry.
• A Big Data Analytics solution offers the processing, persistence, and analytic capabilities necessary to unearth fresh business insights while enabling a company to store all its data in a flexible, affordable environment. An analytics tool for big data gathers and keeps track of structured and unstructured data and techniques for arranging enormous amounts of wildly different data from various sources.
• The majority of legacy systems are unable to handle the rising burden. The entire system's stability may be compromised if the necessary amounts of data are gathered, stored, and analyzed utilizing an obsolete infrastructure. Organizations must either improve their processing capacity or entirely redesign their systems to tackle the issue.

Big Data Analytics in Banking Industry Segmentation

Big data analytics can help banks understand customer behavior based on the inputs received from various insights, including investment patterns, shopping trends, motivation to invest, and personal or financial background. With the improvement in big data analytics, banks can analyze market trends and form decisions related to lowering or increasing interest rates for individuals across various regions. With the help of big data analytics, financial services are actively using it to store data, derive business insights, and improve scalability as the number of electronic records grows.

The big data analytics in the banking market is segmented by type of solutions (data discovery and visualization (DDV) and advanced analytics (AA)) and geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.