Market Trends of Data Lakes Industry
BFSI End-user Vertical Segment is Expected to Hold Significant Market Share
- The BFSI sector generates and handles vast amounts of data, including customer transaction data, account information, financial market data, insurance claims, credit scores, etc. Data lakes provide BSI organizations with a scalable and flexible solution for managing, processing, and analyzing this massive volume of diverse data.
- Data lakes enable BFSI organizations to consolidate and analyze customer data from multiple sources, such as banking transactions, credit card usage, and online interactions. This consolidated view helps gain valuable insights into customer behavior, preferences, and needs, facilitating personalized, targeted marketing.
- Data lakes are a central repository for diverse data types, including transactional data, user behavior patterns, and historical records. By applying advanced analytics and machine learning algorithms, BFSI organizations can detect and prevent fraudulent activities more effectively.
- According to the Reserve Bank of India, In the financial year 2023, the Reserve Bank of India (RBI) reported more than 13 thousand bank fraud cases across India. This was an increase compared to the previous year and turned around the last decade's trend. The total value of bank frauds decreased from INR 1.38 trillion (USD 0.017 trillion) to INR 302 billion (USD 3.68 billion).
- The BFSI Sector faces various risks, including credit, market, and operational risks. Data lakes allow banks and insurance companies to aggregate and analyze risk-related data to make informed decisions, manage exposures, and comply with regulatory requirements.
- Many companies are launching and developing banking and finance solutions. In September 2022, Tres, the company that made the first financial data lake for Web3 enterprises, announced that it had raised USD 7.6 million in a seed phase led by bold start ventures, with help from F2, Mantis, New Form, The Chainsmokers, Blockdaemon Ventures, Kenetic, and Alchemy.
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North America is Expected to Hold Significant Market Share
- North America is one of the leading regions in data lake adoption, driven by various factors, including numerous tech-savy industries, cloud infrastructure, and a strong focus on data-driven decision-making.
- North America has many data-intensive industries, such as information technology, telecom, BFSI, healthcare, retail, and manufacturing. The massive volume of data these industries generate drives the demand for data lakes as a scalable and flexible data storage and processing solution.
- Cloud computing is well-established and widely adopted in this region. Cloud-based data lakes offer numerous advantages, including cost-efficiency, scalability, and ease of implementation, making them an attractive choice for businesses of all sizes.
- North American enterprises have been early adopters of advanced analytics and artificial intelligence (AI) technologies. Data lakes provide a foundation for these data-driven applications by offering a centralized repository for diverse and large datasets.
- The growth of the Internet of Things (IoT) and big data technologies in the region generate massive amounts of diverse data. Data lakes are well suited to handle the complexity and volume of data from IoT devices and big data sources.
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