Big Data a $9 Billion opportunity in the financial services industry, says SNS Telecom & ITJuly 2, 2018
DUBAI, UAE. 2nd July 2018: SNS Telecom & IT‘s latest report indicates that Big Data investments in the financial services industry are expected to reach nearly $9 Billion by the end of 2018.
Originally used as a term to describe datasets whose size is beyond the ability of traditional databases, the scope of Big Data has significantly expanded over the years. Big Data not only refers to the data itself but also a set of technologies that capture, store, manage and analyze large and variable collections of data, to solve complex problems.
Amid the proliferation of real-time and historical data from sources such as connected devices, web, social media, sensors, log files and transactional applications, Big Data is rapidly gaining traction from a diverse range of vertical sectors. The financial services industry is no exception to this trend, where Big Data has found a host of applications ranging from targeted marketing and credit scoring to usage-based insurance, data-driven trading, fraud detection and beyond.
SNS Telecom & IT estimates that Big Data investments in the financial services industry will account for nearly $9 Billion in 2018 alone. Led by a plethora of business opportunities for banks, insurers, credit card and payment processing specialists, asset and wealth management firms, lenders and other stakeholders, these investments are further expected to grow at a CAGR of approximately 17% over the next three years.
The “Big Data in the Financial Services Industry: 2018 – 2030 – Opportunities, Challenges, Strategies & Forecasts” report presents an in-depth assessment of Big Data in the financial services industry including key market drivers, challenges, investment potential, application areas, use cases, future roadmap, value chain, case studies, vendor profiles and strategies. The report also presents market size forecasts for Big Data hardware, software and professional services investments from 2018 through to 2030. The forecasts are segmented for 8 horizontal submarkets, 6 application areas, 11 use cases, 6 regions and 35 countries.
The report will be of value to current and future potential investors into the Big Data sector, as well as Big Data vendors, banks, insurers, credit card and payment processing specialists, asset and wealth management firms, lenders and other stakeholders who wish to broaden their knowledge of the ecosystem.
The key findings of the report include:
• In 2018, Big Data vendors will pocket nearly $9 Billion from hardware, software and professional services revenues in the financial services industry. These investments are further expected to grow at a CAGR of approximately 17% over the next three years, eventually accounting for over $14 Billion by the end of 2021.
• Banks and other traditional financial services institutes are warming to the idea of embracing cloud-based platforms, particularly hybrid-cloud implementations, in a bid to alleviate the technical and scalability challenges associated with on-premise Big Data environments.
• Big Data technologies are playing a pivotal role in facilitating the creation and success of innovative FinTech (Financial Technology) startups, most notably in the online lending, alternative insurance and money transfer sectors.
In addition to utilizing traditional information sources, financial services institutes are increasingly becoming reliant on alternative sources of data – ranging from social media to satellite imagery – that can provide previously hidden insights for multiple application areas including data-driven trading and investments, and credit scoring.
For further information concerning the SNS Telecom & IT publication “The Big Data in the Financial Services Industry: 2018 – 2030 – Opportunities, Challenges, Strategies & Forecasts“ please visit: http://www.snstelecom.com/bigdatafinance
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About SNS Telecom & IT
Part of the SNS Worldwide group, SNS Telecom & IT is a global market intelligence and consulting firm with a primary focus on the telecommunications and information technology industries. Developed by in-house subject matter experts, our market intelligence and research reports provide unique insights on both established and emerging technologies. Our areas of coverage include but are not limited to wireless networks, 5G, LTE, SDN (Software Defined Networking), NFV (Network Functions Virtualization), IoT (Internet of Things), critical communications, big data, smart cities, smart homes, consumer electronics, wearable technologies, and vertical applications.
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