TechNavio recognizes the following companies as the key players in the Global Big Data Market in the Financial Services Sector: HP Co., IBM Corp., Microsoft Corp., and Oracle Corp.
Commenting on the report, an analyst from TechNavio’s Enterprise Computing team said: ”Social media has become a major data source for many organizations. This is because of its ability to provide instant feedback about the businesses through blogs and social networking sites. With the rise of social media, there is also a high demand to track user interactions on these sites. Organizations have realized the need to augment their data warehouses with external data sources. Additionally, the increasing importance of sentiment analysis and advancements in text analytics are encouraging organizations to include social media in their business process. Organizations can establish themselves against competition only if they understand and approach their customers in the most informed manner and on a platform they prefer. Big data is proving to be a catalyst of such differentiation strategy of enterprises. Therefore, this is a positive trend in the market and is expected to drive the growth of the Global Big Data market in the Financial Services sector in the coming years.”
According to the report, one of the major drivers is the need to meet financial regulations. Post the financial meltdown in 2009, the importance of customer risk management across various financial institutions has increased. Further, the apex bodies across geographies are laying down rules for the adherence to credit risk, liquidity ratio levels, and the regulation of microfinance verticals. Traditional customer data is not enough for risk modeling; hence, enterprises require big data analytics to be carried out on unstructured data.
Further, the report states that the lack of talent to manage big data is one of the major challenges confronting this market. The necessary technical skill for handling big data varies from one project to another with reference to data storage and data retrieval. There is a high possibility of failure in the implementation if the big data project team lacks experience.
The report also includes a discussion of the other vendors operating in this market. The other vendors in the market are Cloudera Inc., DataStax Inc., EMC Corp., and MapR Technologies Inc.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/content/global-big-data-market-financial-servic…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging
technologies. For more information on our Enterprise Computing market research, please visit https://www.technavio.com/enterprise-computing
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