This market research report includes a detailed segmentation of the big data spending in the financial industry by hardware, software, and IT services. It outlines the market shares for key regions such as the Americas, EMEA, and APAC. A comprehensive analysis of the leading vendors such as Alteryx, IBM, SAS, SAP, Capgemini, and Oracle is also included.
Technavio market research analysts estimate the global big data IT spending in financial sector revenue generation to reach over US $15 billion between 2015 and 2019. The Americas dominate the big data financial market, and is expected to generate around US $6 billion by 2019. Both private as well as government financial institutions in the US are adopting big data technologies to improve risk management and customer target marketing abilities.
The new global market research from Technavio provides a breakdown and analysis of the big data financial market segments by technology.
The IT services segment accounts for the largest market share covering around 44% of the market. The rapid adoption of server, storage, networking, and software packages for big data projects is expected to increase the demand for IT services among financial services globally. IT services for the financial sector comprise of data visualization, sales intelligence software, contract analysis, and predictive analytics services. Observing the highest market growth rate, this segment is expected to generate around US $7 billion during the forecast period.
Global big data IT spending in financial services market 2014-2019 ($ billion)
Source: Technavio Research
Big data solutions are increasingly used in the financial sector for various purposes including risk, regulations and compliances, product innovation, and for improving customer experience. Enterprises are installing big data solutions to meet their financial regulations to increase transparency. Several financial institutions have started analyzing big data to support critical business activities including anti-money laundering, risk management, trade surveillance and regulatory compliance,” says Navin Rajendra, Lead Analyst, IT Hardware, Software and Services, Technavio Research.
The leading vendors in the big data IT spending in financial sector are Alteryx, IBM, SAS, SAP, Capgemini, and Oracle. Competition in this market is expected to increase due to the intense rivalry within the financial industry. The rise in demand for big data is expected to provide opportunities for niche vendors to capture the market.
A more detailed analysis is available in the Technavio report, Global Big Data IT Spending in Financial Sector – Market Research 2015-2019.
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