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Big Data Analytics in Banking Market Surges to USD 745.16 Billion by 2030, Propelled by 13.5% CAGR – Verified Market Reports®
The Big Data Analytics in Banking market is driven by the increasing demand for personalized customer experiences and risk management. Challenges include data security, regulatory compliance, and integration with legacy systems. Growing digital transformation and the need for real-time insights fuel market expansion, while the complexity of data management and talent shortages pose significant obstacles.
LEWES, Del., Aug. 12, 2024 /PRNewswire/ — The Global Big Data Analytics in Banking Market is projected to grow at a CAGR of 13.5% from 2024 to 2030, according to a new report published by Verified Market Reports®. The report reveals that the market was valued at USD 307.52 Billion in 2023 and is expected to reach USD 745.16 Billion by the end of the forecast period.
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Browse in-depth TOC on Big Data Analytics in Banking Market
202 – Pages
126 – Tables
37 – Figures
Scope Of The Report
|
ATTRIBUTES |
DETAILS |
|
STUDY PERIOD |
2021-2030  |
|
BASE YEAR |
2023 |
|
FORECAST PERIOD |
2024-2030 |
|
HISTORICAL PERIOD |
2021-2022 |
|
UNIT |
VALUE (USD BILLION) |
|
KEY COMPANIES PROFILED |
IBM, Oracle, SAP SE, Microsoft, HP, Amazon AWS, Google, Hitachi Data Systems, Tableau, New Relic, Alation |
|
SEGMENTS COVERED |
By Type |
Big Data Analytics in Banking Market Overview
Big Data Analytics has revolutionized the banking sector by enabling institutions to process vast amounts of data in real-time, providing valuable insights that drive decision-making.
The integration of Big Data technologies in banking has shifted the industry from traditional methods to data-driven strategies, improving everything from customer experience to risk management.
Banks collect and analyze data from various sources, including transactions, social media, and customer feedback, to gain a comprehensive understanding of market trends and customer behaviors. This shift has allowed for more personalized services and better predictive modeling, which are essential in today’s competitive financial landscape.
Market Drivers and Growth Factors
The rapid growth of digital banking and the increasing volume of unstructured data are key drivers of the Big Data Analytics market in banking. Customers now demand seamless digital experiences, pushing banks to adopt advanced analytics tools to meet these expectations.
Furthermore, the rise in cyber threats and the need for robust security measures have made Big Data Analytics indispensable for fraud detection and compliance. The ability to analyze large datasets helps banks to identify patterns that can predict fraudulent activities, thus protecting both the institution and its customers.
Additionally, regulatory requirements demand more sophisticated data management and reporting, further fueling the adoption of Big Data Analytics in the banking sector.
Key Technologies and Tools
The backbone of Big Data Analytics in banking is formed by various technologies and tools, such as Hadoop, Apache Spark, and machine learning algorithms. These technologies allow banks to process and analyze large volumes of data efficiently.
Hadoop provides a distributed storage system that enables banks to manage big datasets across different nodes, while Apache Spark enhances the speed of data processing.
Machine learning, on the other hand, plays a crucial role in predictive analytics, helping banks forecast market trends and customer needs. The integration of these technologies not only improves data processing capabilities but also supports real-time analytics, which is critical in a fast-paced banking environment.
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Applications in Customer Relationship Management
Big Data Analytics has significantly enhanced Customer Relationship Management (CRM) in banking. By analyzing customer data, banks can offer personalized services that meet the unique needs of each client. This includes tailored product offerings, personalized marketing campaigns, and better customer support.
Big Data allows banks to segment their customers based on various factors such as spending habits, preferences, and financial goals. This segmentation helps in creating targeted strategies that improve customer satisfaction and loyalty.
Moreover, sentiment analysis through social media data enables banks to gauge customer opinions and respond proactively to concerns, thereby enhancing the overall customer experience.
Challenges and Risks
Despite its benefits, the implementation of Big Data Analytics in banking comes with several challenges. Data privacy and security are major concerns, as banks deal with sensitive customer information that must be protected from breaches. The complexity of Big Data tools also requires significant investment in technology and skilled personnel, which can be a barrier for smaller institutions.
Additionally, there is the challenge of integrating Big Data Analytics with existing systems, which may not be designed to handle such large volumes of data. Banks must also navigate the regulatory landscape, ensuring that their data practices comply with laws such as GDPR, which adds another layer of complexity to Big Data initiatives.
Future Trends and Opportunities
The future of Big Data Analytics in banking is promising, with advancements in artificial intelligence (AI) and machine learning set to further enhance the capabilities of banks. AI-driven analytics will enable more accurate predictive models, allowing banks to anticipate market changes and customer needs with greater precision. The use of blockchain technology for secure data sharing is another emerging trend that could revolutionize data management in the banking sector.
Additionally, the continued growth of mobile banking will generate even more data, providing banks with richer datasets to analyze. As these technologies evolve, banks that effectively leverage Big Data Analytics will be well-positioned to gain a competitive edge in the market.
Big Data Analytics in Banking Market Key Players Shaping the Future
Major players, including IBM, Oracle, SAP SE, Microsoft, HP, Amazon AWS, Google, Hitachi Data Systems, Tableau, New Relic. and more, play a pivotal role in shaping the future of the Big Data Analytics in Banking Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry’s key players.
Big Data Analytics in Banking Market Segment Analysis
Based on the research, Verified Market Reports® has segmented the global Big Data Analytics in Banking Market into Type, Application and Geography.
To get market data, market insights, and a comprehensive analysis of the Global Big Data Analytics in Banking Market, please Contact Verified Market Reports®.
- Big Data Analytics in Banking Market, by Type
- On-Premise
- Cloud
- Big Data Analytics in Banking Market, by Application
- Feedback Management
- Customer Analytics
- Social Media Analytics
- Fraud Detection and Management
- Big Data Analytics in Banking Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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Hyundai Motor and Škoda Group to Collaborate on Hydrogen Advancement and Energy Efficient Solutions for Mobility
- Hyundai Motor Company and Škoda Group sign a Memorandum of Understanding (MOU) during the Korea-Czech Business Summit in Prague
- Both parties to cooperate in establishing a hydrogen economy and realizing a sustainable future mobility ecosystem
- Škoda Group to explore hydrogen mobility expansion by adopting Hyundai’s hydrogen fuel cell systems and technologies
SEOUL, South Korea and PRAGUE, Sept. 20, 2024 /PRNewswire/ — Hyundai Motor Company and Škoda Group have signed a Memorandum of Understanding (MOU) to commence collaboration on establishing a hydrogen mobility ecosystem.
The signing ceremony, which took place at the Korea-Czech Republic Business Summit in Prague, was attended by Ken Ramírez, Executive Vice President and Head of Global Commercial Vehicle and Hydrogen Business at Hyundai Motor Company, and Petr Novotný, CEO of Škoda Group.
The MOU covers study on adoption of hydrogen fuel cell systems and technologies, study on adoption of energy efficient solutions for mobility projects and products, and exploring hydrogen ecosystem and value chain opportunities beyond mobility.
“Our partnership with Škoda Group aims to accelerate hydrogen adoption, which would contribute to the advancement of hydrogen technology and carbon neutrality across global markets, including the Czech Republic,” said Executive Vice President Ramírez. “Together with Škoda Group, we strive to lead the rapidly growing hydrogen businesses by creating positive synergies between our fuel cell technology and Škoda Group’s mobility products and projects.”
“We believe that hydrogen, alongside energy-efficient solutions, will play an essential role in transforming mobility for a more sustainable future. Our collaboration with Hyundai Motor Company aims at enabling us to look beyond national borders and explore wider markets where these technologies can have a larger impact. By working together, we can bring innovative, eco-friendly solutions to the global mobility ecosystem, advancing cleaner energy in the areas where it’s needed most,” said Petr Novotný, CEO of Škoda Group.
Both parties share the view that hydrogen will be a key pillar for a sustainable society, starting with mobility. As part of the MOU, the parties will explore the possibility that Hyundai would share its fuel cell system and technology, contributing to the acceleration of eco-friendly mobility across global markets where Škoda Group operates, including the Czech Republic.
Hyundai Motor Company and Škoda Group will also conduct feasibility studies for fuel cell system applications for diverse utilization beyond mobility. Leveraging its global expertise and insights in operating various hydrogen applications in both mobility and energy sectors, Hyundai is poised to play a pivotal role in aiding the energy transition.
Hyundai Motor Group is committed to building a hydrogen society under its hydrogen value chain business brand HTWO, which encompasses the Group’s businesses and affiliates, enabling each stage of the entire hydrogen value chain.
Hyundai Motor Manufacturing Czech (HMMC) in Nošovice, established in 2008, has an annual manufacturing capacity of 350,000 vehicles. Considered one of the most modern car manufacturers in Europe, the manufacturing plant was also the largest foreign investment in the Czech Republic.
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Banking as a Service Market to Reach $22.6 billion, Globally, by 2032 at 19.3% CAGR: Allied Market Research
An increase in the use of digital transformation technology in banks, along with streamlining financial services drives the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market.
PORTLAND, Ore., Sept. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Banking as a Service Market by Component (Platform and Service), Type (API-based Bank-as-a-service and Cloud-based Bank-as-a-service) and End User (Banks, FinTech Corporations/NBFC and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032“. According to the report, the “banking as a service market” was valued at $4 billion in 2022, and is projected to reach $22.6 billion by 2032, growing at a CAGR of 19.3% from 2023 to 2032.
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An increase in the use of digital transformation technology in banks, along with streamlining financial services drives the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market. Moreover, continuous technological innovations as well as a rise in internet and mobile penetration are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the increase in cyber-attacks and the high cost of adoption limits the growth of the banking as a service market.
The platform segment held the highest market share in 2022.
By component, the platform segment dominated the market in 2022, this dominance is driven by the increasing demand for integrated banking solutions that allow financial institutions and fintech companies to offer a wide range of banking services through a single, scalable platform. These platforms enable seamless integration of various financial services such as payments, lending, and account management into third-party applications, making them highly valuable in the rapidly evolving digital banking ecosystem. However, the service segment is expected to witness the largest CAGR of 21.4%, this growth is driven by the increasing need for consulting, integration, and support services that help financial institutions and fintech companies effectively implement and manage BaaS platforms. As more businesses adopt digital banking solutions, the demand for specialized services to ensure seamless platform integration, regulatory compliance, and ongoing technical support is rising.
The banks segment held the highest market share in 2022.
By end user, the banks segment accounted for the largest share in 2022. This dominance is due to banks extensive infrastructure and established networks that facilitate international transactions. Their broad range of services, including secure handling of funds, comprehensive financial offerings, and strong regulatory compliance, contribute to their leading position in the banking as a service market. However, the others segment is expected to witness the largest CAGR of 20.4%. In the rapidly evolving Banking-as-a-Service (BaaS) market, several government initiatives and investment firms are poised to witness significant growth. The regulatory frameworks not only foster innovation but also create a conducive environment for BaaS growth. Similarly, investment firms like Accel Partners, Sequoia Capital, and Andreessen Horowitz are heavily investing in fintech and BaaS platforms, fueling their growth and development.
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Regional Insights: The Europe region held the highest market share in 2022.
By region, the banking as a service market was dominated by Europe in 2022. This dominance is largely attributed to the region’s early adoption of open banking regulations, such as the revised payment services directive (PSD2), which has fostered collaboration between traditional banks and fintech companies. Europe’s regulatory environment encourages innovation and competition in financial services, making it a leading market for BaaS platforms.
Key Industry Developments
- In May 2024, Fintech unicorn Zeta launched a digital credit-as-a-service product for its enterprise customers, primarily banks. The product is based on the credit lines on the UPI scheme that the Reserve Bank of India rolled out in September to reduce the cost of financial services and allow users to access pre-approved credit through their UPI-linked accounts.
- In May 2024, AppTech Payments Corp. launched InstaCash, which utilizes the BaaS for virtual accounts, debit and credit cards, and high-interest-yielding financial products.
- In September 2023, Konsentus partnered with Brankas to enable financial institutions, central banks, and regulators to accelerate their open finance journeys. The integrated technology solutions will deliver ease of use, security, and cost-efficiency for those setting up or participating in open ecosystems.
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Players: –
- Solaris SE
- Bnkbl Ltd
- Treasury Prime
- Block Inc.
- MatchMove Pay Pte Ltd
- ClearBank Ltd
- Stripe Inc.
- Green Dot Corporation
- Starling Bank
- Banco Bilbao Vizcaya Argentaria
- S.A.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the banking-as-a-service market analysis from 2022 to 2032 to identify the prevailing banking-as-a-service market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the banking-as-a-service market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global banking-as-a-service market trends, key players, market segments, application areas, and market growth strategies.
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Banking-as-a-Service Market Key Segments:
By Component
- Platform
- Service
By Type
- API-based Bank-as-a-service
- Cloud-based Bank-as-a-service
By End User
- Banks
- FinTech Corporations/NBFC
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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