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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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Fintech PR
UN International Procurement Seminar Held in Asia for the First Time: A Collaborative Initiative Between the UN and Ningbo
NINGBO, China, Nov. 14, 2024 /PRNewswire/ — On November 13, the 2024 United Nations International Procurement Seminar (IPS) commenced in Ningbo, marking the first time this authoritative, high-profile and professional conference has been held in Asia. The event brought together 50 senior procurement officials and representatives from 16 UN agencies, alongside over 200 supplier representatives from both domestic and international markets.
The selection of Ningbo as the venue prompts the question of why the UN chose Asia, and specifically China, for this significant event. A representative from the UN Development Programme (UNDP) office in China encapsulated the sentiment with the phrase “mutual engagement.”
In recent years, the total value of UN procurement has steadily climbed, reaching as high as $29.6 billion. Traditionally, the IPS has been held primarily in Europe three times a year. As the UN seeks to innovate its procurement methods and achieve sustainable development goals, it has increasingly turned its attention to China.
“China has a diverse industrial landscape, offering high-quality products and services at competitive prices. By increasing its procurement of Chinese goods, the UN can enhance the efficiency of its funding use, allowing more developing countries to benefit from UN development aid projects. This aligns with our mutual interests,” noted an official from the Ministry of Commerce’s Department of International Trade and Economic Relations.
Ningbo has consistently emphasized the importance of UN procurement, organizing various initiatives for local enterprises to engage in UN procurement activities in recent years. In September last year, the city hosted the China (Ningbo) UN Procurement Promotion Conference, helping nearly 110 companies successfully register on the official United Nations Global Marketplace (UNGM) website.
Following this event, the UNDP office in China expressed gratitude, recognizing Ningbo’s thriving manufacturing and foreign trade service sectors as having substantial potential to provide innovative solutions for UN procurement. “Ningbo serves as both a catalyst and a bridge, linking China with the world and the UN,” stated Neris M. Baez, Director of the UN Secretariat Procurement Division.
The UN procurement system offers several advantages, including duty exemptions, low exchange rate risks, market stability, and avoidance of trade barriers. These factors can assist in opening markets in countries and regions involved in the Belt and Road Initiative, generating potential benefits and spillover effects.
“China possesses a comprehensive and robust industrial and supply chain and is a globally influential logistics hub. However, we currently lack the necessary channels to connect with international high standards. The key to expanding institutional openness lies in mastering international high-standard trade regulations,” emphasized a representative from the Ningbo Committee of the China Council for the Promotion of International Trade.
If this seminar enables participants to become familiar with international high-standard trade regulations, it could establish a robust support system for engaging in UN procurement. This would create new opportunities in the international public procurement sector, empowering enterprises to secure more international orders through the UNGM website. From this perspective, the seminar represents an important “icebreaking journey.”
Contact: Sun Jiali
Tel.: 0086-18069269225
E-mail: [email protected]
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Fintech PR
Blockchain for Good Alliance Hosts Web3 Oscar, Celebrating Innovators Advancing UN’s Sustainable Development Goals
DUBAI, UAE, Nov. 14, 2024 /PRNewswire/ — The highly anticipated Web3 Oscar, a prestigious event hosted by the Blockchain for Good Alliance (BGA), celebrating blockchain projects driving real-world impact aligned with the UN’s 17 Sustainable Development Goals (SDGs). Industry leaders gathered in Bangkok to honour innovators shaping a sustainable future.
The event was part of BGA’s November lineup, featuring two major initiatives for global change through blockchain: the Sustainable Innovation Summit and the Web3 Oscar Awards.
Sustainable Innovation Summit: A Hackathon for Social Impact
Held from September 9 to November 11, 2024, the Sustainable Innovation Summit hosted a hackathon with a $100,000 prize pool, inviting participants worldwide to create blockchain solutions addressing key issues such as poverty, clean water access, and gender equality. The summit concluded with a Demo Day at the Grand Hyatt Erawan in Bangkok, where finalists showcased their projects to blockchain pioneers, investors, and industry leaders, with opportunities for incubation support and equity-free funding.
Rising Stars
In a cinematic presentation style, 10 shortlisted projects from across the globe, participating in the Sustainable Innovation Summit’s 17 SDGs Challenge, took the stage. Each team presented their blockchain solutions to address sustainability challenges, telling the story of a “hero” confronting a global crisis (one of the 17 SDGs), with blockchain as the “tool” they wield for change.
Winners for the 17 SDGs Challenge:
- 1st Place: Grand Social Impact Award 🥇 EthicHub
- 2nd Place: Outstanding Social Innovation Award 🥈 Plastic Odyssey
- 3rd Place: Emerging Impact Award 🥉 ResearchHub
Rising Star Awards (top 10 projects, in no specific order):
- Wavy Health
- LAKE (LAK3)
- KulaDAO
- erable°
- arkreen
- UCO Network
- Edu3Labs
Web3 Oscar Awards: Honouring Leaders in Blockchain for Social Good
Coinciding with the hackathon’s Demo Day on November 11, the BGA Web3 Oscar Award recognizes individual contributions to blockchain for social good across three categories, with up to 7 total winners.
Each category highlights individual efforts aligning with BGA’s mission.
The Collaboration Bridge Award honours individuals who have played a vital role in guiding the strategic direction of the Blockchain for Good Alliance (BGA). This year’s recipients are:
- Harn, CEO of Trigger Asset Management
- Mariana de la Roche Wills from INATBA (International Association for Trusted Blockchain Applications) and de la Roche W. Consulting
The Public Welfare Contribution Award celebrates individuals who have harnessed #BlockchainForGood. This award was presented to:
- BreeAnne Yek, Consultant at The Verdant Room
- Milica Dimitrijevic from Positiveblockchain.io
These individuals have demonstrated remarkable dedication, guidance, and pioneering work, significantly advancing the mission of the Blockchain for Good Alliance (BGA) in promoting sustainable development through blockchain technology.
In her closing remarks, Helen Liu, Co-founder and COO of Bybit and founder of BGA, explained how blockchain can bring people together to make a real difference worldwide. Her vision for leveraging blockchain to create worldwide impact was both inspiring and forward-thinking.
About Blockchain for Good Alliance (BGA)
The Blockchain for Good Alliance (BGA) is a long term collaborative non-profit initiative with key partners with the main aim to contribute to societal good by using blockchain technology to solve real world problems. By convening leaders, innovators, and organisations from across the blockchain community, BGA seeks to drive innovation, collaboration, and action towards a more sustainable and equitable world.
For more information
Email: [email protected]
Website: www.blockchainforgood.xyz
Twitter: www.twitter.com/chainforgood
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Fintech PR
Volante Technologies launches real-time payments intelligence solution for financial institutions
Volante Payments Intelligence gives all stakeholders a deep, accurate assessment of business performance, driving increased operational efficiency, time-to-market, internal innovation, and business growth
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Volante Technologies, the global leader in Payments as a Service (PaaS), today announced the launch of Volante Payments Intelligence, a powerful new solution that offers financial institutions unparalleled visibility and operational control over their payments business. A modular component of the Volante Payments Platform, the solution enables banks to better understand their payments operations, simplifying decision-making while improving business performance.
Volante Payments Intelligence addresses the increasing volume and complexity of the payments landscape, driven by the proliferation of real-time payments, the adoption of ISO 20022, and the digitization of payment flows. The new offering harnesses historical and real-time payments data, delivering actionable intelligence that helps banks strategically plan, optimize operational efficiency, and accurately track performance.
As noted in the 2024 Corporate Banking IT Pressures & Priorities report from Celent, 60% of banks plan to increase migration of business-critical applications to the cloud by the end of 2025. Payments modernization now ranks as a top priority for corporate banks globally, signifying the need for solutions that provide intelligence across stakeholder viewpoints, streamline modernization efforts, and simplify operations.
“In a world where the volume and complexity of payments is increasing, operational resilience and efficiency are more important than ever. Managing through this requires banks to have instant insight into payment flows, operational performance, and the ability to quickly address issues,” said Gareth Lodge, Principal Analyst at Celent.
Volante Payments Intelligence reduces the time banks spend on manual reporting and allows them to prioritize operational efforts more effectively, staying ahead of regulatory demands. With enhanced observability, users can achieve more precise performance tracking, improving their ability to mitigate risks and adapt to market changes.
As financial institutions navigate an increasingly regulated environment, Volante Payments Intelligence offers critical tools to support resilience and compliance. The solution’s integration into existing systems and ease of deployment in private or hybrid cloud environments or as part of Volante’s PaaS offering ensures that institutions can start seeing results immediately.
“We developed Volante Payments Intelligence as a transformative solution, crafted in close collaboration with a diverse range of our customers to address a critical gap no other platform could fill: Delivering actionable, measurable, and personalized business intelligence in real-time,” said Deepak Gupta, EVP, Product, Engineering & Services, Volante Technologies.
“Payments Intelligence doesn’t just bridge the shortcomings of existing intelligence solutions; it redefines what business intelligence can achieve, empowering Volante customers, from small enterprises to global institutions, to unlock new heights in their operational efficiency and strategic growth. This continues Volante’s track record of, and our valued commitment to, driving time-to-market speed, innovation, and business growth for our customers,” concluded Gupta.
Volante plans to continue its innovation drive within Payments Intelligence through the addition of advanced dashboards to provide operators, managers, and executives with a more complete view of their payments business. By adding exception management, payment controls, and new AI-driven capabilities, financial institutions will be able to monitor and identify market dynamics more effectively.
For a deeper dive or to schedule a demo, visit volantetech.com/payments-intelligence.
On behalf of Volante Technologies:
Americas
Julian Byrne
anthonyBarnum
Public Relations
Tel. +1 (512) 665-9258
[email protected]
EMEA
Assyria Graves
Hard Numbers
Tel: +447507870214
[email protected]
[email protected]
About Volante Technologies
Volante Technologies is the trusted cloud payments modernization partner to financial businesses worldwide, giving them the freedom to evolve and innovate at record speed. Real-time native, API enabled, and ISO 20022 fluent, Volante’s Payments as a Service and underlying low-code platform process millions of mission-critical transactions and trillions in value daily. Volante’s customers include four of the top five global corporate banks, seven of the top ten U.S. banks, and two of the world’s largest card networks. Learn more at www.volantetech.com and linkedin.com/company/volante-technologies.
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