The market across North America dominated in 2021 in terms of revenue, holding more than one-third of the market. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 22.8% during the forecast period.
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Allied Market Research published a research report on global data analytics in the banking market. The research shows that the global data analytics in the banking market is pegged at $4.93 billion in 2021, and is projected to garner $28.11 billion by 2031, registering a CAGR of 19.4% from 2022 to 2031. The research offers in-depth information regarding major segments, market dynamics, top investment pockets, and competitive scenarios for major market players, investors, new market entrants, and shareholders.
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Kanhaiya Ramesh Kathoke, a Research Analyst, BFSI at Allied Market Research, said, “The global data analytics in banking market across North America held the largest share in 2021, accounting for more than one-third of the market.”
The study provides comprehensive information on drivers, restraints, challenges, and opportunities to help understand major market players and their investments and devise growth strategies and capitalize on opportunities.
Data analytics have been aiding banks and financial institutions to understand customers and their purchasing patterns, which is a major driving factor of global data analytics in the banking market. Moreover, an increase in incidences of money laundering, accounting fraud, and payment card fraud supplement the market growth. However, concerns regarding implementation and integration among banks and financial institutions hinder market growth. On the other hand, the advent of artificial intelligence in mobile banking apps and the surge in demand from developing countries would open new opportunities in the future.
The study provides a comprehensive analysis of the impact of the Covid-19 pandemic on global data analytics in the banking market. The pandemic had a significant impact on the banking industry due to the surge in the use and adoption of new technologies in the banking sector to understand consumer data. Moreover, banks and fintech industries offer customers appropriate insights to predict future positions, which was essential during the pandemic.
The report offers detailed segmentation of the global data analytics in the banking market on the component, deployment model, type, application, and region.
By component, the solution segment held the largest share in 2021, accounting for around two-thirds of the market. However, the services segment is estimated to register the highest CAGR of 22.5% during the forecast period.
By application, the fraud detection & prevention segment is projected to portray the highest CAGR of 24.4% during the forecast period. However, the customer management segment held the largest share in 2021, contributing to nearly one-third of the market.
By the deployment model, the cloud segment is anticipated to manifest the highest CAGR of 21.9% during the forecast period. However, the on-premise segment held the largest share in 2021, accounting for nearly three-fifths of the market.
By region, the market across North America dominated in 2021 in terms of revenue, holding more than one-third of the market. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 22.8% during the forecast period.
The key market players of the global data analytics in banking market are analyzed in the report such as Adobe Inc., Alteryx, Inc., Amazon Web Services, Inc., Aspire systems, Dell Inc., Google, IBM, Microsoft Corporation, Mu Sigma, Oracle, SAP SE, SAS Institute Inc., Sisense Inc., Tableau Software, LLC (Salesforce), Zoho Corporation Pvt. Ltd, KNIME AG, and TIBCO Software Inc.
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