2014-02-14 22:07:03 - Global Big Data Market in the Financial Services Sector 2012-2016 - a new market research report on companiesandmarkets.com
The Global Big Data market in the Financial Services Sector is to grow at a CAGR of 56.69 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need to meet financial regulations. The market has also been witnessing the emergence of social media. However, the lack of skilled resources to manage big data could pose a challenge to the growth of this market.
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.
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.
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 key vendors dominating this space include Hewlett-Packard Co., IBM Corp., Microsoft Corp., and Oracle Corp. The other vendors mentioned in this report are Cloudera Inc., DataStax Inc., EMC Corp., and MapR Technologies Inc.
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