• Inspite of the current scenario, the surge in demand for data science services in various fields with market researches estimating its potential growth in the near future. According to a market report as per analyticsinsight, the big data market is projected to reach US$103 billion by 2027, up from US$49 billion in 2019. As of now, the market is anticipated to value US$56 billion in 2020. It has also been predicted by several market reports that the data science platform market size is expected to grow from US$37.9 billion in 2019 to US$140.9 billion by 2024, at a CAGR of around 30 percent during the forecast period.
  • The coronavirus pandemic has taken a terrible toll on the global economy. The crisis is affecting various industries. However, fintech companies are most certainly prepared and combating well with the circumstances. The shift to a remote working environment has given a boom to digital industries including fintech. Financial institutions will gain a competitive advantage over fintech in this highly uncertain market environment as they are better capitalized, have bigger brands, and benefit from customers becoming more risk-averse, believes Rosenblatt. Fintech’s with recurring revenue and long term contracts will be impacted less than firms with transaction-based business models. As the report suggests, consumer and SME lending platforms: best-adapting mechanism to swiftly and efficiently deliver capital to key segments of the economy will be a winner overcoming pandemic challenges. Mortgage and life insurance digitization leaping forward with technology to disrupt the role of intermediaries, whose role was often face-to-face will also come out shiny. Online alternative lending, digital wealth management, and consumer banking are sectors most likely to see M&A deals, Moreover, fintech ‘enablers’ around AI, IoT, and software solutions are in high demand. These are based on the findings as published by Analyticsinsight
  • RBI, the regulatory banking authority in India, announced its foray into the world of big data analytics by opening a data sciences laboratory that would employ professionals with skills in computer science, data analytics, statistics, economics, econometrics, and finance.
  • Using Various sources of data in the industry include traditional enterprise data from operational systems related to customer touch points (such as ATMs, credit cards mortgage units, volatility measures etc.), financials business forecast from various sources (regulatory data, trading data etc.) and other sources cloud BI has become standard as companies of all sizes across all industries have started embracing cloud computing for their business intelligence strategies. Cloud Computing and Business Intelligence Market Study, compared with 2018, when cloud sentiment encountered a sharp upswing, mean sentiment rose in 2019, and in 2020 proceeds with its ascent from 3.22 to 3.4. Almost 90% of R&D offices rate Cloud BI as important and imperative to present and future activities, driving all divisions corporate-wide. COVID-19’s expansion has boosted that enthusiasm as each business is embracing cloud-based platforms at a quicker pace than anybody foreseen toward the beginning of 2020. Simply over 30% of High Education foundations considered Cloud BI important, a figure that has in all probability bounced by 50% or increasingly due to COVID-19 distancing and remote working limitations. 60% of Consumer Services say Cloud BI is basic for ongoing tasks, trailed by Technology, Healthcare, and Business Services.



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