Big Data Analytics Market is forecast to grow 4.5 times, garnering revenues of $68.09 billion by 2025 from $14.85 billion in 2019, according to Frost & Sullivan research done recently. Deployment of big data analytics is priority for enterprises amid the COVID-19 uncertainty as its use will help them remain competitive while accelerating innovation. Between the two major segments of the BDA market — data discovery and visualization (DDV) and advanced analytics (AA) — DDV is expected to become more mainstream as organizations realize the importance of data prepping, data management, and data visualization as the foundational building blocks for advanced analytics.
Artificial Intelligence will help BFSI sector as per a IDRBT (The Institute for Development & Research in Banking Technology) whitepaper. IDRBT urged the BFSI organizations to increase focus on AI strategy, data management, internal digitization, talent creation and developing safe systems to improve their AI readiness.
As per India’s Chief Economic Advisor, K V Subramanian – Banks, including private sector banks, should use this covid-19 and GDP breakdown opportunity to develop models based on data and analytics to enable lending and rectify defaults.
According to a report by Million Insights, the global wealth management software market is projected to attain USD 5.80 billion by the end 2025. The market is anticipated to expand at a CAGR of 15.3% throughout the forecast period, 2019 to 2025. Rising digitalization and automation across various wealth management firms and financial institutions such as trading houses, asset management firms, banks, forex traders, and brokerage firms is projected to proliferate the market growth from, 2019 to 2025.
Hadoop Big Data Analytics Market size to grow from USD 12.8 billion in 2020 to USD 23.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 13.0% during the forecast period. Various factors such as the growing focus on digital transformation, rise in investments in analytics, increasing focus on remote monitoring in support of the COVID-19 pandemic, growing adoption of smart payment technologies, and business need to build a digital infrastructure for large-scale deployments are expected to drive the adoption of Hadoop Big Data Analytics Market.