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Big Data Analytics in BFSI is Predicted to Reach US$86.68 Billion by 2027



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November 10, 2021

Big Data Analytics

The global big data analytics in BFSI market size is expected to reach US$86.68 billion in 2027 and register a steady CAGR over the forecast period. Increasing focus to improve customer lifecycle in the BFSI industry, growing demand for early fraud detection in the BFSI industry, and rising data volume generated by the capital market due to trading and transactions is resulting in high demand for big data analytics solutions. These factors are expected to continue to boost the growth of the global big data analytics in the BFSI market over the forecast period.

The introduction of big data analytics in the bank has destroyed many ground rules of the business and transformed the structure of the financial services industry. With a huge volume of data, banks are trying to find out various innovative business ideas and risk management solutions. By using various models such as data mining and artificial intelligence and predictive analysis, banks and financial institutes are gaining superior and quicker business decisions.

Big data in BFSI refers to large voluminous data sets that are heterogeneous and generated timely in the financial services through different activities such as ATM transactions, cash transactions, online fund transfer, account opening, risk assessment, payment clearance, and other activities. The need to provide personalized services to the user and dynamic government regulatory environment generate the demand for big data analytics in the BFSI market.

The global big data analytics in the BFSI market is driven by rapid growth in data due to transactions through a different mode, risk management, and customized product offerings to the clients. In addition, the high need for better customer service, a broad range of financial products, and the need for consumer insights related to their investment and transaction behavior fuel the market growth.

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