The global data analytics in banking market revenue was around US$ 5.88 billion in 2022 and is estimated to reach US$ 29 billion by 2031, growing at a compound annual growth rate (CAGR) of 19.4% during the forecast period from 2023 to 2031.
Data analytics in banking involves the utilization of cutting-edge statistical and analytical techniques to remove meaningful details from large and complicated datasets. It encompasses several processes such as data cleansing, data collection, data mining, data integration, and data visualization.
Market Driving Factors
Advancements in analytics tools and technologies are estimated to propel the market growth. This is majorly owing to the rapid advancements in data analytics tools, such as machine learning (ML), artificial intelligence (AI), and predictive analytics, which have made it more comfortable for banks to process and analyze large datasets. These technologies enable banks to remove valuable insights and create data-driven decisions.
Regulatory compliance needs are expected to boost market growth. The strict regulatory requirements imposed on the banking industry necessitate the usage of data analytics for compliance purposes. As a result, banks are required to analyze extensive amounts of consumer data to prevent and detect financial crimes, ensuring compliance with rules and avoiding hefty fines.
Data analytics offers banks a competitive edge by allowing them to better understand customers' requirements, provide personalized services, and deliver excellent customer experiences. As a result, banks that leverage data analytics effectively can achieve a substantial benefit over their competitors in the market. Thus, this factor is estimated to drive the market growth.
Data security and privacy are issues brought up by the widespread usage of client data for analytics. Therefore, this element hampers the market growth.
Regional Analysis
North America dominated the market in terms of growth rate and is estimated to maintain its dominance. This can be mainly attributed to surged demand for data analytics in banking and financial industry software. As a result, various policies and regulations are imposed by the regional governments for data security and protection. Furthermore, data analytics in banking trends are favorably fragmented in the region due to a large number of key players indulged in different developments such as acquisition, partnership, and collaboration.
Asia-Pacific is expected to dominate the market in terms of the largest shares. This is due to the several financial institutions in the region have adopted predictive analytics for growing the revenue of the organizations and enhancing the decision-making capabilities of the organization.
Segmentation Insights
Application Insight
The fraud detection & prevention segment is expected to dominate the market in terms of the growth rate during the projection period. Fraud detection and prevention in transaction monitoring aid banks in detecting several frauds and taking appropriate steps before any bank financial assets are lost, which boosts segment growth.
The customer management segment dominates the market in terms of the major shares. This is owing to the customer analytics are being prioritized by major key participants to have a better understanding of customer demand and preferences. Furthermore, the use of customer analytics software is increased by the rivalry among businesses to provide higher consumer satisfaction and a more tailored experience.
Component Insight
The solution segment dominates the market in terms of the largest share. Data analytics solutions have aided banks in identifying clients' money spending types and cash flow trends, allowing them to keep better client interactions and increasing data analytics in banking.
Deployment Model Insight
The on-premise segment dominates the market in terms of the largest share. The on-premises data deployment approach is frequently utilized in banks and financial institutions. Additionally, it needs significant investment to establish and needs businesses to receive data software to administer the system & analyze prior data trends to anticipate future possibilities.
Organization Size Insight
The large enterprise segment dominated the market in terms of the largest share and is expected to maintain its dominance. This can be attributed to the large banks and financial institutions have extended their attention to threat analysis, particularly to effectively analyze, detect, and manage risk.
Type Insight
The predictive analytics segment dominates the market in terms of the highest share. This is primarily due to the growing aid banks in determining which exact items should be marketed to whom and in channeling their marketing and sales efforts. All of this leads to better successful cross-selling, resulting in improved profitability and a stronger customer connection.
Prominent Companies
Segmentation Outline
The global data analytics in banking market segmentation focuses on the Application, Component, Deployment Model, Organization Size, Type, and Region.
By Application
By Component
By Deployment Model
By Organization Size
By Type
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL DATA ANALYTICS IN BANKING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: DATA ANALYTICS IN BANKING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL DATA ANALYTICS IN BANKING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL DATA ANALYTICS IN BANKING MARKET, BY APPLICATION
5.1 OVERVIEW
5.2 FRAUD DETECTION & PREVENTION
5.3 CUSTOMER MANAGEMENT
5.4 SALES & MARKETING
5.5 WORKFORCE MANAGEMENT
5.6 OTHERS
6 GLOBAL DATA ANALYTICS IN BANKING MARKET, BY COMPONENT
6.1 OVERVIEW
6.2 SOLUTION
6.3 SERVICES
7 GLOBAL DATA ANALYTICS IN BANKING MARKET, BY DEPLOYMENT MODEL
7.1 OVERVIEW
7.2 ON-PREMISE
7.3 CLOUD
8 GLOBAL DATA ANALYTICS IN BANKING MARKET, BY ORGANIZATION SIZE
8.1 OVERVIEW
8.2 LARGE ENTERPRISES
8.3 SMALL & MEDIUM SIZED ENTERPRISES
9 GLOBAL DATA ANALYTICS IN BANKING MARKET, BY TYPE
9.1 OVERVIEW
9.2 PREDICTIVE ANALYTICS
9.3 PRESCRIPTIVE ANALYTICS
9.4 DESCRIPTIVE ANALYTICS
9.5 OTHERS
10 GLOBAL DATA ANALYTICS IN BANKING MARKET, BY GEOGRAPHY
10.1 OVERVIEW
10.2 NORTH AMERICA
10.2.1 NORTH AMERICA MARKET SNAPSHOT
10.2.2 U.S.
10.2.3 CANADA
10.2.4 MEXICO
10.3 EUROPE
10.3.1 EUROPE MARKET SNAPSHOT
10.3.2 WESTERN EUROPE
10.3.2.1 THE UK
10.3.2.2 GERMANY
10.3.2.3 FRANCE
10.3.2.4 ITALY
10.3.2.5 SPAIN
10.3.2.6 REST OF WESTERN EUROPE
10.3.3 EASTERN EUROPE
10.3.3.1 POLAND
10.3.3.2 RUSSIA
10.3.3.3 REST OF EASTERN EUROPE
10.4 ASIA PACIFIC
10.4.1 ASIA PACIFIC MARKET SNAPSHOT
10.4.2 CHINA
10.4.3 JAPAN
10.4.4 INDIA
10.4.5 AUSTRALIA & NEW ZEALAND
10.4.6 ASEAN
10.4.7 REST OF ASIA PACIFIC
10.5 MIDDLE EAST & AFRICA
10.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
10.5.2 UAE
10.5.3 SAUDI ARABIA
10.5.4 SOUTH AFRICA
10.5.5 REST OF MEA
10.6 SOUTH AMERICA
10.6.1 SOUTH AMERICA MARKET SNAPSHOT
10.6.2 BRAZIL
10.6.3 ARGENTINA
10.6.4 REST OF SOUTH AMERICA
11 GLOBAL DATA ANALYTICS IN BANKING MARKET COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 COMPANY MARKET RANKING
11.3 KEY DEVELOPMENT STRATEGIES
11.4 COMPETITIVE DASHBOARD
11.5 PRODUCT MAPPING
11.6 TOP PLAYER POSITIONING, 2022
11.7 COMPETITIVE HEATMAP
11.8 TOP WINNING STRATEGIES
12 COMPANY PROFILES
12.1 SAP SE
12.1.1 OVERVIEW
12.1.2 FINANCIAL PERFORMANCE
12.1.3 PRODUCT OUTLOOK
12.1.4 KEY DEVELOPMENTS
12.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.2 SAS INSTITUTE INC.
12.2.1 OVERVIEW
12.2.2 FINANCIAL PERFORMANCE
12.2.3 PRODUCT OUTLOOK
12.2.4 KEY DEVELOPMENTS
12.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.3 ZOHO CORPORATION PVT LTD
12.3.1 OVERVIEW
12.3.2 FINANCIAL PERFORMANCE
12.3.3 PRODUCT OUTLOOK
12.3.4 KEY DEVELOPMENTS
12.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.4 MU SIGMA
12.4.1 OVERVIEW
12.4.2 FINANCIAL PERFORMANCE
12.4.3 PRODUCT OUTLOOK
12.4.4 KEY DEVELOPMENTS
12.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.5 DELL INC.
12.5.1 OVERVIEW
12.5.2 FINANCIAL PERFORMANCE
12.5.3 PRODUCT OUTLOOK
12.5.4 KEY DEVELOPMENTS
12.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.6 ALTERYX INC.
12.6.1 OVERVIEW
12.6.2 FINANCIAL PERFORMANCE
12.6.3 PRODUCT OUTLOOK
12.6.4 KEY DEVELOPMENTS
12.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.7 MICROSOFT CORPORATION
12.7.1 OVERVIEW
12.7.2 FINANCIAL PERFORMANCE
12.7.3 PRODUCT OUTLOOK
12.7.4 KEY DEVELOPMENTS
12.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.8 ORACLE CORPORATION
12.8.1 OVERVIEW
12.8.2 FINANCIAL PERFORMANCE
12.8.3 PRODUCT OUTLOOK
12.8.4 KEY DEVELOPMENTS
12.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.9 ADOBE INC.
12.9.1 OVERVIEW
12.9.2 FINANCIAL PERFORMANCE
12.9.3 PRODUCT OUTLOOK
12.9.4 KEY DEVELOPMENTS
12.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.10 TIBCO SOFTWARE INC.
12.10.1 OVERVIEW
12.10.2 FINANCIAL PERFORMANCE
12.10.3 PRODUCT OUTLOOK
12.10.4 KEY DEVELOPMENTS
12.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.11 AMAZON WEB SERVICES INC.
12.11.1 OVERVIEW
12.11.2 FINANCIAL PERFORMANCE
12.11.3 PRODUCT OUTLOOK
12.11.4 KEY DEVELOPMENTS
12.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.12 ASPIRE SYSTEMS
12.12.1 OVERVIEW
12.12.2 FINANCIAL PERFORMANCE
12.12.3 PRODUCT OUTLOOK
12.12.4 KEY DEVELOPMENTS
12.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.13 TABLEAU SOFTWARE
12.13.1 OVERVIEW
12.13.2 FINANCIAL PERFORMANCE
12.13.3 PRODUCT OUTLOOK
12.13.4 KEY DEVELOPMENTS
12.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.14 KNIME
12.14.1 OVERVIEW
12.14.2 FINANCIAL PERFORMANCE
12.14.3 PRODUCT OUTLOOK
12.14.4 KEY DEVELOPMENTS
12.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.15 IBM
12.15.1 OVERVIEW
12.15.2 FINANCIAL PERFORMANCE
12.15.3 PRODUCT OUTLOOK
12.15.4 KEY DEVELOPMENTS
12.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.16 SISENSE INC.
12.16.1 OVERVIEW
12.16.2 FINANCIAL PERFORMANCE
12.16.3 PRODUCT OUTLOOK
12.16.4 KEY DEVELOPMENTS
12.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.17 GOOGLE
12.17.1 OVERVIEW
12.17.2 FINANCIAL PERFORMANCE
12.17.3 PRODUCT OUTLOOK
12.17.4 KEY DEVELOPMENTS
12.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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