Big Data Analytics In Banking Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
Big Data Analytics in the Banking market is expected to register a CAGR of 22.97% during the forecast period. With the outbreak of COVID-19, huge losses in the financial markets of up to USD 744 billion were recorded in March 2020. Investor sentiments at present are at an all-time low, and it is also becoming a difficult task for banks worldwide to maintain good assets and earnings. Due to the shutdowns across various regions and income slowdown, many repayments of loans, especially in Europe, may cease leaving the banks dry, which could slow down the existing banks from incorporating Big Data Analytics into their system.
Key HighlightsBig Data Analytics In Banking Market is quite fragmented due to the presence of many international players that offer a variety of big data analytics solutions for banks for various applications, including fraud detection and management, customer analytics, social media analytics, etc. Some of the key players in the market are SAP SE, IBM Corporation, and Oracle Corporation.
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