The BFSI data monetization market is anticipated to expand at a high CAGR over the forecast period.
The rapid growth of this industry, indicated by the rising number of accounts in banking and financial institutions worldwide, is one of the major factors driving the growth of this market. The continuous drift of banks and financial institutions has been leading to the generation of huge volumes of data per day. This data includes valuable information about account holders and current trends. Growing competition across this industry has been pushing institutions towards implementing new growth strategies in order to gain a competitive edge. This is one of the major factors driving the adoption of data monetization solutions in this industry, thus boosting the growth of the market. However, stringent regulations regarding data protection and privacy of customers’ data in some regions are hindering market growth to some extent.
Geographically, North America holds a significantly large share of this market on account of the early adoption of new technologies and practices among banking and financial institutions in this region. The Asia Pacific is expected to show good growth in this market over the projected period.
DRIVERS
Growing competition across the BFSI industry
The increasing digitization of business functions
RESTRAINTS
Stringent regulations in some regions regarding the security and privacy of customers’ data
The major players profiled in the BFSI data monetization market include Accenture, ALC, Gemalto, Google, IBM, Infosys, Monetize Solutions, and SAP.
Segmentation
The BFSI data monetization Market has been analyzed through the following segments:
By Offering
Solution
Services
By Deployment Model
On-premise
Cloud
By Enterprise Size
Small
Medium
Large
By Geography
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Europe
UK
Germany
France
Italy
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Asia Pacific
Japan
China
India
Australia
Others