The BFSI data monetization market is projected to grow at a CAGR of 5.85% during the forecast period.
Rapid growth of this industry, indicated by rising number of accounts in banking and financial institutions worldwide, is one of the major factors driving the growth of this market. Continuous drift of banks and financial institutions towards has been leading to 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 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 is hindering the market growth to some extent.
Geographically, North America holds a significantly large share in this market on account of early adoption of new technologies and practices among banking and financial institutions in this region. Asia Pacific is expected to show a good growth in this market over the projected period.
Growing competition across BFSI industry
Increasing digitization of business functions
Stringent regulations in some regions regarding 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.
The BFSI data monetization Market has been analyzed through the following segments:
By Deployment Model
By Enterprise Size
Middle East and Africa