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Global Big data as a Service Market 2016-2020 - Key Vendors are HP, IBM & SAP SE - Research and Markets

[April 14, 2016]

Global Big data as a Service Market 2016-2020 - Key Vendors are HP, IBM & SAP SE - Research and Markets

Research and Markets has announced the addition of the "Global Big data as a Service Market 2016-2020" report to their offering.

The global big data as a service market is expected to grow at a CAGR of 60.9% during the period 2016-2020.

With the rise in mobile workforce and consumer expectation, financial institutions are gearing up their efforts to attract, retain, and grow their next-generation IT-driven bankers. However, many industry verticals are struggling to act quickly to meet the expectations of online customers due to fragmented processes, legacy technology infrastructure, and ingrained businesses.

With the beginning of new business models, the financial services industry has become more proactive rather than reactive. The industry is now focused on building models to understand their customers in greater depth compared to earlier decades. By using IT spending over big data analytics, financial institutions can target customer needs more precisely.

According to he report, there has been an increase in the number of predictive modeling tools with interactive visualization and automation. These tools accelerate the methods for developing, ascertaining, and analyzing predictive models, which can be used by financial institutions for operations such as customer analytics, product innovation, risk reporting, and threat management.

Further, the report states that the synchronization of big data technologies with the existing IT databases is a major concern. Migration of databases from similar sources on different schedules and at dissimilar rates can quickly get unsynchronized with the OS. With large data volumes, conventional data marts, sequences of data extractions, and migrations and transformations have become challenging for large organizations, which can be addressed by big data solutions.

Key vendors: