The Market Research on the “Big Data Engineering Services Market 2021-2026”, now available with Market Insights Reports, Introduces systematic details in terms of market valuation, market size, revenue estimation, and geographical spectrum of the business vertical. The Big Data Engineering Services market report offers an overview of top company profiles with business value and demand status of the industry. The report also helps the user to understand the market in terms of its definition, segmentation, market potential, influential trends, and therefore the challenges that the market is facing. The impact of the COVID-19, and also forecasts its recovery post-COVID-19. The report also presents forecasts for Big Data Engineering Services investments from 2021 till 2026.
The big data engineering services market is expected to witness a growth at a CAGR of 16.3% over the forecast period (2021-2026).
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The prominent players in the Global Big Data Engineering Services Market:
Accenture PLC, Genpact Inc., Cognizant Technology Solutions Corporation, Infosys Limited, Capgemini SE, NTT Data Inc., Mphasis Limited, L&T Technology Services, Hexaware Technologies Inc., KPMG LLP, Ernst & Young LLP, Latentview Analytics Corporation, and Others.
Competitive Analysis: –
– April 2020: Capgemini SE announced the acquisition of Advectas AB, a business intelligence and data science company based in Sweden. Advectas is integrated into the company’s insights and data business unit, as the company aims to leverage the growing client demand for data analytics services. Further, going forward the company expects ongoing growth of 4% for 2020 and aims its focus in expanding into the intelligence industry market.
– March 2020: Infosys Limited reported an investment of USD 4.5 million into US-based startup Waterline Data Science through its innovation funds. The startup offers data governance and data discovery software and also provides business analysts and data scientists a self-service data catalog to help understand the data.
Key Market Trends: –
Big Data Analytics in Banking is Expected to Grow Significantly
– As technology is advancing, the number of devices that consumers use to initiate transactions is also increasing (such as smartphones), making the number of transactions increase. This rapid growth in data requires better acquisition, organization, integration, and analysis.
– Considering the regional analysis of government regulations, the government’s approach in every region varies in intensity. The European banks are taking stronger regulatory approaches than their Asian counterparts. For instance, in Europe, regulations have been significant catalysts for the rise of open banking. These include Europe’s implementation of its Second Payment Services Directive (PSD2) and the UK Competition and Markets Authority’s (CMA) Open Banking regulation.
– According to Open Banking Implementation Entity (OBIE), API calls increased from one million a month in May 2018, to more than 66.7 million in June 2019. (PSD2 mandates that banks create APIs (vehicles for bundling and sharing discrete data sets between organizations) for digital banking transactions.
– Danske Bank is the largest bank in Denmark, with a customer base of more than 5 million. It utilizes its in-house advanced analytics to identify fraud while reducing false positives. Thus, after implementing a modern enterprise analytics solution, the bank realized a 60% reduction in false positives, which increased true positives by 50%.
Asia Pacific to Hold Major Market Share
– The Asia Pacific region is expected to hold a significant market owing due to the increasing rate of internet, smartphone generation, and ever-growing urbanization development in machine learning, algorithm development, and the need for customer and behavioral analytics.?For instance, as per Xinhuanet, China has 854 million internet users currently. The volume of data and users offers significant advantages, such as more data powers, more accurate predictive models, and more productive analysis. It also supports more advanced machine learning and more profound learning techniques.
– The potential for Big Data to revolutionize the country is massive. China has one of the world’s largest and most valuable consumer market. It is already the world’s workshop, producing many goods for export. Big Data engineering services is expected to provide opportunities for the enormous Chinese consumer market, and it is likely to assist Chinese firms looking to engage in high-value economic activities.? For instance, As per the Ministry of Industry and Information Technology, China’s Big Data sector aims to increase its annual sales to CNY 1 trillion by 2020, from an estimated CNY 280 billion in 2015.
Explore Full Report with Detailed TOC Here:
Major Highlights of TOC
Chapter 1: Introduction
Chapter 2: Research Methodology
Chapter 3: Executive Summary
Chapter 4: Market Dynamics
Chapter 5: Market Segmentation
Chapter 6: Competitive Landscape
Chapter 7: Investment Analysis
Chapter 8: Market Opportunities And Future Trends
Customization of the Report: This report will be customized as per your needs for extra data up to 3 companies or 3 countries or nearly 40 analyst hours.
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