Datafication Market to be Dominated by BFSI Sector Through 2028
Increasing availability of data is driving the datafication
market across the globe during the forecast period.
According to
TechSci Research report, “Datafication Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028F,” the global datafication market is
expected to grow at a robust rate in the forecast period. Datafication refers
to the process of collecting, analyzing, and utilizing large amounts of data to
gain insights and make better decisions. Some of the main benefits of this
market include:
- Improved
decision-making: By analyzing vast amounts of data from multiple sources,
companies can make informed decisions that are backed by data-driven insights.
This can lead to better outcomes and increased efficiency.
- Increased
efficiency: Datafication can automate and streamline many business processes,
reducing the need for manual intervention and increasing efficiency.
- Improved customer
experiences: Datafication can help companies better understand their customers'
needs and preferences, allowing them to provide more personalized and targeted
experiences.
- Cost savings:
Datafication can help companies identify inefficiencies and reduce costs across
various departments, from supply chain management to marketing and sales.
- Competitive
advantage: By leveraging data in innovative ways, companies can gain a
competitive advantage over their rivals and stay ahead of the curve in terms of
product development, marketing, and customer engagement.
Overall, the global
datafication market offers numerous benefits to businesses across various
industries, including improved decision-making, increased efficiency, improved
customer experiences, cost savings, and a competitive advantage.
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Based on Type, the market is segmented into
Behavioral Datafication, Social Datafication, Geospatial Datafication,
Transactional Datafication, and Sensor Datafication. Based on Application, the
market is further divided into
Blockchain, AIOps, Cognitive Computing, Edge Computing, FinOps, and Others.
Based on vertical, the market is further split into BFSI, Healthcare, IT and
Telecom, Retail, Government and Defense, Manufacturing, and Media and
Entertainment.
The
BFSI (banking, financial services, and insurance) sector has been one of the
early adopters of datafication and data analytics technologies. As a result, it
is expected to continue to dominate the datafication market soon. BFSI sector
generates a massive amount of data daily, including transactional data,
customer data, market data, and regulatory data. This makes it an ideal
candidate for datafication and analytics. It operates in a highly competitive
environment, and real-time insights can make a significant difference in terms
of business performance and customer satisfaction. Datafication and analytics
technologies can provide these real-time insights by processing and analyzing
large amounts of data in real-time. The BFSI sector is highly regulated, and
risk management is a critical component of its operations. Datafication and
analytics technologies can help banks and financial institutions to identify
and mitigate risks more effectively by analyzing data from multiple sources. The
BFSI sector is highly customer-focused, and datafication and analytics
technologies can help banks and financial institutions to better understand
their customers' needs, preferences, and behavior. This can lead to more
personalized and targeted marketing campaigns, as well as improved customer
experience. Fraud is a significant problem in the BFSI sector, and datafication
and analytics technologies can help to detect and prevent fraud more
effectively by analyzing patterns and anomalies in data. Overall, the BFSI
sector is expected to continue to dominate the global datafication market due
to the significant benefits that datafication and analytics technologies can
provide to banks, financial institutions, and insurance companies. However,
other industries such as healthcare, retail, and manufacturing are also
starting to adopt datafication and analytics technologies to gain a competitive
edge.
Key market players in the global
datafication market include:
- IBM Corporation
- Oracle
Corporation
- Microsoft
Corporation
- SAP SE
- Google Inc.
- Amazon Web
Services
- SAS Institute
Inc.
- Teradata
Corporation
- Dell EMC
- Hewlett-Packard
Enterprise (HPE)
These companies offer a wide
range of products and services related to datafication, such as data analytics,
data storage, cloud computing, and machine learning. They cater to various
industries, including healthcare, finance, retail, and manufacturing, among
others.
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“The North American region
shows substantial growth prospects for datafication, which can be attributed to
the significant benefits it offers such as data privacy and security. These
have become increasingly important concerns for businesses and organizations in
North America. With the growing prevalence of data breaches and cyber-attacks,
companies are investing in data security measures and complying with
regulations such as GDPR and CCPA. North American businesses are increasingly
adopting artificial intelligence (AI) and machine learning (ML) technologies to
analyze and make sense of large amounts of data. These technologies can help
businesses to identify patterns and insights that may not be visible to humans,
and to make more accurate predictions and recommendations. Overall,
datafication is a rapidly growing trend in North America, driven by
advancements in technology, the need for greater efficiency and
competitiveness, and the increasing availability of data.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Datafication Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028F Segmented
By Type (Behavioral Datafication, Social Datafication, Geospatial Datafication,
Transactional Datafication, Sensor Datafication), By Application (Blockchain,
AIOps, Cognitive Computing, Edge Computing, FinOps, Others), By Vertical (BFSI,
Healthcare, IT and Telecom, Retail, Government and Defense, Manufacturing, and
Media and Entertainment), By Region, Competition,” has
evaluated the future growth potential of Global Datafication Market and provides statistics and information on
market structure, size, share, and future growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the Global Datafication
Market.
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