A Research and Markets report predicts that the global financial sector will increase its information technology spending on big data solutions from 2014 to 2019 at a compound annual growth rate of 25.5 percent.
The company said Friday the spending growth is due to the efforts of financial organizations to update their data infrastructure in order to address challenges in customer data management, workforce mobility and risk.
According to its report, big data has become the fastest-growing technology in the sector by the end of 2014.
Research and Markets pointed to companies’ interest in the application of automation and data intelligence tools to marketing efforts, as well as the use of social media to support data sourcing.
Challenges to further big data IT spending growth in financial services focus on the accuracy of data.
The report also listed the following key vendors of big data technology:
- SAS Institute