The pandemic had a significant impact on the market due to surge in use of data analytics in banking sectors to study and research the consumer data to implement effective strategies.

On the contrary, use of artificial intelligence in mobile banking apps and surge in demand from developing economies would open new opportunities in the future. However, issues regarding implementation and integration among banks and financial institutions hinder the market growth. Increased demand for data analytics to help financial institutions to know customers and their buying patterns and behaviors and rise in fraudulent activities such as accounting fraud, money laundering, and payment card fraud have boosted the growth of the global data analytics in banking market. As per the report, the global data analytics in banking industry was pegged at $4.93 billion in 2021, and is estimated to reach $28.11 billion by 2031, growing at a CAGR of 19.4% from 2022 to 2031.

5, 2022 /PRNewswire/ - Allied Market Research recently published a report, titled, ' Data Analytics in Banking Market by Component (Solution, Services), by Deployment Model (On-Premise, Cloud), by Organization Size (Large Enterprises, Small & Medium Sized Enterprises), by Type (Predictive Analytics, Prescriptive Analytics, Descriptive Analytics, Others), by Application (Fraud Detection & Prevention, Customer Management, Sales & Marketing, Workforce Management, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031'. Data analytics to help financial institutions to know customers and their buying patterns and behaviors and rise in fraudulent activities such as accounting fraud, money laundering, and payment card fraud have boosted the growth of the global data analytics in banking market.

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