Earlier this year, Investopedia published a very insightful article on the intersection of big data and the financial industry. Big data is changing every facet of the financial industry, from insurance actuary processes to the management of the stock market.
The Progression of Big Data Technology in the Financial Industry
The 21st has been the age of information technology. Information technology and the accumulation of truly staggering amounts of data have transformed the landscapes of countless industries, signaling a paradigm shift in the way we do things.
One of the most acutely affected industries has been the financial industry. This industry thrives on processing market information to figure out what the next big thing is and what to do about it. With the rise of big data, the financial industry has undergone a metamorphosis on a scale rarely seen in nature.
MAPR cited some hard statistics on the role of big data in the financial services industry. They showed that the global big data market is worth $130.1 billion. The demand for big data in the financial services industry accounts for 13.1% of this market – or $17 billion. Other financial sectors are also utilizing big data and presumably account for around 20% or ...
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