Data and analytics (D&A) in banking and financial services (BFS) is an area that has seen a huge amount of growth, innovation, and development in recent years. The D&A services market is expected to reach a valuation of US$150 billion by 2024, which would represent a 150% increase from where it stood just five years ago.
According to Everest Group research, approximately 15-20% of BFS enterprises will increase their investment by more than 30%. With fears of an impending recession continuing to grow and many areas of IT services that previously looked strong showing less resilience, D&A appears particularly worthwhile.
