Worldwide revenues for big data analytics is forecast to grow by nearly 450% to reach $68.09 billion in revenues by 2025.

Advances in AI and predictive analytics are using consumer scores to automate business decisions to predict things like risk and fraud. But concerns over fairness mean companies need to make scores transparent to consumers.

Advances in AI and predictive analytics are using consumer scores to automate business decisions to predict things like risk and fraud. But concern over fairness means companies need to make scores transparent to consumers.

KEY STAT: According to a September 2020 survey from the World Economic Forum (WEF), financial services companies worldwide indicated that they are adopting technologies like cloud computing, encryption, and big data analytics, which will all be enhanced by 5G. What Is 5G? 5G stands for the “fifth-generation standard” for broadband cellular networks.

In a Q1 2020 Deloitte survey, IT executives in the US said that advanced wireless connectivity—such as 5G and Wi-Fi 6—was very or extremely important to their ability to take advantage of a number of emerging technologies, including the cloud, big data analytics, and AI. Satish Rao, chief product officer of startup studio Newlab, said that developing 5G use cases is a natural fit for startups.

Among the data and analytics professionals surveyed in August 2020 by Transforming Data with Intelligence (TDWI) and big data analytics platform ThoughtSpot, 49% cited data infrastructure as an obstacle to their company’s analytics journey—making it the leading response.

As such, wealth managers are looking into how they can streamline data storage with the help of application modernization—which is a process that reengineers legacy applications, connects formerly siloed applications via APIs, and uses big data analytics.