Data Integration Software in BFSI

The BFSI vertical is a data-centric vertical, which has at any given point of time enormous customer data to handle. It is estimated that a typical bank has over 600 million data elements per USD 1.2 billion assets. Most of the data available with the bank is dynamic and keeps on changing, such as customers contact number, addresses, and their location. Data in the bank often sits in isolated systems that are not linked together. The banks till now used to rely heavily on obsolete legacy systems of data capturing, retention, and data usage, which is a real threat to the growth of their financial business models. In retail banking, the customer file or customer information systems are being used since ages to link all the important customer data. The systems are totally dependent on the customers to have to be updated by them periodically. The US Postal Service estimates that 40% of its customer data repository is either incorrect or incomplete. This inaccurate information about customers is a major roadblock faced by the banks, which is jeopardizing their business objectives.
The data integration tools and services market for BFSI is set for a tremendous adoption owing to such serious problems faced by the banks. In this hyper-competitive industry, banks need to integrate the data from all the systems, get a unified 360-degree view of the customers and prospects and provide them customized banking to achieve operational success. Real-time live feeds could be helpful in mitigating the risks often associated with providing loans and credit cards to defaulters. Data integration will be immensely helpful to ensure hyper-targeted marketing, personal wealth management advice, and optimized transaction processing. To gain the unprecedented advantage of big data across enterprises, the banking and financial institutions need to have a proper integrated system in place.

COMPETITIVE LEADERSHIP MAPPING TERMINOLOGY

22 companies offering Data Integration Software in BFSI were analyzed, shortlisted and categorized on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Companies.

Informatica, Microsoft, IBM, Oracle, SAS Institute, and SAP have been identified as visionary leaders as they have established product portfolios and a robust market presence and business strategy.

Jitterbit, Stone Bond, Syncsort, Scribe Software, Attunity, Actian, Information Builders and Denodo have been identified as innovators as these vendors have a very focused product portfolio. However, they do not have very strong growth strategies for their overall business.

Acxiom, Cloveretl, HVR Software and Bedrock Data have been identified as emerging companies. They do not have very strong business strategies as compared to other established vendors. They might be new entrants and require some more time before gaining significant traction in the market. Boomi, Pentaho and Cisco Systems have been recognized as dynamic differentiators.

Vendor evaluations are based on two broad categories: product offering and business strategy. Each category carries various criteria, based on which vendors have been evaluated. The evaluation criteria considered under product offerings include breadth of offering, delivery, features/functionality, product quality and reliability, and product differentiation. The evaluation criteria considered under business strategy include geographic footprint (on the basis of geographic presence), channel strategy and fit, vision alignment, and effectiveness of growth (on the basis of innovations, partnerships, collaborations, and acquisitions).

VISIONARY LEADERS

Visionary Leaders generally receive high scores for most evaluation criteria. They provide mature and reputable data integration services. They also have strong business strategies. Informatica, Microsoft, IBM, Oracle, SAS Institute, and SAP are the leading players in the data integration software market and are recognized as leaders. These vendors are making their presence felt by offering services that are required by most organizations.

INNOVATORS

Innovators demonstrate substantial product innovation as compared to their competitors. They have a very focused portfolio of data integration software solutions and the potential to build strong business strategies for their business growth to be at par with the leaders. However, they do not have very strong growth strategies for their overall business. Jitterbit, Stone Bond, Syncsort, Scribe Software, Attunity, Actian, Information Builders and Denodo are recognized as innovators. Innovators have been at the forefront in deploying their services based on the clients’ custom software requirements for the niche market.

DYNAMIC DIFFERENTIATORS

Dynamic Differentiators are established vendors with very strong business strategies. However, they are low in the product portfolio. They generally focus on a specific type of technology related to the product.  Boomi, Pentaho and Cisco Systems are recognized as dynamic differentiators.

EMERGING COMPANIES

Acxiom, Cloveretl, HVR Software and Bedrock Data are recognized as emerging players in the data integration software market. The emerging players are specialized in offering highly niche and tailor-made solutions and services to their clients. They do not have very strong business strategies as compared to other established vendors. They might be new entrants in the market and require some more time before gaining significant market traction.

Frequently Asked Questions

  • What is the current and future market outlook for Data Integration Software?
    The overall data integration market is expected to grow from USD 6.44 billion in 2017 to USD 12.24 billion by 2022, at a CAGR of 13.7% from 2017 to 2022. The major drivers driving the growth are Demand for tools that can combine several heterogeneous data sources and Rise of cloud computing creating a demand for effective data integration tools and practices.
  • How have the Data Integration Market seen growth and what are the contributing factors?
    Data integration market growth is attributed to demand for tools combining several heterogeneous data sources and rise of cloud computing, creating demand for effective data integration tools and services. There has been a massive amount of data generation from multiple systems in various organizations. Data integration has provided relevant solutions to look into this data, as consolidated information in a consistent manner. The technology has provided a unified and consistent view to enterprise data. Major technologies used for data integration include ETL, EAI, and EII. Major applications of data integration lie in providing enterprise data warehouse required for business analytics and business intelligence needs.
  • Which are the key challenges faced by the organisations in Data Integration Market?
    The 3 challenges faced by organisations are: Lack of standardization in enterprise data integration and management strategy, Lack of adoption of high-end ETL tools, Need for an upgraded data integration framework that incorporates big data platforms
  • Which technology of Data Integration Software will be delivering the highest growth?
    Cloud computing has observed rapid growth in the recent past and the technology has been already adopted by many organizations and others are planning to adopt it to increase their operational efficiency and the profit margin by effectively leveraging data. The cloud computing technology has given a new path to organizations for capturing data from disparate sources such as connected remote sensors in industrial use cases, distributed servers, web, and smartphones.
  • Which are the major segments of Data Integration Software market?
    The data integration market has been segmented, on the basis of component, into Tools and Services. The market for services is expected to grow at the highest CAGR between 2017 and 2022. Managed services play a crucial part in reducing overheads of the enterprises, facilitating them to be product focused and innovation friendly. Thus, services play a pivotal role in transforming new-age enterprises, which are laid on the pillars of Volatility, Uncertainty, Complexity, and Ambiguity (VUCA) in today’s dynamic world. The services segment in the data integration market is expected to witness the highest growth rate in the coming years, which is evident from the proliferating product adoption in the present year.
  • Who are the key players that provide Data Integration tools and services?
    Vendor included are SAP SE (Germany), SAS Institute Inc. (US), Cisco System Inc. (US), Information Builders (US), Actian Corporation (US), Syncsort (US), Pitney Bowes Inc. (US), IBM (US), Informatica Corporation (US), Oracle Corporation (US), Talend (US), Microsoft Corporation (US), HVR Software (US), Denodo Technologies (US), and Attunity Ltd. (US). These vendors adopted different types of organic as well as inorganic growth strategies such as new product launches, partnerships and collaborations, and mergers and acquisitions to expand their offerings in the data integration market.

Data Integration Software in BFSI

Comparing 26 vendors in Data Integration Software across 167 criteria.
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In the data integration software market, Informatica provides Informatica PowerCenter, an end-to-end enterprise data integration platform. It enables users to integrate raw, fragment data from disparate sources in realtime, and transform it into valuable business information. The platform provides a wide range of tools and functionalities to meet the diverse requirements of users from different verticals.
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In the data integration software market, IBM is strongly positioned with its data integration platform, InfoSphere Information Server, which includes a number of data integration products/modules that users can deploy together or individually, including IBM InfoSphere DataStage for Data Integration and InfoSphere DataStage. IBM’s InfoSphere Information Server for Data Integration enables users with various options to deliver data, such as ETL, virtual/federated data delivery model, or through incremental/data replication method.
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In the data integration software market, Microsoft provides Microsoft Azure Data Factory, a cloud-based data integration service. This orchestrates and automates the process of moving and transforming data. Users can use this data integration service to ingest data from various data sources, transform the data, and load the output to data storage units. Azure Data Factory itself does not store any data, as such. It lets users create datadriven flows to orchestrate the movement of data between supported data stores and processing of data using compute services in other regions or an on-premises environment.
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Oracle provides Oracle Data Integrator and Oracle GoldenGate. Oracle Data Integrator is a data integration platform, which provides integration with databases, Hadoop, ERPs, CRMs, B2B systems, flat files, XML, JSON, LDAP, JDBC, and ODBC. It provides powerful data transformation for heterogeneous databases, big data, and ETL for Oracle databases, including Oracle Exadata.
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Talend provides a single software platform, Talend Data Fabric, which combines the company’s data integration solutions, namely, Talend Data Integration, Talend Big Data Integration, and Talend Open Studio for Data Integration and Cloud Integration, with a common development and management environment. The company’s commercial products are available on the user-based subscription pricing model.
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SAP offers SAP Data Services, a premium product offering to the data integration market. It is a data management software, which offers comprehensive functionalities, such as data integration, cleansing, and maintaining adequate quality of the data. This data integration high-performance software offers ample flexibility to business users, to gain the advantage of the data captured from on-premises, as well as, cloud sources.
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Information Builders offers Omni-Gen Data Management and iWay integration suite as a solution in the burgeoning data integration market. The iWay big data integration suite encompasses iWay DataMigrator, iWay Service Manager, and iWay Universal Adapter Framework, which is capable of handling both structured as well as unstructured data. Omni-Gen Data Management offers an interface for Hadoop and Spark data ingestion, transformation, Change Data Capture (CDC), and enrichment and cleaning of big data sources.
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Actian Corporation offers DataConnect, DataCloud, and Business Xchange as its product offerings in the data integration market. Actian Database offers the hybrid integration solution, which makes data integration easy on the cloud, on-premises, and in hybrid environments. The features and capabilities of the software include the Integrated Development Environment (IDE), which is instrumental in capturing, storing, and querying any type of data, such as Structured Query Language (SQL) or No Structured Query Language (NoSQL) using relational objects or embedded databases.
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SAS offers SAS data management and SAS data integration server, as a part of data integration product offerings in the marketspace. The SAS software is designed to cleanse and integrate data from any disparate sources, such as data stored in the legacy systems of enterprises and data stored in Hadoop. The company offers easy access to Hadoop via technologies, such as Pivotal HAWQ or Impala.
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Boomi overcomes IT complexity and breaks down data silos by integrating on-premise and cloud application and various data sources and devices with Boomi Integration. The company helps in integrating in the most appropriate location for private or public cloud. It supports all integration needs with the help of real-time assistance, event-based or batch data integration, use cases, or even support for asynchronous processes. The company also helps in managing integration with cloud-hosted management dashboard for a thorough view and reporting on status and process details
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For Dell Boomi
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Scribe ready-to-go connectors adapt to software updates, it is a simple graphical interface for code-free customization and management tools that keep things working smoothly. Scribe, works with connecting data among apps that our business groups are always asking for new data integrations which in turn helps in driving business efficiency. Scribe’s Agile Integration Platforms helps for large Enterprises, Small to Medium Businesses, Systems Integrators, and SaaS Providers. Sribe offers a lot of flexibility and configurability so one can connect data from one system to just about any other system we need to. Scribe also offers connectors to many other enterprise applications, so one has the option to streamline data movement to other systems in the future.

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Denodo Data Integration software is a data virtualization platform, which delivers all data virtualization capabilities on a single platform. It is enables users to connect with disparate data sources, define data transformations and combinations according to their business requirements, and deliver data services in real-time to their enterprise platforms. It facilitates data processing capabilities to different categories of users, such as business users with self-service data discovery and search, enterprise architects, and developers.
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Attunity provides a number of data integration and related products, namely, Attunity Replicate, Attunity CloudBeam, Attunity Connect, Attunity Gold Client, Attunity Managed FileTransfer, and Attunity RepliWeb. Attunity Replicate is the data replication solution, which provides high-performance data replication and loading, through a user interface. It automates the end-to-end replication process and can be integrated with Apache Kafka APIs to deliver data to HBase, Cassandra, Couchbase, MongoDB, and other big data platforms, in addition to database, data warehouse, and Hadoop and cloud storage.
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Syncsort offers DMX-h as its product offering in the data integration market. The software is designed to collect, prepare, blend, transform, and distribute the data in the minimum time possible. The ETL software allows data to be collected from numerous data sources, which include files, such as JSON, XML, Hadoop HDFS, and databases, such as Greenplus SQL server, Netezza, Oracle, Sybase, and Teradata.
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Jitterbit delivers powerful, flexible, & easy to use data and application integration solutions. Jitterbit allows companies of all sizes to integrate any On-Premise, Cloud , Social, or Mobile application. Jitterbit's graphical "No-Coding" approach accelerates and simplifies the configuration and management of complex integration projects. Jitterbit helps in removing the complexity from data integration with visual interface and wizard-driven tools. The company is effectively capturing, managing and leveraging raw data to derive meaningful business intelligence (BI) for enterprises. The company builds data integration and ETL processes, with business experts deploying the data integration technology. Jitterbit’s powerful ETL tools and data integration solutions provide an intuitive, easy-to-use interface that simplifies data integration.

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Cisco offers Cisco Data Virtualization platform as well as Cisco Information Server (CIS) as its prime offerings to the data integration market. The platform allows organizations to integrate the cloud as well as on-premises data, to gain comprehensive insights from the consolidated data. Cisco’s Cloud Data Virtualization offers easy integration with SaaS applications, such as salesforce.com and IaaS cloud-hosted applications, such as Oracle, eBusiness, and SAP.
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Pentaho Multithreaded data integration engine scales up and out and includes deployment to clustered and cloud environments. The company’s dynamic and reusable data integration templates enables users to create transformations on the platform. It manages and processes data in on-premises, hybrid and multicloud environments. It effortlessly switches from data-processing engines with in-cluster execution to increase data productivity. It also helps reducing the time needed to provide data models for business users, improving collaboration between business and IT. It helps in reducing development time by using data services to virtualize transformed data and making the data available for reports and applications.

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The company uses Relational Database integration which is possible using intelligent and patented AppComms. The simple drag and drop interface of Enterprise Enabler provides users with a relational view of existing relational and non-relational databases on any imaginable platform. Stone Bond’s Relational Database AppComms offers the broadest range of integration options which enables users to access to data in operational systems, federate and sync data in warehouses without staging or designing architecture to address the unique information needs of all users.

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The CloverDX previously known as Cloveretl, differentiates itself from competitors, based on the quality of its products in harmony with outstanding levels of service. The company goes extra mile to make things happen and respond rapidly to requests, never taking its customers for granted. It provides a full set of database readers and writers, JSON, XML and CSV processors, complex field mapping, email parsing, data aggregation, sorting, de-duplication and many other integration components. The technical support and maintenance package offered includes direct access to a dedicated customer portal and support team, who are right next to their developers and data consultants.

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Bedrock integration starts with selecting from wide range of connectors including HubSpot, Marketo, Pardot, ConnectWise, Salesforce, Microsoft Dynamics, NetSuite, SugarCRM, Zoho CRM, Pipedrive, Infusionsoft, Cvent and more. It can connect more than two systems at a time and map specific fields including custom fields. It provides the option to leverage object relationships e.g. to pull data from an account to a contact record, which opens data flexibility. It also pairs the data across the system by using uniques identifier for each object type. As new data comes into any connected system, it gets paired using the unique identifier. Unlike native connectors that tend to sync in only one direction, this de-duplication and pairing process works in all directions, keeping data de-duplicated & clean.

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HVR is deployed and consumed as a single solution (All-in-one Box), which comprises multiple features, covering the end-to-end deployment and data monitoring. HVR supports a wide array of heterogeneous sources and targets, which facilitate the replication of data at scale, whether on-premises or over the cloud.
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Acxiom is a technology and services company that offers the data foundation for the world's best marketers. They permit people based marketing everywhere through a simple, open approach to connecting systems and data that drives seamless customer experiences and higher ROI. They assess omnichannel data sources, formats and systems to ensure the best Open Garden architecture. Their architect solutions for tech stack enables data orchestration that is focused on a specific strategy, budget, and challenges to achieve optimal sustainability and ROI. They help in configuring data environments for true omnichannel identity resolution and activation across apps and platforms. They connect new and existing applications with data environments for efficient data orchestration. They help in optimizing capabilities and performance and enables growth in new data sources, channels and use cases.

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