Augmented analytics in the BFSI sector is revolutionizing how financial institutions analyze data, make decisions, and interact with customers. It empowers organizations to harness the power of advanced analytics technologies to gain a competitive edge, mitigate risks, drive operational efficiency, and deliver enhanced financial services to their customers. Furthermore, augmented analytics in the BFSI sector helps to streamline and optimize various processes, including risk management, fraud detection, customer segmentation, personalized marketing, and investment management. Hence, by gaining a deeper understanding of customer behavior, preferences, and needs, BFSI organizations can enhance customer engagement, satisfaction, and retention.
Allied Market Research published a report, titled, “Augmented analytics in BFSI market by Component (Solution and Service), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprises), Application (Risk and Compliance Management, Customer Analytics, Fraud Detection, Portfolio Management, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global augmented analytics in BFSI industry generated $1.7 billion in 2022, and is anticipated to generate $14.5 billion by 2032, witnessing a CAGR of 24.4% from 2023 to 2032.
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Prime determinants of growth
The growing data volumes in the BFSI industry, rising popularity of the online banking, and the use of augmented analytics to ensure compliance by automating compliance reporting are driving the demand for the global augmented analytics in BFSI market. However, data privacy and security concerns and lack of skilled professionals are the significant factors that restrains the growth of the augmented analytics in BFSI market. On the contrary, by integrating machine learning algorithms, augmented analytics technology, financial institutions can identify patterns, anomalies, and trends in their data, leading to improved risk assessment, fraud detection, and compliance monitoring. Hence, these capabilities enable proactive decision-making, thereby mitigating risks, and preventing potential losses. Therefore, this helps to reduce errors and improve operational workflows, and can ultimately enhance customer satisfaction, increase operational productivity, and will drive profitability in BFSI sector.
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Furthermore, major market players have undertaken various strategies to increase the competition and offer enhanced services to their customers. For instance, in November 2022, IBM released a new software to remove data silos and streamline planning and analytics so that they can swiftly make data-driven decisions and deal with unforeseen disruptions. IBM Business Analytics Enterprise offered users a comprehensive view of data sources throughout their whole business through a set of business intelligence planning, budgeting, reporting, forecasting, and dashboard capabilities. Therefore, these augmented analytics in BFSI market trends helps to grow the market.
On the basis of component, the solution segment attained the highest growth in 2022. This is because augmented analytics solutions provide functionalities such as data integration, data preparation, data modeling, visualization, and automated insights generation. Thus, by utilizing augmented analytics solutions, BFSI professionals can uncover valuable insights from vast volumes of data, identify patterns and trends, detect anomalies, and make data-driven decisions. However, the service segment is considered to be the fastest growing segment during the forecast period. This is because the growth of the service segment in augmented analytics presents opportunities for technology partnerships and collaborations, as many established financial institutions are partnering with technology companies and analytics service providers to enhance their analytical capabilities and accelerate digital transformation.
By region, North America attained the highest growth in 2022. This is because North America has been at the forefront of adopting augmented analytics in the BFSI market, because the region offers a highly developed financial sector and a favorable regulatory environment that encourages innovation. Furthermore, the major financial hubs like New York and Silicon Valley have witnessed significant investments in augmented analytics technology, which leads to the growth of the market in this region. However, the Asia-Pacific region is considered to be the fastest growing region during the forecast period. This is because increasing digitalization and widespread use of technology in the region provide a rich source of data, offering massive opportunities for financial institutions to leverage augmented analytics tools. Moreover, the ability to tackle this data through advanced analytics techniques opens the path for personalized customer experiences, optimized risk management, and streamlined operations which will boost the augmented analytics in BFSI market growth in upcoming years.
The COVID-19 pandemic has had a positive impact on the augmented analytics in the Banking, Financial Services, and Insurance (BFSI) market. As the pandemic forced businesses worldwide to adapt to remote working environments and stringent safety measures, the BFSI industry faced unprecedented challenges. However, this crisis also highlighted the importance of data-driven decision-making and the need for advanced analytics solutions. Furthermore, augmented analytics, which combines artificial intelligence and machine learning techniques with human expertise, emerged as a critical tool for BFSI organizations to navigate the uncertainties caused by the pandemic. From risk management and fraud detection to customer analytics and compliance monitoring, augmented analytics played a crucial role in supporting business continuity and ensuring operational efficiency in the BFSI sector. Moreover, these solutions empowered BFSI professionals to adapt to remote work and collaborate effectively by providing real-time data analysis and visualization capabilities. Hence, as the industry recovers from the pandemic, the adoption of augmented analytics is expected to accelerate further, enabling BFSI organizations to build resilience, enhance customer experiences, and drive growth in the post-pandemic era.
Leading Market Players: –
- Alteryx, Inc.
- IBM Corporation
- Information Builders
- Microsoft Corporation
- QlikTech International AB
- SAP SE
- Salesforce.com, Inc.
- SAS Institute Inc.
- Tableau Software Inc.
The report provides a detailed analysis of these key players of the global augmented analytics in BFSI market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the augmented analytics in BFSI market forecast from 2023 to 2032 to identify the prevailing augmented analytics in BFSI market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the augmented analytics in BFSI market outlook assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global augmented analytics in BFSI market trends, key players, market segments, application areas, and market growth strategies.
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