Augmented analytics refers to the use of advanced technologies such as artificial intelligence, machine learning, and natural language processing to automate data preparation, insight generation, and decision-making processes. Furthermore, the augmented analytics in BFSI involves the use of these technologies to optimize various business operations in the industry, Including fraud detection, risk management, investment management, customer engagement, and compliance. Thus, by using augmented analytics tools, BFSI companies quickly and accurately analyze large volumes of data to identify patterns and trends, detect anomalies and potential risks, and generate actionable insights that help to improve business outcomes and customer experience.
The BFSI sector generates vast amounts of data on a daily basis, Including transactional data, customer data, market data, and more thus, this data can be extremely valuable. Therefore, in this case augmented analytics uses advanced technologies such as machine learning, natural language processing, and artificial intelligence to automate the data analysis process and provide actionable insights to business users. Thus, this drives the growth of the market. Furthermore, BFSI sector is highly regulated, and financial institutions are required to comply with various regulations and guidelines thus this augmented analytics technology help these institutions to manage their data and make more informed decisions while adhering to regulatory requirements. However, BFSI organizations need to ensure that they have appropriate measures in place to safeguard the privacy and security of their customers' data while adopting augmented analytics solutions. Hence, failure to do so may hinder the adoption and growth of the augmented analytics market in the BFSI industry. In addition, to fully leverage these technologies, organizations need skilled professionals who are capable of understanding and utilizing them effectively but is a shortage of skilled professionals in this area, which may hinder the adoption of 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, 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.
The augmented analytics In BFSI market is segmented on the basis of component, deployment mode, enterprise size, application, and region. By component, it is segmented into solution and service. By deployment mode, it is segmented into on-premise and cloud. By enterprise size, it is segmented into large enterprises and small and medium-sized enterprises. By application, it is segmented into risk and compliance management, customer analytics, fraud detection, portfolio management, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in augmented analytics in BFSI market such as Alteryx, Inc., IBM Corporation, Information Builders, Microsoft Corporation, QlikTech International AB, SAP SE, Salesforce.com, Inc., SAS Institute Inc., and Tableau Software Inc. These players have adopted various strategies to Increase their market penetration and strengthen their position in the augmented analytics in BFSI industry.
The BFSI sector generates vast amounts of data on a daily basis, Including transactional data, customer data, market data, and more thus, this data can be extremely valuable. Therefore, in this case augmented analytics uses advanced technologies such as machine learning, natural language processing, and artificial intelligence to automate the data analysis process and provide actionable insights to business users. Thus, this drives the growth of the market. Furthermore, BFSI sector is highly regulated, and financial institutions are required to comply with various regulations and guidelines thus this augmented analytics technology help these institutions to manage their data and make more informed decisions while adhering to regulatory requirements. However, BFSI organizations need to ensure that they have appropriate measures in place to safeguard the privacy and security of their customers' data while adopting augmented analytics solutions. Hence, failure to do so may hinder the adoption and growth of the augmented analytics market in the BFSI industry. In addition, to fully leverage these technologies, organizations need skilled professionals who are capable of understanding and utilizing them effectively but is a shortage of skilled professionals in this area, which may hinder the adoption of 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, 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.
The augmented analytics In BFSI market is segmented on the basis of component, deployment mode, enterprise size, application, and region. By component, it is segmented into solution and service. By deployment mode, it is segmented into on-premise and cloud. By enterprise size, it is segmented into large enterprises and small and medium-sized enterprises. By application, it is segmented into risk and compliance management, customer analytics, fraud detection, portfolio management, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in augmented analytics in BFSI market such as Alteryx, Inc., IBM Corporation, Information Builders, Microsoft Corporation, QlikTech International AB, SAP SE, Salesforce.com, Inc., SAS Institute Inc., and Tableau Software Inc. These players have adopted various strategies to Increase their market penetration and strengthen their position in the augmented analytics in BFSI industry.
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 analysis from 2022 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 segmentation 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.
Key Market Segments
By Component
- Solution
- Service
By Deployment Model
- On-premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Application
- Risk and Compliance Management
- Customer Analytics
- Fraud Detection
- Portfolio Management
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- QlikTech International AB
- Information builders
- Microsoft Corporation
- Tableau Software Inc
- IBM CORPORATION
- Salesforce.com, Inc.
- SAP SE
- Alteryx, Inc.
- SAS Institute Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUGMENTED ANALYTICS IN BFSI MARKET, BY COMPONENT
CHAPTER 5: AUGMENTED ANALYTICS IN BFSI MARKET, BY DEPLOYMENT MODEL
CHAPTER 6: AUGMENTED ANALYTICS IN BFSI MARKET, BY ENTERPRISE SIZE
CHAPTER 7: AUGMENTED ANALYTICS IN BFSI MARKET, BY APPLICATION
CHAPTER 8: AUGMENTED ANALYTICS IN BFSI MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Augmented Analytics in BFSI Market,' The augmented analytics in BFSI market was valued at $1.7 billion in 2022, and is estimated to reach $14.5 billion by 2032, growing at a CAGR of 24.4% from 2023 to 2032.The augmented analytics in BFSI market is likely to experience a significant growth rate of 24.4% from 2023-2032 owing to increasing market demand for solution segment.
Augmented analytics in the BFSI (Banking, Financial Services, and Insurance) sector refers to the use of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), to assist in data analysis and decision-making processes. It combines human intelligence with automated algorithms to provide deeper insights and facilitate more accurate and efficient data-driven decisions within the BFSI industry. Essentially, augmented analytics in BFSI aims to enhance the capabilities of professionals working in the sector by automating data processing, identifying patterns, and generating actionable insights from large volumes of data. It helps financial institutions and insurance companies to better understand customer behavior, manage risks, detect fraudulent activities, optimize operations, and improve overall business performance by leveraging the power of advanced analytics technologies.
Augmented analytics is a technology that uses machine learning, natural language processing, and other advanced technologies to enhance the speed, accuracy, and effectiveness of data analysis. Thus, these helps financial institutions to make better decisions by providing them with deeper insights into their data. Hence, the ability to make more informed decisions based on deeper insights is a key driver for the adoption of augmented analytics in the BFSI market. Furthermore, the BFSI sector generates vast amounts of data on a daily basis, including transactional data, customer data, market data, and more thus, this data can be extremely valuable. Therefore, in this case augmented analytics uses advanced technologies such as machine learning, natural language processing, and artificial intelligence to automate the data analysis process and provide actionable insights to business users. Thus, this drives the growth of the market. In addition, with the help of augmented analytics tools, BFSI companies automate compliance reporting, monitor transactions in real-time, and identify potential risks and fraudulent activities. Thus, by using this technology it helps companies to improve their compliance processes, reduce risk, and enhance decision-making capabilities, which is essential in a highly regulated industry like BFSI. Hence, all these factors drive the growth of the market in the upcoming years. However, BFSI organizations need to ensure that they have appropriate measures in place to safeguard the privacy and security of their customers' data while adopting augmented analytics solutions. Hence, failure to do so may hinder the adoption and growth of the augmented analytics market in the BFSI industry. In addition, to fully leverage these technologies, organizations need skilled professionals who are capable of understanding and utilizing them effectively but the shortage of skilled professionals that understand augmented analytics and its application in the BFSI sector, may hinder the adoption of augmented analytics in BFSI market.
On the contrary, by integrating augmented analytics in BFSI sector, financial institutions can identify patterns, anomalies, and trends in their data, leading to improved risk assessment, fraud detection, and compliance monitoring. Thus, these capabilities enable proactive decision-making, thereby mitigating risks, and preventing potential losses. Hence, this helps to reduce errors and improve operational workflows, and this can ultimately enhance customer satisfaction, increase operational productivity, and drive profitability. Hence, use of such new technology and innovations will provide lucrative opportunities for the growth of the augmented analytics in BFSI market.
The augmented analytics In BFSI market is segmented on the basis of component, deployment mode, enterprise size, application, and region. By component, it is segmented into solution and service. By deployment mode, it is segmented into on-premise and cloud. By enterprise size, it is segmented into large enterprises and small and medium-sized enterprises. By application, it is segmented into risk and compliance management, customer analytics, fraud detection, portfolio management, and others. By region, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The report analyzes the profiles of key players operating in augmented analytics in BFSI market such as Alteryx, Inc., IBM Corporation, Information Builders, Microsoft Corporation, QlikTech International AB, SAP SE, Salesforce.com, Inc., SAS Institute Inc., and Tableau Software Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the augmented analytics in BFSI industry.
Furthermore, market players are adopting strategies like product launch for enhancing their services in the market and improving customer satisfaction. For instance, in April 2023, SAP launched a new product named SAP Analytics Cloud which brings together analytics and planning with unique integration to SAP applications and seamless access to heterogenous data sources. It helps everyone in any organization to make decisions without doubt with trusted insights and integrated plans. Therefore, such strategies are boosting the growth of the augmented analytics in BFSI market in the upcoming years.
Key Market Insights
- By component, the solution segment was the highest revenue contributor to the market, and is estimated to reach $8897.91 million by 2032, with a CAGR of 23.4 %. However, the service segment is estimated to be the fastest growing segment with the CAGR of 26.1% during the forecast period.
- By deployment mode, the on-premise segment was the highest revenue contributor to the market, and is estimated to reach $8157.73 million by 2032, with a CAGR of 23.3 %. However, the cloud segment is estimated to be the fastest growing segment with the CAGR of 25.9% during the forecast period.
- By enterprise size, the large enterprises segment dominated the global market, and is estimated to reach $8211.42 million by 2032, with a CAGR of 22.8%. However, the small and medium-sized enterprises segment is expected to be the fastest growing segment with the CAGR of 26.7% during the forecast period.
- Based on application, the customer analytics segment was the highest revenue contributor to the market, with $612.4 million in 2022, and is estimated to reach $4893.81 million by 2032, with a CAGR of 23.4%. However, the portfolio management segment is expected to be the fastest growing segment with the CAGR of 27.6% during the forecast period.
- Based on region, North America was the highest revenue contributor, accounting for $635.94 million in 2022, and is estimated to reach $3,950.85 million by 2032, with a CAGR of 20.3%.
Companies Mentioned
- QlikTech International AB
- Information builders
- Microsoft Corporation
- Tableau Software Inc
- IBM CORPORATION
- Salesforce.com, Inc.
- SAP SE
- Alteryx, Inc.
- SAS Institute Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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