The augmented analytics in the banking, financial services, and insurance (BFSI) market has experienced exponential growth, rising from $2.06 billion in 2023 to $2.61 billion in 2024 at a compound annual growth rate (CAGR) of 26.6%. The factors contributing to this historical growth include increasing regulatory requirements, growing data volumes, the demand for real-time insights, the adoption of digital banking, customer experience improvements, and fraud detection enhancements. The market is forecast to continue its strong growth, reaching $6.74 billion in 2028 at a CAGR of 26.7%. The forecast period’s growth can be attributed to the expansion of open banking initiatives, blockchain integration for secure transactions, quantum computing applications, predictive analytics for economic volatility, and enhanced cybersecurity analytics. Trends expected during this period include increasing adoption of explainable AI for regulatory compliance, AI-driven customer insights, augmented reality integration for virtual financial consultations, growth in AI-powered fraud detection, natural language processing for customer service automation, and AI-based investment advisory services.
Global Augmented Analytics In Banking Financial Services And Insurance BFSI Market Key Driver
The increasing data volume is expected to propel the growth of augmented analytics in banking, financial services, and insurance (BFSI) market going forward. Data volume is the amount of data that is saved, processed, and managed within an information system or database. With growing digitalization, advancements in IoT, big data analytics, and cloud-based computing have led to the generation of massive volumes of real-time data from diverse sources. The volume of data allows augmented analytics to provide deeper insights and more accurate forecasts, improving risk management, consumer behavior research, and market trend assessment in BFSI. This also enables BFSI enterprises to provide more tailored services by evaluating client interactions and preferences, resulting in increased satisfaction. For instance, in December 2022, according to the SODA Foundation, a US-based open-source initiative, the annual data growth for an average end-user organization surged from 700 terabyte (TB) in 2021 to 2,208 terabyte (TB) in 2022, reflecting a threefold increase in data volume over a year. Therefore, the increasing data volume is driving the growth of augmented analytics in the banking, financial services, and insurance (BFSI) market.
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Global Augmented Analytics In Banking Financial Services And Insurance BFSI Market Segments
The augmented analytics in banking, financial services and insurance (BFSI) market covered in this report is segmented –
1) By Type: Solution, Service
2) By Deployment Model: On-Premises, Cloud-Based
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Risk Management, Fraud Detection and Prevention, Customer Analytics, Compliance Management, Performance Management, Other Applications
By Geography:The regions covered in the augmented analytics in banking, financial services and insurance (BFSI) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in augmented analytics in the banking, financial services, and insurance (BFSI) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Augmented Analytics In Banking Financial Services And Insurance BFSI Industry Players
Microsoft Corporation, Dell Technologies, Accenture, International Business Machines Corporation, Goldman Sachs, Oracle Corporation, SAP, Salesforce.com inc., NTT DATA Inc., Fiserv Inc., Experian Information Solutions Inc., Red Hat Inc., SAS Institute Inc., Hitachi Vantara LLC, NICE Actimize, Teradata, Informatica Inc., FICO, TIBCO, Cloudera Inc., Domo Inc.
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Augmented Analytics In Banking Financial Services And Insurance BFSI Market Overview
Augmented analytics in the banking, financial services, and insurance sectors (BFSI) is the use of advanced analytics techniques such as artificial intelligence (AI) and machine learning (ML) to improve data-driven decision-making processes within financial institutions. This technique allows financial organizations to make more informed and timely decisions, resulting in better overall strategic planning and operational efficiency.
Augmented Analytics In Banking Financial Services And Insurance BFSI Global Market Report 2023 provides data on the global augmented analytics in banking financial services and insurance bfsi market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The augmented analytics in banking financial services and insurance bfsi market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
