Global Augmented Analytics In Banking Financial Services And Insurance BFSI Market Major Players 2024, Forecast To 2033
24 Sep, 2024
The augmented analytics market in the banking, financial services, and insurance (BFSI) sector has surged, rising from $2.06 billion in 2023 to $2.61 billion in 2024, at a compound annual growth rate (CAGR) of 26.6%. This dramatic growth is attributed to increasing regulatory requirements, growing data volumes, the need for real-time insights, digital banking adoption, customer experience improvements, and enhanced fraud detection. The market is forecast to continue its rapid expansion, reaching $6.74 billion by 2028, with a CAGR of 26.7%. Factors driving this growth include the expansion of open banking initiatives, blockchain integration for secure transactions, quantum computing applications, predictive analytics for economic volatility, and enhanced cybersecurity analytics. Expected trends include the adoption of explainable AI for regulatory compliance, AI-driven customer insights, augmented reality for virtual financial consultations, AI-powered fraud detection, natural language processing for customer service automation, and AI-based investment advisory services.
Major Driver In The Augmented Analytics In Banking Financial Services And Insurance BFSI Market
The augmented analytics market in banking, financial services, and insurance (BFSI) is expected to grow due to increasing data volumes. With advancements in digitalization, IoT, big data analytics, and cloud computing, massive amounts of real-time data are generated, enabling deeper insights and accurate forecasts. This data helps BFSI enterprises improve risk management, understand consumer behavior, and assess market trends. The SODA Foundation reported that data growth surged from 700 terabytes in 2021 to 2,208 terabytes in 2022. The increasing data volume is driving the augmented analytics market in BFSI, with significant growth projected through 2024 and beyond.
Request A Free Sample Of The Augmented Analytics In Banking Financial Services And Insurance BFSI Market ReportAugmented Analytics In Banking Financial Services And Insurance BFSI Market Competitive Landscape
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.
Key Augmented Analytics In Banking Financial Services And Insurance BFSI Market Trend
Major companies operating in the augmented analytics in banking, financial services, and insurance (BFSI) market are developing advanced solutions with artificial intelligence (AI)-powered data analytics to enhance decision-making processes and improve personalized customer experiences. AI-powered data analytics entails employing AI to analyze vast amounts of data rapidly and effectively, allowing financial organizations to identify trends, detect anomalies, and anticipate outcomes with better precision. For instance, in March 2024, TransUnion, a US-based provider of total credit protection, launched OneTru. It combines diverse data and analytic assets for credit risk, marketing, and fraud prevention into a single, layered, unified ecosystem. This enables TransUnion to provide a more accurate, comprehensive, and compliant image of consumers across use cases. OneTru uses AI and machine learning to create knowledge graphs that improve identity resolution by connecting structured data like offline IDs with unstructured data like behavioral information and device attributes. This improves fraud detection while reducing false positives.
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Augmented Analytics In Banking Financial Services And Insurance BFSI Market Segmentation
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.
The Augmented Analytics In Banking Financial Services And Insurance BFSI Global Market Report 2024 furnishes information about the global augmented analytics in banking financial services and insurance bfsi market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.