The augmented analytics in banking, financial services and insurance (bfsi) global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The augmented analytics in the banking, financial services, and insurance (BFSI) market size has grown exponentially in recent years. It will grow from $2.06 billion in 2023 to $2.61 billion in 2024 at a compound annual growth rate (CAGR) of 26.6%. The growth in the historic period can be attributed to increasing regulatory requirements, growing data volumes, demand for real-time insights, adoption of digital banking, customer experience enhancement, and fraud detection improvements.
The augmented analytics in the banking, financial services, and insurance (BFSI) market size is expected to see exponential growth in the next few years. It will grow to $6.74 billion in 2028 at a compound annual growth rate (CAGR) of 26.7%. The growth in the forecast period can be attributed to the expansion of open banking initiatives, integration with blockchain for secure transactions, the rise of quantum computing applications, predictive analytics for economic volatility, and enhanced cybersecurity analytics. Major trends in the forecast period include increasing adoption of explainable AI for regulatory compliance, expansion of AI-driven customer insights, integration of augmented reality for virtual financial consultations, growth in AI-powered fraud detection, leveraging of natural language processing for customer service automation, and development of AI-based investment advisory services.
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Scope Of Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Overview
Market Drivers –
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.
Market Trends –
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.
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
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Regional Insights –
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 regions covered in the augmented analytics in banking, financial services and insurance (BFSI) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the augmented analytics in banking, financial services and insurance (BFSI) market are 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.
Table of Contents
1. Executive Summary
2. Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market characterstics
3. Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Trends And Strategies
4. Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market – Macro Economic Scenario
5. Global Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Size And Growth
…..
32. Global Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Competitive Benchmarking
33. Global Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market
35. Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Future Outlook and Potential Analysis
36. Appendix
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