Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Augmented Analytics in BFSI Market Size is Expected to Grow from USD 18.30 Billion in 2023 to USD 33.09 Billion by 2033, at a CAGR 6.10% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Augmented Analytics in BFSI Market Size, Share, and COVID-19 Impact Analysis, By Data Source (Structured Data, Unstructured Data), By Application (Fraud Detection and Prevention, Risk Management, Regulatory Compliance, Customer Analytics, and Operational Efficiency), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Augmented analytics in the Banking, Financial Services, and Insurance (BFSI) sector involves the use of artificial intelligence (AI) and machine learning technologies to enhance data analysis. This approach automates complex tasks such as data preparation and insight generation, enabling even non-technical users to extract meaningful insights from large datasets through natural language interactions. This ultimately leads to faster and more informed decision-making. Key factors driving the adoption of augmented analytics in the BFSI market include the need for quicker and more accurate insights from complex data, improved customer experiences through personalized offerings, enhanced risk management capabilities, regulatory compliance requirements, and the aim to democratize data analysis by allowing business users to derive insights without extensive technical expertise. These advancements are made possible by the automation and intelligence features of augmented analytics tools powered by AI and machine learning. However, several factors can hinder the adoption of this technology, including challenges in complex data integration, concerns about data privacy and security, high implementation costs, a lack of skilled workforce capable of effectively using the technology, regulatory complexities, and resistance to change within established organizations. All of these factors can impede the widespread implementation of augmented analytics in BFSI institutions.
The unstructured data segment is predicted to hold the largest market share through the forecast period.
Based on the data source, the augmented analytics in BFSI market is classified into structured data, unstructured data. Among these, the unstructured data segment is predicted to hold the largest market share through the forecast period. This is due to the increasing volume of data generated from various sources such as social media, emails, and multimedia content, businesses are recognizing the value of extracting insights from this data. Technologies that support the processing and analysis of unstructured information are gaining traction. Growth in this area is driven by advancements in machine learning and natural language processing, which enable organizations to derive actionable insights, improve decision-making, and enhance customer experiences.
The fraud detection and prevention segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the augmented analytics in BFSI market is divided into fraud detection and prevention, risk management, regulatory compliance, customer analytics, and operational efficiency. Among these, the fraud detection and prevention segment is anticipated to hold the highest market share during the projected timeframe. The rising frequency of cyber threats and financial fraud, particularly in the banking, financial services, and insurance (BFSI) sector, has led organizations to invest in sophisticated technologies. These technologies utilize artificial intelligence and machine learning algorithms to identify and mitigate fraudulent activities in real-time. This heightened focus on security not only protects financial assets but also builds customer trust, driving demand for robust fraud detection solutions.
North America is estimated to hold the largest share of the augmented analytics in BFSI market over the forecast period.
North America is estimated to hold the largest share of the augmented analytics in BFSI market over the forecast period. North America’s dominance in this market is supported by a strong presence of leading technology firms and a robust financial services ecosystem. The region's early adoption of advanced analytics solutions, along with substantial investments in digital transformation initiatives, enhances the ability of financial institutions to leverage data-driven insights. Additionally, regulatory pressures and the need for improved operational efficiencies are encouraging organizations to integrate augmented analytics.
Europe is expected to grow the fastest during the forecast period. The demand for innovative analytics solutions across the BFSI sector is rapidly growing. The region's regulatory environment, which emphasizes data protection and privacy, is prompting financial institutions to adopt advanced analytics tools that ensure compliance while enhancing decision-making capabilities. Moreover, the rise of fintech companies and the digitalization of traditional banking services are driving investments in analytics technologies, positioning Europe as a rapidly evolving market for augmented analytics solutions.
Competitive Analysis
Major key players in the augmented analytics in BFSI market includes SAP SE, Qlik, Oracle, Microsoft, Alteryx, TIBCO Software, Looker Data Sciences, SAS Institute, IBM, Salesforce, Google, DataRobot, MicroStrategy, H2O.ai, Amazon Web Services, Tableau Software, ThoughtSpot, and others.
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the augmented analytics in BFSI market based on the below-mentioned segments:
Global Augmented Analytics in BFSI Market, By Data Source
Global Augmented Analytics in BFSI Market, By Application
Global Augmented Analytics in BFSI Market, By Regional Analysis
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