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A new report by Allied Market Research projects that the global augmented analytics in the BFSI market will reach $14.5 billion by 2032, growing at a CAGR of 24.4% from 2023 to 2032.
The report attributes the growth of the market to several factors, including the increasing volume of data in the BFSI industry, the rising popularity of online banking, and the need to ensure compliance by automating compliance reporting.
Augmented analytics uses machine learning and artificial intelligence to help users make better decisions by providing insights into data that would otherwise be difficult to identify.
The report segments the market by component, deployment mode, enterprise size, and application. By component, the solution segment is expected to lead the market throughout the forecast period. This is because solution providers offer a wide range of features and functionality to help BFSI organizations make better decisions, improve customer service, and reduce risk.
The on-premise segment will lead the market throughout the forecast period by deployment mode. This is because on-premise solutions offer greater control over data security and privacy. However, the cloud segment is expected to grow faster during the forecast period. Cloud-based solutions are more scalable and easier to deploy, making them a good option for small and medium-sized BFSI organizations.
By enterprise size, the large enterprise segment leads the market throughout the forecast period. Large enterprises have the resources to invest in augmented analytics solutions. However, the small and medium-sized enterprise segment to grow faster during the forecast period. This is because small and medium-sized BFSI organizations are increasingly adopting digital transformation initiatives and are looking for ways to improve their decision-making capabilities.
By application, the customer analytics segment will likely lead the market throughout the forecast period. This is because customer analytics helps BFSI organizations to understand their customers better and tailor their products and services accordingly. However, the portfolio management segment may grow at a faster pace during the forecast period. Portfolio management helps BFSI organizations to manage their investments more effectively and reduce risk.
The report also provides a competitive market landscape, including profiles of leading companies such as IBM, Microsoft, Oracle, SAP, SAS, and Tibco Software. These companies focus on developing new features and functionality, expanding their geographic reach, and acquiring smaller companies to strengthen their position in the market.
The report concludes by providing several recommendations for BFSI organizations considering adopting augmented analytics. These recommendations include: