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Allied Market Research

Augmented Analytics in BFSI Market By Component (Software and Services [Training & Consulting, Deployment & Integration, and Payment Method]), Deployment Model (On-Premise and Cloud), and Enterprise Size (Large Enterprise and Small & Medium Enterprises): Global Opportunity Analysis and Industry Forecast, 2021–2030

A11748
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Aug 2021 | 117 Views
   
Author(s) : Vijay Poola
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COVID-19

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Augmented Analytics in BFSI Market Outlook - 2030

Augmented analytics is a type of data analytics that uses machine learning and natural language processing to automate analytic processes that would normally be performed by a data scientist or specialist. Data is a constant and ever-changing consideration for businesses of all sizes and can be particularly challenging for larger companies. The complexity and volume of data that every business gathers is a common challenge for those who need to make decisions.

Moreover, allowing a company to benefit from automated insights, as well as using machine learning and natural language for querying and exploration, not only makes it easier for users and customers to consume, analyze, & act on data but also gives a competitive advantage and eliminates the risk of falling behind. Therefore, it is observed that opening up of new ways of exploring and interpreting data is expected to boost the augmented analytics in BFSI market.

The global augmented analytics in BFSI market is segmented on the basis of component, deployment model, enterprise size and region. Based on component, the market is divided into software and services. In terms of deployment model, the market is categorized into on-premise and cloud. On the basis of enterprise size, the market is divided into large enterprise and small & medium enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global augmented analytics in BFSI industry include International Business Machines (IBM) Corporations, Microsoft Corporation, Oracle, Pyramid Analytics, QlikTech International AB, Salesforce Inc., SAS Institute Inc., Sisense Inc., Tellius Inc, and TIBCO Software Inc.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global augmented analytics in BFSI market.

Market Scope and Structure Analysis

Report Metric

Details

  Market Size Available for Years

  2020–2030

  Base Year Considered

  2020

  Forecast Period

  2021–2030

  Forecast Unit

  Value (USD)

  Segments Covered

Component, Deployment Model, Enterprise Size, and Region

  Regions Covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

  Companies Covered

International Business Machines (IBM) Corporations, Microsoft Corporation, Oracle, Pyramid Analytics, QlikTech International AB, Salesforce Inc., SAS Institute Inc., Sisense Inc., Tellius Inc, and TIBCO Software Inc.


COVID-19 Impact Analysis

  • During the COVID-19 outbreak, majority of the sectors have been affected. Though BFSI was also affected only to a fair extent, the effect isn’t much when compared with other sectors. With increased adoption of technology during the pandemic, the global market for augmented analytics hasn’t been affected much during the pandemic.
  • This trend is expected to continue post-pandemic, as it provides decision-makers with the most relevant actionable insights & cuts down on time spent analyzing data and helps data scientists focus on specialized issues.

Top Impacting Factors

Rising need to enhance analytic tools and operational productivity & maximize profits and growing need to make easier job for citizen data scientists drive the growth of the market. In addition, to make business users’ jobs easier propels the growth of the market. However, security and privacy concerns regarding the confidential and safety of data are expected to hamper the growth of the market. Contrarily, growing focus of organizations to draw actionable business insights from vast datasets is expected to provide lucrative opportunities to the market in the coming years.

Rising Need to Enhance Analytic Tools

In organizations, often a large amount of data is stored and certain steps must be taken to convert raw data into actionable insights. Only dedicated individuals, referred to as data scientists or data analysts, can perform these analytical skills. However, there is scarcity of data scientists, which makes it difficult for businesses, particularly small businesses, to take advantage of the actionable insights generated by using analytics. Natural language generation, which removes complex jargon and delivers insights in simpler terms, is one feature of augmented analytics that sets it apart from other technologies.

Augmented analytics and smart data discovery technologies, like self-service BI, will allow humans to interact with data through conversations. Furthermore, the introduction of augmented analytics in BFSI market has promoted the surge in investments of bots and technological adaptations online. Therefore, the rising need to enhance analytical tools for the adoption of augmented analytics in BFSI market is expected to foster the growth for the global augmented analytics in BFSI market during the forecast period.

Growing Need to Make Citizen Data Scientists’ and Business Users’ Jobs Easier

Data scientists create or generate models that use advanced diagnostic analytics or predictive and prescriptive capabilities, but their primary job function is not in statistics or analytics. Analytic and business intelligence (BI) tools are becoming more accessible to data and analytics. Augmented analytics, which uses machine learning to automate data preparation, insight discovery, and data science, is one of the most recent technological advancements. Moreover, it is designed to conduct analysis and generate business insights automatically with little or no supervision, and can be used by business users without the help of a business analyst or data scientist. By automating insight generation, it reduces the company's reliance on data scientists, which is expected to foster the market growth during the forecast period.

Key Segments Covered

Segments

Sub-Segments

Component

  • Software
  • Services
  • Training & Consulting
  • Deployment & Integration
  • Support & Maintenance

Deployment Model

  • On-Premise
  • Cloud

Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises


Key Benefits of the Report

  • This study presents analytical depiction of the global augmented analytics in BFSI market along with the current trends and future estimations to determine the imminent investment pockets.      
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.     
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global augmented analytics in BFSI market growth scenario.                  
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Augmented Analytics in BFSI Market Research Report        

  • Which are the leading players active in the global augmented analytics in BFSI market?
  • What are the detailed impacts of COVID-19 on the market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
 
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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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