Latin America Augmented Analytics in BFSI Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Deployment Model, by Enterprise Size, by Application : Opportunity Analysis and Industry Forecast, 2023-2032

 
In the last four years, the BFSI sector has been rapidly changing its business models, products, services, and technologies. This has open up opportunities for the players, such as High Radius, Fico, Oracle, Microsoft, SAP, IBM, Qlik, Tableau, TIBCO, SAS, and others, to adopt cutting edge augmented analytics technologies and solutions to drive customer satisfaction, increase efficiency and cost savings, and minimize operational risks. Augmented analytics is the practice of embedding data-driven decision-making collaboratively across an enterprise, into business and operational processes, taking advantage of analytics software, including artificial intelligence (AI) and machine learning (ML). 

 
The Latin America augmented analytics in BFSI market is expected to witness significant growth due to the largely untapped market due to the increase in demand for the augmented analytics in the upcoming years. While the region has a large population to cover, with several countries having strong banking, insurance, and financial services sectors, the use of advanced analytics is still lagging in the region. 

Latin America augmented analytics in BFSI market is expected to witness rapid growth during the forecast period. This is attributed due to the advancements in financial services markets, and the increase in the number of global banks entering the Latin America markets., The major factor driving the growth of the market is the surge in demand for AI-driven analytics to help banks quickly analyze customer relationship data and increase their profitability. In addition, stringent government regulations pertaining to financial services for analytics solutions are propelling the growth of the market. 

 
Furthermore, the advent of cloud computing which offers advantages such as scalability, flexibility, and cost-effectiveness cloud-based solutions, is fueling the growth of the Latin America augmented analytics in BFSI market. However, AI-powered analytics such as data accuracy, availability, and security restrict the market growth. In addition, data security and privacy concerns restrain the growth of the Latin America augmented analytics in BFSI market. 
 
Conversely, the Latin America augmented analytics in the BFSI market is expected to offer several opportunities for new players in the market due to several product launches and services, partnerships, and acquisitions. For instance, in the past four years, Fico has acquired several companies in the analytics space and launched several new offerings and products, including SaaS-based analytics suites for fraud detection and customer engagement. For instance, Microsoft has partnered with several banks in the country for its MS Office 365 offering, which includes artificial intelligence-powered analytics to help banks better understand customer behavior. 

 
In addition, firms are focusing on investing in R&D activities to provide cutting edge solutions to aid data-driven decision making.to acquire a larger customer base. Furthermore, firms are focusing on promotion strategies such as conducting several conferences, symposiums, and seminars on the use of analytics in the sector.  
 
The Porter’s five forces analysis is a model, which analyzes the competitive scenario of the industry and role of each stakeholder. The five forces include the bargaining power of buyers, the bargaining power suppliers, the threat of new entrants, the threat of substitutes, and the level of competitive rivalry. 

The threat of substitutes is high due to the variety of options to choose from when selecting an analytics solution. Thus, the switching costs are low for them, which may affect the profit margin of established companies. The bargaining power of buyers is high due to the availability of several alternatives in the market, as customers usually demand several features, such as customization, discounts, and quality assurance. This gives them the leverage to bargain for better prices and other features. The bargaining power of suppliers is moderate due to the presence of several well-established players in the market. This is because suppliers have a number of options when it comes to selling their products and services and therefore have no need to be overly competitive. 
 
The threat of new entrants is low due to the increase in demand for analytics solutions. The Key players operating in the Latin America augmented analytics in BFSI market are High Radius, Fico, Oracle, Microsoft, SAP, IBM, Qlik, Tableau, TIBCO, and SAS. 

Key Benefits For Stakeholders

• Enable informed decision-making process and offer market analysis based on current market situation and estimated future trends.
• Analyze the key strategies adopted by major market players in Latin America augmented analytics in BFSI market.
• Assess and rank the top factors that are expected to affect the growth of Latin America augmented analytics in BFSI market.
• Top Player positioning provides a clear understanding of the present position of market players.
• Detailed analysis of the Latin America augmented analytics in BFSI market segmentation assists to determine the prevailing market opportunities.
• Identify key investment pockets for various offerings in the market.

  Latin America Augmented Analytics in BFSI Market Report Highlights