The Middle East augmented analytics in BFSI market is expected to witness growth at a notable pace during the forecast period. This is attributed to rise in implementation of augmented analytics technology and surge in demand for predictive analytics in operational data processing applications.
The Middle East augmented analytics in BFSI market is majorly driven by rise in demand for predictive analytics and operational intelligence in the BFSI industry. Furthermore, increase in digitization of financial data, coupled with boost in demand for data-driven decision-making, is expected to augment the growth of the market. In addition, surge in awareness regarding the utilization of augmented analytics technology in different areas of operations, such as customer analytics, fraud detection, and risk & compliance management, is expected to drive market growth.
However, there are certain restraints of the market growth, including high cost associated with deployment and maintenance of augmented analytics technology. Furthermore, data privacy and security concerns associated with the technology are projected to hamper the growth of the market.
On the contrary, due to rise in competition in the market, organizations seek innovative solutions to meet customer needs and enhance operational efficiency. This creates a huge opportunity for key players in the Middle East augmented analytics in BFSI market to capitalize on. In addition, organizations are continuously investing in the development and adoption of advanced analytics solutions that are expected to provide insights which enable effective decision-making.
The Porter’s five forces analysis assists to understand the competitive scenario of the Middle East augmented analytics in BFSI market and role of each stakeholder. The analysis includes threat of new entrants, threat of substitutes, bargaining power of buyers, bargaining power of suppliers, and competitive rivalry. Competitive rivalry in the market is intense, with vendors such as IBM, Microsoft, Oracle, SAP, MicroFocus, Salesforce, Algotech, Tibco, Qlik, and Tableau being the major players in the market, providing similar products and servers. The threat of new entrants and the bargaining power of suppliers is low due to the presence of numerous players in the market. The bargaining power of buyers is high due to the presence of several vendors providing similar services. The threat of substitutes is moderate due to the presence of several players in the market offering different and unique technologies.
The Middle East augmented analytics in BFSI market is projected to grow at a healthy CAGR during the forecast period owing to boost in adoption of predictive analytics technology. In addition, rise in adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies is anticipated to boost the market growth during the forecast period. Furthermore, the emergence of digital technologies, such as blockchain and Internet of Things (IoT) is expected to create significant growth opportunities for the market.
The Middle East augmented analytics in BFSI market is segmented by component, deployment model, enterprise size, and application. As per component, the market is bifurcated into solution and service. The solutions segment is expected to dominate the market during the forecast period. On the basis of deployment model, the market is divided into on-premise and cloud. Depending on enterprise size, the market is categorized into large enterprises and small & medium-sized enterprises. According to application, the market is classified into risk & compliance management, customer analytics, fraud detection, portfolio management, and others. The risk & compliance management segment is anticipated to dominate the market in the future.
In the Middle East augmented analytics in BFSI market, various players are continuously investing in advancement of different technologies, which are expected to enhance the underlying analytics capabilities. For instance, in 2019, Microsoft introduced Azure cognitive services, a set of cloud-based tools & services that enable organizations to develop and operate analytics operations using AI. Furthermore, in 2019, IBM introduced its AI-powered customer analytics platform IBM Watson Analytics for Fraud Protection. Furthermore, key players in the market emphasize on enhancing their analytics solutions with AI and ML capabilities.
Moreover, the market players are continuously enhancing their presence in the Middle East augmented analytics in BFSI market by strengthening their product and service offerings through different strategic initiatives, such as product/service launches & acquisitions.
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 Middle East augmented analytics in BFSI market.
- Assess and rank the top factors that are expected to affect the growth of Middle East augmented analytics in BFSI market.
- Top Player positioning provides a clear understanding of the present position of market players.
- Detailed analysis of the middle east augmented analytics in BFSI market segmentation assists to determine the prevailing market opportunities.
- Identify key investment pockets for various offerings in the market.
Middle East Augmented Analytics in BFSI Market Report Highlights
| Aspects | Details |
 Forecast period | 2022 - 2032 |
 Report Pages | 71 |
 By Component |
|
 By Deployment Model |
|
 By Enterprise Size |
|
 By Application |
|
 Key Market Players | Qlik, Salesforce, Tableau, Oracle, IBM, Algotech, Tibco, Microsoft, MicroFocus, SAP |
The Middle East Augmented Analytics in BFSI Market is estimated to reach $536.3 million by 2032
IBM, Microsoft, Oracle, SAP, MicroFocus, Salesforce, Algotech, Tibco, Qlik, Tableau are the leading players in Middle East Augmented Analytics in BFSI Market
1. Enable informed decision-making process and offer market analysis based on current market situation and estimated future trends.
2. Analyze the key strategies adopted by major market players in middle east augmented analytics in bfsi market.
3. Assess and rank the top factors that are expected to affect the growth of middle east augmented analytics in bfsi market.
4. Top Player positioning provides a clear understanding of the present position of market players.
5. Detailed analysis of the middle east augmented analytics in bfsi market segmentation assists to determine the prevailing market opportunities.
6. Identify key investment pockets for various offerings in the market.
Middle East Augmented Analytics in BFSI Market is classified as by component, by deployment model, by enterprise size, by application
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