Key Factor Supporting Global Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Development in 2025: Surge In Data Volume Fuels Growth Of The Augmented Analytics In BFSI Sector

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What Will the Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Industry Market Size Be by 2025?_x000D_
The market size for augmented analytics in the banking, financial services, and insurance (bfsi) sector has seen significant growth in the recent past. The market is projected to grow from $2.61 billion in 2024 to $3.29 billion in 2025, representing a compound annual growth rate (CAGR) of 26.1%. This surge during the historical period is due to multiple factors. These include escalating regulatory demands, burgeoning data volumes, the need for immediate insights, the embracement of online banking, improvements in customer experience, and advancements in fraud detection._x000D_
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What's the Long-Term Growth Forecast for the Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Size Through 2029?_x000D_
The market size for augmented analytics in the banking, financial services, and insurance (bfsi) sector is projected to observe exponential growth in the coming years, rising to $8.41 billion by 2029, with a compound annual growth rate (CAGR) of 26.4%. The expected growth during the forecast period is largely due to the development of open banking initiatives, incorporation of blockchain for safe transactions, the emergence of quantum computing applications, the use of predictive analytics for evaluating economic volatility, and improved cybersecurity analytics. Key trends forecasted in this period include the increased use of explainable AI for regulatory compliance, the augmentation of AI-driven customer insights, the use of augmented reality for virtual financial advice, a growth in AI-powered fraud detection tools, the application of natural language processing for automated customer services, and the proliferation of AI-based investment advisory services._x000D_
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What Are the Key Growth Drivers Fueling the Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Expansion?_x000D_
The spike in data volume is likely to boost the expansion of augmented analytics in the banking, financial services, and insurance (BFSI) market. Data volume refers to the quantity of data stored, processed, and handled within a data system or database. The digital age has witnessed a growth in IoT, big data analytics, and cloud computing, contributing to the creation of substantial real-time data from various sources. The data volume supports augmented analytics to delve deeper, offering accurate predictions and enhancing risk management, customer behavior analysis, and market trend evaluation in BFSI. It also empowers BFSI businesses to deliver customized services by analyzing client communications and preferences, which, in turn, improves customer satisfaction. For instance, in December 2022, the SODA Foundation reported a threefold annual data growth for a typical end-user organization from 700 terabytes (TB) in 2021 to 2,208 terabytes (TB) in 2022. Hence, the escalating data volume is a significant driving force for the augmented analytics growth in the banking, financial services, and insurance (BFSI) market._x000D_
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What Are the Key Trends Driving Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Growth?_x000D_
Leading firms within the augmented analytics domain for banking, financial services, and insurance (BFSI) are constructing sophisticated solutions that integrate artificial intelligence (AI)-driven data analytics. This assists in the enhancement of decision-making processes and elevating personalized customer interactions. The use of AI for data analysis allows for swift and efficient evaluation of vast data volumes, making it simpler for financial institutions to pinpoint trends, recognize discrepancies, and accurately forecast outcomes. In March 2024, for instance, TransUnion, a US-based total credit protection provider, unveiled OneTru, an innovation that amalgamates various data and analytic resources for credit risk, marketing, and fraud prevention into a single, multi-layered, unified platform. This empowers TransUnion to deliver a more precise, extensive, and compliant depiction of consumers across various use cases. OneTru leverages AI and machine learning to fabricate knowledge graphs that bolster identity resolution, linking structured data like offline IDs to unstructured data such as behavioral patterns and device characteristics. This enhances fraud detection capabilities whilst minimizing false positives._x000D_
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How Is the Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Segmented?_x000D_
The augmented analytics in banking, financial services and insurance (bfsi)market covered in this report is segmented - _x000D_
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1) By Type: Solution, Service_x000D_
2) By Deployment Model: On-Premises, Cloud-Based_x000D_
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)_x000D_
4) By Application: Risk Management, Fraud Detection and Prevention, Customer Analytics, Compliance Management, Performance Management, Other Applications_x000D_
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Subsegments:_x000D_
1) By Solution: Advanced Analytics Solutions, Data Visualization Tools, Artificial Intelligence (AI) And Machine Learning (ML) Solutions, Natural Language Processing (NLP) Solutions, Cloud-Based Analytics Platforms _x000D_
2) By Service: Consulting Services, Integration And Deployment Services, Support And Maintenance Services_x000D_
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Which Companies Are Leading the Charge in Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market Innovation?_x000D_
Major companies operating in the augmented analytics in banking, financial services and insurance (BFSI) market are Microsoft Corporation, Dell Technologies, accenture*, International Business Machines Corporation, Goldman Sachs, Oracle Corporation, SAP, Salesforce.com inc., NTT DATA Inc., Fiserv Inc., Experian Information Solutions Inc., Red Hat Inc., SAS Institute Inc., Hitachi Vantara LLC, NICE Actimize, Teradata, Informatica Inc., FICO, TIBCO, Cloudera Inc., Domo Inc. _x000D_
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Which Regions Are Leading the Global Augmented Analytics In Banking, Financial Services And Insurance (BFSI) Market in Revenue?_x000D_
North America was the largest region in augmented analytics in the banking, financial services, and insurance (BFSI) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the augmented analytics in banking, financial services and insurance (BFSI) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
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