The Latin America, Middle East and Africa Augmented Analytics in BFSI Market would witness market growth of 26.0% CAGR during the forecast period (2023-2030).
BFSI organizations can improve fraud detection, risk assessment, and compliance monitoring by incorporating machine learning algorithms and augmented analytics technology to find patterns, anomalies, and trends in their data. This means these capabilities allow for proactive decision-making, reducing risks and averting potential losses. As a result, this contributes to lowering errors and streamlining operational processes, which can eventually improve customer happiness, boost operational productivity, and boost profitability in the BFSI industry.
Seeing the benefits of technology in handling data, many nations have initiated efforts to facilitate digitalization in their banking institutions. For example, in keeping with the strategic targets outlined in the Saudi Vision 2030 and the Financial Sector Development Program (FSDP), the Open Banking Framework concept was unveiled in November 2022. The creation of a digital economy and the ability of financial intermediaries to facilitate the expansion of the private sector by providing access to financial services to new players are among these priorities.
Credit cards from VISA and MasterCard are commonly utilized by companies and government agencies. In 2016, the Central Bank ordered that all cards produced in the UAE must adhere to EMV standards, which are the international norm for chip-secured credit cards developed by MasterCard, Visa, and Europay. Nearly all backend systems, POS terminals, and over 80% of cards in circulation are compliant. Consequently, a large production of data produced as a result of massive volume of online transactions needs to be analyzed efficiently. Hence, the region presents lucrative growth prospects for expanding the regional market.
The Brazil market dominated the LAMEA Augmented Analytics in BFSI Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $134.4 Million by 2030. The Argentina market is estimated to grow a CAGR of 26.4% during (2023 - 2030). Additionally, The UAE market would showcase a CAGR of 25.4% during (2023 - 2030).
Based on Component, the market is segmented into Solution and Services. Based on Application, the market is segmented into Customer Analytics, Fraud Detection, Risk & Compliance Management, Portfolio Management, and Others. Based ona Organization size, the market is segmented into Large Enterprises and SMEs. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Augmented Analytics in BFSI Market is Projected to reach USD 8.1 Billion by 2030, at a CAGR of 23.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAS Institute, Inc., IBM Corporation, Salesforce, Inc., SAP SE, Microsoft Corporation, QlikTech International AB, Alteryx, Inc., Tibco Software, Inc. (Vista Equity Partners), ThoughtSpot, Inc. and Oracle Corporation.
By Component
By Application
By Organization size
By Deployment Mode
By Country
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