• According to the FnF research report, Global Insurance Analytics market is expected to grow at a CAGR of 14.05% and is anticipated to reach around USD 16.74 Billion by 2026. Analytics supports insurers by providing data and smart knowledge about life insurance.
  • According to a recent report,by IDC technologies  the BFSI sector contributed 35.6 percent of the analytics revenues, the largest contribution after IT, followed by marketing at 25.8 percent and e-commerce at 14.4 per cent.
  • The chief economic adviser (CEA) to the government, Krishnamurthy V Subramanian, urged non-banking financial companies (NBFCs) to lend as there was a huge opportunity. He also said that the use of technology, especially data analytics, artificial intelligence (AI) and machine learning could help improve the quality of assets.
  • India’s diversified BFSI sector has undergone massive expansion and continues to play a crucial role in driving the Indian economy. With the highest FinTech adoption rate of 87%, which is significantly higher than the global average of 64%, India is the third largest FinTech market globally As a result, leading Indian BFSI enterprises are now placing a higher priority on legacy modernization (with 23% of IT spend for digitization) and BFSI models of the future.
  • Some more highlights on few of the areas in analytics basis a report by Gartner on 100 Data and Analytics Predictions Through 2024:
    • Artificial Intelligence – By 2023, more than 50% of all data analysis by deep neural networks (DNNs) will be at the point of capture in an edge system, which is a significant increase from less than 5% in 2019. By 2023, cloud-based AI will increase 5x from 2019, making AI one of the top cloud services. Through 2023, the ML engineer will be the fastest growing role in the AI/ML space, with open positions for ML engineers half (50%) that of data scientists, up from less than 10% in 2019.
    • Data Management and Infrastructure  By 2023, intercloud and hybrid environments will realign from primarily managing data stores to integration — reconfiguring $60 billion annual spend for staffing and funding. By 2023, 25% of organizations will embrace a data and analytics solution from a single cloud provider for reduced overall costs. By 2022, 60% of organizations will leverage machine-learning-enabled data quality technology for suggestions to reduce manual tasks for data quality improvement.

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