Market Analysis
The global financial analytics market is predicted to touch USD 11.58 billion at a 10.4% CAGR between 2022- 2027 states the recent Market Research Future’s (MRFR) financial market report. Financial analytics is mostly used for research in the corporate bond and equity bond markets. This plays a vital part in a business’ fundamental analysis.
Various factors are propelling the global financial analytics market growth. As per the current MRFR report, such factors include the growing use of predictive analytics, advances in technology, namely machine learning artificial intelligence, increasing need among organizations to reduce budget cycles and planning, and the burgeoning need for financial decisions that are data-driven among end users.
On the contrary, the COVID-19 impact, financial standards, and regulations security and privacy concerns are factors that may limit the global financial analytics market growth over the forecast period.
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Market Segmentation
The MRFR provides an inclusive segmental analysis of the global financial analytics market based on component, deployment mode, organization size, application, and vertical.
By component, the global financial analytics market is segmented into services and software. Of these, the software segment will lead the market over the forecast period meanwhile, the services segment will grow at a high CAGR.
By deployment, the global financial analytics market is segmented into on-premises and cloud-based. Of these, the cloud-based deployment will dominate the market over the forecast period for its rising worldwide adoption.
By organization size, the global financial analytics market is segmented into small medium enterprises (SMEs) and large enterprises. Of these, large enterprises will have a major share in the market over the forecast period for the extensive use of financial analytics in large enterprises for optimizing employee productivity.
By application, the global financial analytics market is segmented into fraud detection and prevention, stock management, transaction monitoring, financial forecasting and budgeting, wealth management, customer management, risk and compliance management, governance, and others. Of these, financial forecasting and budgeting will spearhead the market over the forecast period.
By vertical, the global financial analytics market is segmented into transportation and logistics, telecommunication and IT, manufacturing and automotive, energy and utilities, healthcare and life sciences, government and defense, retail and e-commerce, banking, financial services insurance (BFSI), and others. Of these, the BFSI segment will have the lions share in the market over the forecast period as financial analytics help in liability and asset management, receivables management, GRC (governance and risk compliance), profitability management, payable management, and budgetary control.
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Regional Analysis
Based on region, the global financial analytics market report covers the recent trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. Rapid use of financial analytics coupled with increasing adoption of technological advances for better resource management that comprises financial analytics solutions are factors that are adding to the global financial analytics market growth in the region. Canada the US have a maximum share in the market.
The global financial analytics market in Europe is predicted to hold the second-largest share over the forecast period. The surging need for financial analytics solutions for increasing adoption in the BFSI sector is adding to the global financial analytics market growth in the region.
The global financial analytics market in the APAC region is predicted to grow at a fast pace over the forecast period. Growing need to reduce budgeting and planning cycles and more and more enterprises using these solutions in e-commerce, retail, and BFSI industries are adding to the global financial analytics market growth in the region.
Key Players
Leading players profiled in the global financial analytics market report include ALTERYX, INC. (US), QlikTech International AB (US), Deloitte Touche Tohmatsu Limited (US), Rosslyn Data Technologies (UK), SAS Institute Inc. (US), Teradata (US), TABLEAU SOFTWARE (US), MicroStrategy Incorporated (US), SAP (Germany), Google (US), Zoho Corporation (India), IBM Corporation (US), TIBCO Software Inc. (US), Oracle Corporation (US), and Fair Isaac Corporation (US).
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