Global Financial Analytics Market to Expand at a CAGR of 22.6% by 2027

Financial analytics market allows financial managers and other executives to put in the lowest time in amassing financial and operational data. The time is instead used for regulating scenarios and forecasting results. The software assists with financial business intelligence which gives a 360-degree view of the business. The executives gain boosted visibility into costs, performance and resources; this assists them in the betterment of accuracy, competence, controls, and auditability thus allowing them in composing major strategic decisions.

The crucial factors enhancing the global analytics market 2020 are increasing demand for the data-driven financial agreement in the end-users. Development in business analytics tools and business intelligence (BI) is also bringing an impact on market growth. Also, the technological development in artificial intelligence (AI) and machine learning (ML), and the increasing establishment of predictive analytics offer profitable opportunities for solution providers in the market. But, concerns for privacy and security can act as an obstacle for market growth. It has been estimated that the global financial analytics market to expand at a CAGR of 22.6% with the value reaching USD 3.84 billion by 2024.

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Market Segmentation

• The global financial analytics market can be classified on the basis of organization size, vertical, component, application, deployment mode, and the region.
• On the basis of organization size, the market has been segmented into small and medium enterprises (SME) and large enterprises. The large enterprises’ segment is estimated to have a larger market size during the forecast period. Large organizations deploy significant financial analytics to advance employee productivity.
• On the basis of vertical the global financial analytics market has been classified into retail & e-commerce, banking, financial services and insurance (BFSI), government and defense, energy and utilities, healthcare and life sciences, manufacturing and automotive, transportation and logistics, telecommunication and IT, and others. The BFSI segment is expected to acquire the maximum segment, as financial analytics expedites in asset and liability management, budgetary control, GRC (governance and risk and compliance), payables management, and profitability management, receivables management.
• On the basis of components, the global financial analytics market is classified into services and software. The software segment is estimated to have a greater market share, while the services segment is estimated to record the higher CAGR during the review period.
• On the basis of application segments of the global financial analytics market has been classified into risk, and compliance management, governance, wealth management, customer management, financial forecasting and budgeting, stock management, transaction monitoring, fraud detection and prevention, and others. The financial forecasting and budgeting is estimated to be one of the dominating verticals in the market and also record the highest CAGR.
• On the basis of deployment mode, the market has been classified into on-premise and cloud-based. The cloud-based segment is estimated to display a higher CAGR during the review period due to the rising establishment of cloud technology globally.
• On the basis of geography, the global financial analytics market has been classified into Europe, Asia-Pacific, North America, and the Rest of the World (Row).

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Market 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

The major players in the global financial analytics market are QlikTech International AB (US), Rosslyn Data Technologies (UK), Fair Isaac Corporation (US), Oracle Corporation (US), TIBCO Software Inc. (US), IBM Corporation (US), Zoho Corporation (India), Fair Isaac Corporation (US), Google (US), SAP (Germany), MicroStrategy Incorporated (US) , Teradata (US), ALTERYX, Inc. (US), TABLEAU SOFTWARE (US), Rosslyn Data Technologies (UK), Deloitte Touche Tohmatsu Limited (US), SAS Institute Inc. (US), and The key strategies adopted by most of the players are partnerships, agreements, collaborations, and the launch of solutions.

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