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 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.
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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