According to IMARC Group latest report titled “Financial Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on financial analytics market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global financial analytics market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.1 Billion by 2028, exhibiting a growth rate (CAGR) of 10.3% during 2023-2028.
Financial analytics (FA) represents the investigation of the financial statements of an organization through software-based programs. It aims to provide accurate business insights and forecast economic scenarios. The obtained insights are represented numerically and graphically on a digital dashboard to improve business strategy and routine decision-making. FA utilizes business intelligence (BI) and analytical tools for asset and liability management, budgetary control, compliance, risk management, etc. On account of these benefits, it finds extensive applications across the banking, financial services and insurance (BFSI), healthcare, manufacturing, and information technology (IT) sectors.
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Market Trends:
The rising digitization levels and the widespread adoption of cloud computing across the globe are among the key factors stimulating the financial analytics market. Moreover, numerous medium- and large-scale organizations are adopting FA solutions for efficient financial planning and budgeting, which is acting as another significant growth-inducing factor. Besides this, the growing utilization of financial analytics solutions, as they aid in tracking customer behavior, monitoring revenue generation and expenses, and ensuring the optimum utilization of resources, is positively influencing the global market. Furthermore, the increasing integration of machine learning (ML) and artificial intelligence (AI) with FA, as they offer enhanced accuracy and resilience of financial decisions and risk mitigation and fraud detection capabilities, is also propelling the market growth. Apart from this, the inflating demand for processing large amounts of unstructured details to make data-driven organizational decisions is further fueling the global market. Additionally, the rising advancements in BI and big-data (BA) tools, the expanding BFSI sector, and the growing retail and e-commerce sectors are anticipated to fuel the financial analytics market over the forecasted period.
Another key driver of growth in the financial analytics market is the increasing demand for real-time data and insights. In today’s fast-paced business environment, decision-makers need access to up-to-the-minute information in order to stay ahead of competitors and respond quickly to changing market conditions. This has led to the development of real-time analytics tools that can process and analyze large volumes of data in near real-time, providing decision-makers with the insights they need to act quickly and effectively.
In addition to these trends, the financial analytics market is also being driven by the increasing adoption of cloud-based analytics solutions. Cloud-based analytics tools offer a number of advantages over traditional on-premises solutions, including greater scalability, lower upfront costs, and easier integration with other cloud-based applications and services.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Alteryx
- Birst
- Domo
- Fair Isaac Corporation (FICO)
- Hitachi Vantara
- IBM
- Information Builders
- Microsoft Inc.
- Oracle Corporation
- Qlik
- Rosslyn Analytics
- SAP
- SAS Institute
- Teradata Corporation
- Tibco Software
- Zoho Corporation
Financial Analytics Market Segmentation:
Our report has categorized the market based on region, type, component, application, organization size and vertical.
Breakup by Type:
- Database Management System (DBMS)
- Data Integration Tools
- Query, Reporting & Analysis
- Analytics Solutions
- Others
Breakup by Component:
- Solutions
- Financial Function Analytics
- Financial Market Analytics
- Services
- Managed Services
- Professional Services
Breakup by Application:
- Wealth Management
- Governance, Risk & Compliance Management
- Financial Forecasting & Budgeting
- Customer Management
- Transaction Monitoring
- Stock Management
- Others
Breakup by Organization Size:
- Large Enterprises
- Small & Medium Enterprises
Breakup by Vertical:
- BFSI
- Telecom & IT
- Manufacturing
- Government
- Education
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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