Financial Analytics Market Size And Forecast

Financial Analytics Market size was valued at USD 10.56 Billion in 2020 and is projected to reach USD 25.38 Billion by 2028, growing at a CAGR of 11.53% from 2021 to 2028.

Ongoing Advancements with respect to business analytics tools as well as increased adoption with respect to cloud-based solutions act as drivers for the growth of the market. The Global Financial Analytics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Financial Analytics Market Definition

The Global Financial Analytics Market will experience brisk growth over the forecast period mainly due to the high demand for enhanced technologies in business analytics and intelligence across the globe. Increased focus on data analytics in organizations across the world may propel the demand for the financial analytics industry over the next eight-year period. Financial analytics is used to handle specific business-related operations and to forecast future financial situations. Financial Analytics software presents the monetary data in an executive dashboard and speeds up reporting by representing the data in a graphical form that is easier to interpret and read, rather than the spreadsheets series with pivot tables.

Financial analytics assists businesses organizations to integrate business intelligence (BI) from different departments and implement analytical tools to extract exact and correct insights from the collected data. The banking financial services and insurance (BFSI) sector is predicted to be a chief contributor to industry growth as these services assist in asset & liability management, GRC, receivables management, budgetary control, payables management, and profitability management. The Financial Analytics Market will grow at a lucrative CAGR in the next few years due to its critical role in examining a company’s macro and microenvironments.

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Fundamental analysis is a collective term that involves a detailed analysis of a company’s performance, financial statement, competitive advantages, competitors, and market. Financial analytics is widely accepted for research related to corporate and equity bond markets witnessed popularity in the past few years. Several contemporary business models such as B2B (business-to-business), B2C (business-to-consumer), and B2E (business-to-employee) may open many new opportunities for market growth. Technological advancement has automated several day-to-day operations and their financial divisions to enhance the business processes efficiency that is presumed to drive industry growth over the forecast period. The growth in data intensity and awareness related to the financial analytics usage for competitive differentiation may boost the industry over the forecast period.

The requirement for addressing numerous business dimensions will hamper the market demand over the forecast. Moreover, rising security issues will hinder further industry growth over the next eight-year period. The increase in the application of cloud analytics may contribute to the adoption of Financial Analytics. Cloud computing acceptance across several industries in the recent past is presumed to have a long-lasting positive influence on this industry. The increase in fraud cases related to financing over the last and several other monetary risks associated with volatile economic markets are estimated to offer abundant opportunities for the industry vendors over the forecast period.

Global Financial Analytics Market Overview

Financial Analytics can be defined as an evaluation of the viability and profitability of a business. Financial Analytics is performed by professionals that make usage of the information from financial statements and other reports. One of the most important uses of Financial Analytics is to forecast possible future financial scenarios. Financial Analytics software is used for analytics to speed up the process and present the data in a way that is understandable to the clients. Advancements continue concerning business analytics tools as well as increased adoption for cloud-based solutions act as drivers for the market growth. Financial Analytics requires high investment and is affected by the changing environment. These factors may restrain the market from growing at a higher pace.

The ability of companies to maximize the potential of big data analytics for the telecom industry and the perspective of an increase in the revenue for service providers through Financial Analytics is driving the growth of the market. There is however a high amount of maintenance that is required for the upkeep of the Financial Analytics and a large amount of complexity that is concerned with Financial Analytics makes it more challenging to achieve actionable insights and therefore these factors are restraining the Financial Analytics Market growth.

The ongoing technological advancements, the increasing need for cloud-based service, and the increasing demand for financial analytics solutions in various organizations and verticals will boost the market studies. In this economic environment of rising volatility, growing uncertainty, and risk, financial planning, managing, and forecasting solutions provide the user with speed, agility, and foresight about the business that may compete in the market in a better way. Using these solutions, clients can synthesize information in a better way, uncover trends in the market, and deliver insights to improve decision-making throughout the enterprise, which is the driving factor for market growth.

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Moreover, with the growing focus on data-driven financial decisions in various end-user verticals, and the emergence of big data, demanding solutions that can tackle large amounts of data and provide valuable insights are some factors driving the market growth. The development of enhanced technologies in the business analytics and business intelligence domain and the extended focus on data transparency will drive the demand for these solutions across various industries. Regardless of industry, finance functions are progressing analytics capabilities to offer enhanced business intelligence and assist decision making, acting as a more strategic partner to their enterprises. With the outbreak of COVID-19, this decision-making support is more critical than ever. During the COVID-19, financial services are rapidly evolving and transforming their digital business models with other circumstances.

Global Financial Analytics Market Segmentation Analysis

The Global Financial Analytics Market is segmented on the basis of Deployment Type, Solution Type, End-User, And Geography.

Financial Analytics Market, By Deployment Type

• On-Premise
• On-Cloud

Based on Deployment Type, The market is bifurcated into Deployment Types such as On-Premise and On-Cloud. Cloud-based solutions are expected to witness the highest growth over the forecast period owing to the benefits it offers, such as these solutions facilitate collaboration between partners, improve business functions, and provide agility. Further, it allows organizations to incorporate data from all sources, across all channels, and do it at a big data scale.

Financial Analytics Market, By Solution Type

• Database Management and Planning
• Analysis and Reporting
• Others

Based on Solution Type, The market is bifurcated into Database Management and Planning, Analysis and Reporting, and Others.

Financial Analytics Market, By End-User

• BSFI
• Healthcare
• Manufacturing
• Others

Based on End-User, The market is bifurcated into End-User such as BSFI, Healthcare, Manufacturing, and others.

Financial Analytics Market, By Geography

• North America
• Europe
• The Asia Pacific
• Rest of the world

Based on Regional Analysis, The Global Financial Analytics Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific region is expected to witness the highest growth rate during the forecast period as the market in this region correlates with the growth in the end-user industries in the region which is growing.

Key Players

The “Global Financial Analytics Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as FICO, Hitachi Vantara, Information Builders, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Rosslyn Analytics Limited, SAP SE, SAS Institute, and Teradata Corporation.

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