Overview and Scope
Financial analytics is the creation of ad hoc analysis to answer specific questions and shape the business strategy through reliable and factual insights. The financial analytics are used to gain deep knowledge and forecast future financial scenarios. Excel, PowerPoint, and Word are the most popular financial analysis tools, and these programs are used to develop financial models, reports, and presentations for the senior management of a company or for customers.
Sizing and Forecast
The financial analytics market size has grown rapidly in recent years. It will grow from $9.55 billion in 2023 to $10.68 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to data explosion in finance, regulatory compliance, demand for real-time insights, risk management needs, increased complexity in financial instruments, strategic decision-making..
The financial analytics market size is expected to see rapid growth in the next few years. It will grow to $16.23 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to customer-centric approaches, globalization of financial markets, cybersecurity concerns, open banking initiatives.. Major trends in the forecast period include advanced analytics and artificial intelligence (ai), cloud-based financial analytics solutions, use of big data analytics, personalization in financial services, blockchain and cryptocurrency analytics, employee productivity and efficiency. .
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Segmentation & Regional Insights
The financial analytics market covered in this report is segmented –
1) By Component: Solution
2) By Deployment Mode: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small & Medium Sized Enterprises
4) By Application: Wealth Management, Governance, Risk & Compliance Management, Financial Forecasting & Budgeting, Customer Management, Transaction Monitoring, Stock Management, Other Applications
5) By Industry Vertical: BFSI, IT and Telecom, Manufacturing, Retail and E-Commerce, Government, Healthcare, Other Industries
North America was the largest region in the financial analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The emergence of big data is driving the financial analytics market. Big data refers to large and more complex data sets that arrive in increasing volumes from various data sources. The emergence of big data in financial decisions has led to solutions such as financial analytics that can handle large amounts of data and provide valuable solutions. For example, in 2021, according to the Investment Banking Council of America, 80% of financial institutions are using big data tools. Therefore, the emergence of big data is driving the growth of the financial analytics market.
Key Industry Players
Major companies operating in the financial analytics market report are Alteryx Inc., Infor Inc., Domo Inc., Fair Isaac Corporation, GoodData Corporation, Information Builders Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, QlikTech International AB, Rosslyn Data Technologies Plc, SAP SE, SAS Institute Inc., Teradata Corporation, TIBCO Software Inc., RIB Datapine GmbH, Salesforce Inc., Deloitte Touche Tohmatsu Limited, Hitachi Vantara Corporation, Symphony Teleca Services Inc., Databricks Inc., RAMP Inc., SparkCognition Inc., Fraud.net Inc., Ecolytiq GmbH, Elementus, MindBridge Analytics Inc., Moody’s Corporation, Wealthfront Inc., Ellevest
The financial analytics market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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