Financial Analytics Market Size, Growth Drivers, Key Segmentation, Development Factors and Forecast 2022-2027
According to IMARC Group’s latest report titled “Financial Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which provides insights on global financial analytics market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global financial analytics market will reach a value of US$9.3 billion in 2021. In the future, IMARC Group expects that the market to reach $17.5 billion by 2027, showing a CAGR of 11.39% during 2022-2027.
Financial analysis (FA) represents the examination 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 uses business intelligence (BI) and analytical tools for asset and liability management, budget control, compliance, risk management, etc. Due to these advantages, 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 some of 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 acts as another significant growth-inducing factor. In addition, the increasing use of financial analytics solutions, as they help track customer behavior, monitor revenue generation and expenses, and ensure the optimal utilization of resources, is positively impacting the global market. Furthermore, the increasing integration of machine learning (ML) and artificial intelligence (AI) with FA as it provides improved accuracy and resilience of financial decisions and risk mitigation and fraud detection capabilities is also driving the market growth. Apart from this, the increasing demand for processing large amounts of unstructured details to take data-driven organizational decisions is further fueling the global market. Moreover, the rising advancements in BI and big data (BA) tools, the growing BFSI sector, and the growing retail and e-commerce sectors are expected to fuel the financial analytics market over the forecast period.
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Competitive Landscape with Key Players:
The report also analyzed the competitive landscape of the market, with some of the key players.
- Alteryx
- Birst
- Stupid
- Fair Isaac Corporation (FICO)
- Hitachi Vantara
- IBM
- Information builders
- Microsoft Inc.
- Oracle Corporation
- Click
- Rosslyn Analytics
- JUICE
- SAS Institute
- Teradata Corporation
- Tibco software
- Zoho Corporation
Financial Analytics Market Segmentation:
Our report has categorized the market on the basis of region, type, component, application, organization size and vertical.
Breakdown by Type:
- Database Management System (DBMS)
- Data integration tools
- Query, reporting and analysis
- Analytics Solutions
- Other
Breakdown by component:
- Solutions
- Financial function analysis
- Financial market analysis
- Services
- Managed Services
- Professional services
Breakdown by Application:
- Wealth management
- Governance, Risk and Compliance Management
- Financial forecasting and budgeting
- Customer Management
- Transaction Monitoring
- Inventory management
- Other
Breakdown by organization size:
- Large Enterprises
- Small and medium enterprises
Breakdown by vertical:
- BFSI
- Telecom and IT
- Manufacture
- Government
- Education
- Other
Breakdown 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, others)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- Swot analysis
- Value chain
- Comprehensive mapping of the competitive landscape
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