Major players in the financial analytics market are Alteryx Inc., Infor, Domo Inc., Fair Isaac Corporation, GoodData Corporation, Information Builders, 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, and Salesforce Inc.
The global financial analytics market is expected to grow from $8.47 billion in 2022 to $9.46 billion in 2023 at a compound annual growth rate (CAGR) of 11.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The financial analytics market is expected to grow to $14.29 billion in 2027 at a CAGR of 10.8%.
The financial analytics market consists of revenues earned by entities by providing financial functions analytics and financial market analytics services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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 senior management of a company or for customers.
North America was the largest region in the financial analytics market in 2022.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 and Africa.
The main components of financial analytics are solutions and services.The financial analytics solutions refer to use of financial analytical tools to generate data, improve decision making, and improve sales.
Financial analytics solutions refer to an analytical tool used to evaluate the financial performance of any entity or organization to improve productivity and business functions.The deployment modes of financial analytics are on-premise, and cloud that are deployed in large enterprises and small and medium-sized enterprises.
The financial analytics solutions find its applications in wealth management, governance, risk & compliance management, financial forecasting and budgeting, customer management, transaction monitoring, stock management, and other applications in industries such as BFSI, it and telecom, manufacturing, retail and e-commerce, government, healthcare, and other industries.
The emergence of big data is driving the financial analytics market.Big data refers to large and more complex data sets, arriving 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 now using big data tools.
Therefore, the emergence of big data is driving the growth of the financial analytics market.
The adoption of artificial intelligence (AI) in the financial sector is growing in popularity and has become a key trend in the financial analytics market.Key financial analytics players are adopting AI to gain a competitive edge in the market.
For example, in February 2022, Prophix, a Canada-based Corporate Performance Management (CPM) software company launched the first virtual financial analyst in the industry, an AI-powered virtual assistant that uses natural language to boost CPM effectiveness.Mid-sized firms’ finance teams use Prophix’s software to automate their financial planning, budgeting, and forecasting.
Finance professionals can concentrate on the more strategic tasks that have a greater influence on the bottom line of the company by automating these data-centric and time-consuming tasks. Given this, conversational AI and other cutting-edge technologies are ideal for the financial planning and analysis (FP&A) sector.
In March 2022, SAP SE, a Germany-based software corporation, acquired a majority stake in Taulia, for an undisclosed sum.With this acquisition, SAP SE expands its business network and strengthens its solutions.
It aims to help companies gain financial flexibility and stability, while Taulia will operate as an independent company with its own brand in the SAP group. Taulia is a US-based financial technology company.
The countries covered in the financial analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The financial analytics market research report is one of a series of new reports that provides financial analytics market statistics, including financial analytics industry global market size, regional shares, competitors with a financial analytics market share, detailed financial analytics market segments, market trends and opportunities, and any further data you may need to thrive in the financial analytics industry. This financial analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.