Financial Analytics Market Overview:
Financial analytics enables end users to focus on financial functions across organizations. It also provides better visibility into factors that drive costs, revenues, and shareholder values. Furthermore, it assists them to perform planned and ad-hoc analysis of financial data to find out efficient solutions for business problems.
Technological advancements, increase in demand for cloud-based services, and need for analytics solutions among end users drive the global financial analytics market. However, privacy and data security-related issues are projected to hinder the market growth.
The report includes assessment of various prospects of the financial analytics markets which includes market dynamics based on the regional analysis. It incorporates the Porters Five Forces Analysis to comprehend the impact of suppliers, competitors, new entrants, substitutes, and buyers.
Key players operating in the financial analytics market are Deloitte LLP, Hitachi Consulting, IBM Corporation, Information Builders, Microsoft Corporation, Oracle Corporation, Rosslyn Analytics Limited, SAP SE, Symphony Teleca Services, Inc., and Teradata Corporation.
The report classifies the global financial analytics market into type, deployment type, organization size, end user, and geography. Based on type, it categorizes the industry into data management system (DMS) data integration tools, query, reporting, & analysis, and analytics solution. Regionally, it assesses the market across North America, Europe, Asia-Pacific, and LAMEA. By deployment type, the research splits the industry into cloud and on premise. Based on organization size, it bifurcates the market into large as well as small & medium enterprises. According to it, the industry finds its end users in BFSI, manufacturing, government, and education among others.
Top Investment Pockets
Among end users, the BFSI segment is projected to retain its dominance, owing to the increase in adoption of financial analytics solutions in the financial analytics.
The increase in adoption of pervasive computing devices, advanced storage capabilities, and new analytic tools present new possibilities to leading players of the financial analytics market. At present, the end-user organizations can obtain real-time data from previously inaccessible areas at lower costs to improve their financial performance and efficiency.
Increased Awareness Among End Users
The rise in awareness among key players about the benefits of financial analytics solutions, especially for real-time data analysis and decision-making thus, increasing the penetration of financial analytics software in the financial analytics industry. Moreover, this trend is projected to drive the market the forecast period.
Upsurge in Cyberattacks and Data Breaches
Constant increase in the number of cyber-threats and data breaches by hackers and cyber-criminals target critical business and customer information. This has restricted end-user organizations to deploy financial analytics solutions, thereby hampering the market growth.
Lack of Skilled Workforce
Currently, the end-user industries face dearth of skilled professionals, such as data scientists and analysts, to operate and analyze the gathered data. This has led organizations to be innovative in their approach towards talent acquisition, development, and deployment.
Financial analytics solutions play a crucial role in improving the conventional and unconventional operations in the industries. Emerging markets, such as the LAMEA region is expected to present significant growth opportunities for prominent players, owing to limited penetration of financial analytics solutions and infrastructure in the region.
Key Benefits of the Financial Analytics Market Report:
- The study provides an in-depth analysis of the market with current and future trends to elucidate imminent investment pockets.
- The research offers information of key drivers, restraints, and opportunities along with their impact analysis.
- The Porters Five Forces Analysis illustrates the potency of buyers and suppliers participating in the market.
- The report offers quantitative analysis of the market to outline its potential during the period, 2017-2023.
Financial Analytics Market Key Segments:
- Database Management System (DBMS)
- Data Integration Tools
- Query, Reporting, and Analysis
- Analytics Solutions
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By Deployment Type
By End User
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America (Brazil and rest of Latin America)
- Middle East (KSA, UAE, and Rest of Middle East)
- Africa (South Africa and Rest of Africa)
Key Market Players Profiled in the Report
- Deloitte LLP
- Hitachi Consulting
- IBM Corporation
- Information Builders
- Microsoft Corporation
- Oracle Corporation
- Rosslyn Analytics Limited
- SAP SE
- Symphony Teleca Services, Inc.
- Teradata Corporation
The global financial analytics market is projected to witness a considerable growth, especially in Asia-Pacific and LAMEA, owing to rise in awareness among end users.
The end users have become well-informed in their respective domain to effectively tackle competition owing to constant changes in business and financial scenario. The role of financial management and analytics has transformed and expanded over the past few years. At present, financial management and analytics is more complex and certainly witnessing more demand.
The rise in requirement for higher transparency from stakeholders, expectations for effective partnering, change in regulatory environment, and continuous economic uncertainty, influence the financial analytics market. Furthermore, key analytical areas, such as profitability management, cost management, value for money analytics, business risk management, tax management, and regulatory compliance, encourage enterprises. They should increase their expenditure on analytical solutions to gain higher efficiency and valuable insights. Moreover, enterprises operating across the verticals, focus on employing talented and skilled employees to analyze huge volume of raw data.
Organizations operating in the financial analytics industry are anticipated to deploy advanced financial analytical solutions across the world. At present, information is a key strategic asset used by organizations to compete in the market. Thus, end users are anticipated to capitalize this trend to acquire insights and build intelligence to respond more effectively to changes in the business environment.