Financial Analytics Market Overview:
Financial analytics enables end users to focus on financial functions across organizations and provide better visibility into factors that drive costs, revenue, and shareholder value. Further, it assists end users to perform planned and ad-hoc analyses of financial data to find out efficient solutions for business problems.
Technological advancement, increase in demand for cloud-based services, and increase in 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 the study of the financial analytics market focusing on various growth prospects and restraints, based on the regional analysis. The study highlights Porters Five Forces analysis that comprises the impact of suppliers, competitors, new entrants, substitutes, and buyers.
Key players operating in the market include 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 global financial analytics market is classified based on type into data analysis, IT infrastructure, and services. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Financial Analytics Market Segmentation
Top Investment Pockets
The following graph signifies the growth potential of the financial analytics market by end user. Among end users, the BFSI segment is projected to retain its dominance, owing to the increase in adoption of financial analytics solutions.
Key Investment Pockets
Increase in adoption of pervasive computing devices, advanced storage capabilities, and new analytic tools present new possibilities to market players. At present, 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
Rise in awareness among key players about the benefits of financial analytics solutions, especially for real-time data analysis and decision-making, has increased the penetration of financial analytics software in the industry. Moreover, the trend is projected to continue throughout the forecast period, thereby driving the market.
Upsurge in Cyberattacks and Data Breaches
Constant increase in the number of cyber-threats and data breaches indicates that critical business and customer information are potential targets of hackers and cyber-criminals. This in turn has restricted end-user organizations to deploy digital solutions such as financial analytics solutions, thereby hampering the market growth to some extent.
Lack of Skilled Workforce
Currently, the end-user industries face dearth of skilled professionals, such data scientists and analysts, to operate and analyze the gathered data. This has increased the need for organizations to be more 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 Latin America, the Middle East, and Africa, are expected to present significant growth opportunities for prominent players, owing to limited penetration of financial analytics solutions and infrastructure in the region.
- The study provides an in-depth analysis of the global financial analytics market with current and future trends to elucidate the imminent investment pockets.
- Information regarding key drivers, restraints, and opportunities along with their impact analysis is provided.
- Porters Five Forces analysis illustrates the potency of buyers and suppliers participating in the market.
- The quantitative analysis of the market from 2017 to 2023 is provided to elaborate the market potential.
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
- Middle East
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