NEW YORK, United States, July 18, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Financial Analytics Market - Comprehensive Analysis, Historical Data, and Forecasts, 2023-2030” in its research database. According to the latest research, the of global financial analytics market size was worth at around USD 8.22 billion in 2022. The market is expected to grow above a CAGR of 9.5% and is anticipated to reach over USD 19.5 billion by 2030.
The report analyzes the global Financial Analytics Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the industry.
Financial Analytics Market Overview:
As the technological advancements are increasing, the need for cloud-based service is also increasing and, in light of this, the demand for financial analytics across numerous enterprises and verticals is expected to enhance the market presence. Financial planning, managing, and forecasting solutions give the user with speed, agility, and accuracy in today’s economic context of escalating volatility, expanding uncertainty, and risk. In today's competitive environment, customer satisfaction is critical for businesses, and thus implementing advanced solutions assists them in obtaining customer feedback. As businesses gain a better understanding of their customers' behavior, it becomes easier to create an omni-channel customer experience model.
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Key Insights from Primary Research
- As per the analysis, the financial analytics market share is likely to grow above a CAGR of around 9.5% between 2023 and 2030.
- The Financial Analytics market size was worth around USD 8.22 billion in 2022 and is estimated to hit approximately USD 19.5 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Due to technological advancements in the business intelligence and data analytics sector around the world, the global market for financial analytics is anticipated to expand significantly.
- On the basis of region, the “Asia Pacific” will likely overtake the global market.
Competitive Players:
The report contains qualitative and quantitative research on the global Financial Analytics market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global financial analytics market include;
- Microsoft Corporation Alteryx, Inc.
- Datapine GmbH, Domo, Inc.
- Tableau Software LLC Rosslyn Data Technologies
- Fair Isaac Corporation (FICO)
- QlikTech International AB
- GoodData Corporation
- Hitachi Vantara Corporation
- Oracle Corporation
- IBM Corporation
- Information Builders
- MicroStrategy, Inc.
- SAP SE
- SAS Institute,
- Teradata Corporation
- Salesforce.com, Inc.
- TIBCO Software, Inc.
- Zoho Corporation
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Global Financial Analytics Market: Growth Factors & Restraints
Financial analytics manages operations associated with business, presents the data and assists in making a quick report in graphical form which is straightforward to understand. The global financial analytics market is expected to witness a significant growth owing to technological advancements in business intelligence and data analytics sector across the globe. With the help of artificial intelligence, the results in financial sector can be improved drastically with respect to accuracy. Thus, adoption of artificial intelligence in financial analytics for better financial management can be a growth factor in the long run.
Finance sector is foremost in every industry and to maintain it with high business intelligence and strategy, the companies are progressing in financial analytics. It helps in gaining deep knowledge about financial data of business, thereby helping in improving overall performance of the business. Moreover, in wealth management firms, the data driven decisions are trusted and accepted more vividly, and thus financial analytics in the world is boosting in wealth creation and management applications. In addition to this, growing investments for financial analytics in healthcare sector in developed countries is also contributing towards the growth of the global financial analytics market.
Furthermore, increasing fraud cases in finance sector since past years and other monetary related risks paves an opportunity for the global financial analytics market. However, security issues related to data privacy is a risk in financial analytics and can hinder the market presence.
Financial Analytics Market: COVID-19 Impact Analysis
The COVID-19 pandemic has accelerated the adoption of artificial intelligence and advanced analytics by manifold. Such strategies have encouraged the customers to engage through digital channels, manage fragile & complex supply chains, and support workers through disruption to their work & lives. Amidst COVID-19, the financial services have revolutionized their business models with the penetration of digitalization and adoption of AI & machine learning. Thus, COVID-19 has had a steady impact on the global financial analytics market across the globe.
Regional Analysis:
In the global financial analytics market, Asia Pacific is anticipated to contribute major growth factors owing to rapidly adopting digital technologies, usage of big data technologies, and service providers in the region. Deployment of big data technology across various sectors by China across several regions is growing the market for financial analytics. With the penetration of internet, requirement of storage for substantial information generated is another factor demanding financial analytics.
Favorable government initiatives are promoting data analytics, artificial intelligence and digital technologies in these enormously populated countries.
North America is said to be the second most dominant region, especially the US where rise in small and medium scale enterprises are growing the adoption of digital technologies and business intelligence, thus promoting the financial analytics sector. European countries such as the UK, France and Germany are also in line of adopting financial analytics for variety of purpose. In the UK, financial analytics market is expected to boom with the database management system work.
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 8.22 Billion |
| Market Forecast in 2030 | USD 19.5 Billion |
| Growth Rate | CAGR of 9.5% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Microsoft Corporation Alteryx, Inc., Datapine GmbH, Domo, Inc., Tableau Software LLC Rosslyn Data Technologies, Fair Isaac Corporation (FICO), QlikTech International AB, GoodData Corporation, Hitachi Vantara Corporation, Oracle Corporation, IBM Corporation, Information Builders, MicroStrategy, Inc., SAP SE, SAS Institute, Teradata Corporation, Salesforce.com, Inc., TIBCO Software, Inc., Zoho Corporation |
| Segments Covered | By Component, By Deployment Model, By Organization Type, By Application, By End-User, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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The global Financial Analytics market is segmented as follows:
By Component
- Solution
- Services
By Deployment Model
- Cloud
- On-Premise
By Organization Type
- SME
- Large Enterprise
By Application
- General Ledger Analytics
- Wealth Management
- Budgetary Control Management
- Customer Management
- GRC Management
- Payables
- Receivables Analytics
- Transaction Monitoring
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Financial Analytics industry?
- What are the main driving factors propelling the Financial Analytics Market forward?
- What are the leading companies in the Financial Analytics Industry?
- What segments does the Financial Analytics Market cover?
- How can I receive a free copy of the Financial Analytics Market sample report and company profiles?
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