The financial analytics market revenue totaled US$ 9.3 Billion in 2021 and is projected to register a Y-o-Y expansion rate of nearly 11% to reach US$ 10.3 Billion in 2022.
Significant growth prospects are visible for the financial analytics industry, especially concerning wealth management. From 2015 to 2021, the wealth management segment flourished at a 10.1% value CAGR, while demand for financial analytics solutions grew at a CAGR of 10% during the same time period. Geographically, the U.S is poised to represent a dollar opportunity worth US$ 4.6 Billion until 2032.
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Competitive Landscape:
The presence of a large number of service providers renders the global financial analytics market highly competitive. Prominent players are offering highly innovative software solutions, attributed to rapid digitization of the global financial landscape. Besides, important growth strategies such as mergers & acquisitions, collaborations and partnerships are also relied upon.
- In November 2021, Oracle Corporation announced updates to its Fusion ERP Analytics platform which enables finance and operations leaders gain greater visibility into costs and assets to accelerate decision making. These updates include a better understanding of KPIs, metrics and dashboards without the need for coding, integration or data expertise
- SAP SE announced in March 2022 that it has completed the acquisition of a majority stake of Taulia, a prominent provider of working capital management solutions. This acquisition will fuel SAP’s business network, strengthening its solutions portfolio for the CFO office. Taulia’s solutions will both be tightly integrated into SAP software as well as continue to be available standalone
- In February 2022, Teradata Corporation announced a global partnership with Microsoft to integrate its Vantage data platform with Microsoft Azure. This will permit businesses seeking to modernize their data analytics workloads with security, elasticity and reliability. From retailers providing personalized customer experiences to financial service organizations using automated analytics to track fraud, both companies will connect wide data sets and streamline workflows
Key Financial Analytics Providers:
- Oracle Corporation
- IBM Corporation
- SAP SE
- Teradata Corporation
- TIBCO Software
- SAS Institute
- Alteryx
- Qlik
- FICO
- Infor Birst
- Google LLC
- Information Builders
- Zoho Corporation
- Domo Inc.
Key Growth Drivers:
- Increasing demand for data-driven decision-making: Organizations across various industries are recognizing the value of data-driven decision-making. Financial analytics provides the tools and techniques to analyze large volumes of financial data and extract valuable insights that can drive strategic decision-making, risk management, and operational efficiency.
- Growing complexity in financial transactions: With the increasing complexity of financial transactions, including cross-border transactions, derivatives, and complex financial instruments, there is a greater need for advanced analytics to understand, analyze, and manage these transactions effectively. Financial analytics helps organizations identify patterns, trends, and anomalies in financial data, enabling them to mitigate risks and optimize their financial processes.
- Regulatory compliance requirements: The financial sector is subject to numerous regulations and compliance requirements, such as Basel III, Dodd-Frank, MiFID II, and GDPR. Financial analytics solutions help organizations comply with these regulations by providing real-time monitoring, risk assessment, and reporting capabilities.
- Technological advancements: The advancements in technologies such as artificial intelligence (AI), machine learning (ML), big data analytics, and cloud computing have significantly enhanced the capabilities of financial analytics. These technologies enable more sophisticated data analysis, predictive modeling, and automation, empowering organizations to make data-driven decisions more efficiently.
- Risk management and fraud detection: Effective risk management and fraud detection are crucial for financial institutions and organizations. Financial analytics plays a vital role in identifying potential risks, detecting fraudulent activities, and monitoring transactions in real-time. This helps organizations minimize financial losses, maintain regulatory compliance, and safeguard against fraudulent activities.
Key Segments Covered in the Financial Analytics Industry Survey:
· By Component :
- Financial Analytics Solutions
- Financial Function Analytics
- Financial Market Analytics
- Financial Analytics Services
- Managed Financial Services
- Professional Financial Services
· By Applications :
- Financial Wealth Management
- Financial Governance, Risk & Compliance Management
- Financial Forecasting & Budgeting
- Customer Financial Management
- Financial Transaction Monitoring
- Financial Claims Management
- Financial Fraud Detection & Prevention
- Financial Stock Management
· By Deployment :
- On-Premises
- Cloud-based
· By Organization Size :
- SMEs
- Large Enterprises
· By Vertical :
- BFSI
- IT & Telecom
- Government
- Energy & Utilities
- Manufacturing & Automotive
- Healthcare & Pharmaceuticals
- Retail & e-Commerce
- Media & Entertainment
- Transportation & Logistics
- Other Verticals (Real Estate and Education)
· By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
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Questionnaire answered in the Market outlook Report of Financial Analytics include:
- What is the key strategy deployed by large players to maximize Financial Analytics growth?
- What are the main challenges faced by players in the Financial Analytics Demand?
- With the advent of technological advancement, how will the Financial Analytics landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Financial Analytics size?
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