The outbreak of covid 19 has had unexpected effects on the global industries. The financial analytic market is facing some challenges during this period. The deployment of the technology is difficult in the situation. The slowdown in production is another limitation of this market. Due to social distancing and lockdowns, the deployment and other market operations are disturbed. During this period, the market is enhancing its finance functions.
The market players use this opportunity to make developments in technology. The developments in the market will lead to higher-end features. Further, the business intelligence and decisions making features are developed. Also, these high end financial analytic solutions can be an exceptional strategic partner for the enterprise. These decisions making the development of the technology can increase the demand. The market is utilizing the current circumstances to transforms their business models. Post covid 19, the market is expected to witness rapid growth.
The cloud-based financial analytics solution drives demand for this market. There are plenty of benefits of cloud-based solutions. Also, collaboration, business functions and agility are better with cloud-based analytics. Also, the cloud makes it easy to incorporate all data to produce accurate analytics. Even with big data, precise analytics report is possible with a cloud solution. The cloud-based financial analytics solution will increase demand. The adoption rate of financial analytics will be higher due to cloud and BI.
There is a high need for data-driven financial decisions in enterprises. The data-driven reports are bauble to any enterprise. The accuracy and precision of these reports help in decisions making. The end users have a high demand for such technologies that produce data-driven results. It is another crucial driver of the market that will increase Financial Analytics Market Profit. Further, the adoption of predictive data analytical solutions is another factor driving the Financial Analytics Market Growth. All these factors will increase the Financial Analytics Market Sales.
There is rising digitization and financial analytics initiatives. These factors are responsible for the growth of the financial analytics market. The emergence of big data is increasing the financial analytics market growth. The need for data-driven results is high for enterprises. Due to this, the key payers are taking the initiative to deploy financial analytics solutions more. Further, the awareness about financial analytics is increasing in the forecast period. Earlier, businesses did not require financial analytic solutions.
However, the business environment is getting complex leading to a high need for data-driven solutions. Therefore, the changing behaviour of the businesses is favourable to this market. There is more awareness about technology and its benefits around the world. These measures will increase the growth opportunities for the market during the forecast period.
The significant challenge of the financial analytics market is privacy and security concerns. Financial analytics is a tool that requires the financial and sensitive data of the enterprise. Cloud-based financial analytics provides data-driven results. That means it collects data from every file to produce financial analytics reports.
There is much risk for the confidential data of the enterprise. Data breaches and misuse of information are the primary concerns for many firms. Due to this adoption rate of the financial analytics market is affected. Also, due to this, the demand for the market can decline in the forecast period. The key players are taking measures to fix the privacy concerns in this market.
The overall growth of the Financial Analytics Industry is steady over the forecast period. Cloud-based financial solutions are the key drivers for the market. Also, financial analytics has plenty of features that attract end-users. Further, the emergence of big data is another factor that is driving the demand for financial analytics.
Technological advancements and rising digitization can provide growth opportunities for the market. There are regulations and privacy concerns that are a major drawback for the market. There is a serious need to fix these issues as they can affect profitability. All these factors contribute to the positive Financial Analytics Market Trends.
The customer satisfaction of using these high-end solutions is higher in this region. The banking and financial services have a high demand for financial analytics solutions in this region. Apart from this, the healthcare and retail sectors have exceptional demand for this solution. Further, the adoption from the enterprises is vast. During the forecasts period, the adoption rate will reach the maximum rate.
The global financial analytics market is diversified into Asia Pacific, Europe, North America, the middle east and Latin America. The awareness about the financial analytic solution is higher in this region. The strong investments and innovation in this market will lead to more demand.
Asia Pacific region will witness the fastest growth in the forecast period. China and India are the crucial key players in the market. Also, big data technology is much demanded in China. The need for data-driven analytical technology is the key driver for this market. India is witnessing huge development in the financial analytics market. Also, Europe and Latin America market is witnessing steady demand during the forecast period.
The competitive landscape of the financial analytics market includes market expansion, acquisitions and partnership deals. Further, the competition is high in the domestic as well as the international market. Product innovation is a crucial part of the forecast year.
In June 2023, a business intelligence software firm MICROSTRATEGY INCORPORATED seems to have entered into an amended agreement with the multinational sophisticate Microsoft Corporation. The agreement will include MicroStrategy's cutting-edge analytics solutions together with Microsoft's Azure Open AI Service to allow businesses to make the most of their data.
In May 2023, business intelligence software firm QlikTech International AB completed a majority stake acquisition in data integration and management software developer Talend Inc. This purchase is projected to enhance the competencies of QlikTech International AB in such different areas as data quality, data transformation, application connectivity and API services.
In February 2023, Alteryx introduced management and self-service options for analytics cloud platforms and Enterprise customers, which should allow its clients to make business decisions faster. The upgraded platform improves the user experience by providing a new user interface style while maintaining acceptable standards in data management.
In November 2022, IBM Corporation, a firm involved with computers, technology and IT consulting with all its resources, opened the latest software to help enterprises quench their thirst for skimming enterprises' data and data analytics and make decisions faster than before.
In October 2022, Oracle, a company dealing with cloud applications and platform services, provided further innovations through several remuneration instruments with the aim of assisting customers in not just improving their skills but also incorporating new ideas into their businesses. The clients of Oracle are now able to use the already prepared packages of 2000 reports, dashboards, and metrics.
In September 2022, a multinational corporation, S&P, announced a cooperative deal with Novata Inc., a private companies’ ESG-based databases provider. As a result, it is possible to link Novata’s platform with S&P Global market intelligence customers’ databases. It will, in turn, enable making data-based decisions regarding the influence financial outcomes of ESG concepts.
| Report Attribute/Metric | Details |
| Market Size 2030 | USD 17.64 Billion |
| Compound Annual Growth Rate (CAGR) | 11.40% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Component, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Fair Isaac Corporation (US), Oracle Corporation (US), TIBCO Software Inc. (US), IBM Corporation (US), Zoho Corporation (India), Google (US), SAP (Germany), MicroStrategy Incorporated (US), TABLEAU SOFTWARE (US), Teradata (US), SAS Institute Inc. (US), Rosslyn Data Technologies (UK), Deloitte Touche Tohmatsu Limited (US), QlikTech International AB (US) and ALTERYX, INC. (US). |
| Key Market Opportunities | Advancements in technologies such as artificial intelligence (AI) and machine learning (ML), and the growing adoption of predictive analytics offer lucrative opportunities to the key providers of financial analytics solutions and services in the global market. |
| Key Market Drivers | The major factor contributing to market growth is the growing need for data-driven financial decisions among the end users. |
Financial Analytics Market Highlights:
Frequently Asked Questions (FAQ) :
Financial Analytics Market profit is expected to generate 17.64 billion by the end of the year 2030.
A 11.40% CAGR level is estimated to enhance the market in the future.
Zoho Corporation (India), IBM Corporation (US), Oracle Corporation (US), TIBCO Software Inc. (US), Google (US), are the key market leaders.
North America will be prospering the market of global financial analytics.
North America, Europe, Asia-Pacific, and the rest of the world are the regions grossing the most as per the study.
Financial Analytics Market the businesses, projects, budgets, and other finance-related entities of an enterprise are evaluated to determine the performance and suitability.
The increase in the adoption of computing devices everywhere, the increase in advanced security capabilities and the proliferation of new analytics tools are providing new opportunities for market players which, in turn, are driving the growth of the financial analytics market.
Advancements in business intelligence (BI) and business analytics tools can assist the market with steady growth in the future.
The growing need for data-driven financial decisions among end users is a significant factor persuading the market to grow.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
