The financial analytics market is forecast to grow at an estimated CAGR of 11.3% from 2022 to 2032. The demand for solutions that can handle enormous volumes of data and deliver crucial insights will play a crucial role in boosting the analytics in the finance domain as a result of the growing emphasis on data-driven financial decisions in many end-user sectors and the emergence of big data.
This decision-making support has highlighted the need for data for financial analysis in light of the COVID-19 outbreak. Financial services are rapidly altering and transforming their digital business models in response to the COVID-19 pandemic.
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The financial analytics market refers to the use of advanced analytical tools and techniques to analyze financial data and gain insights that can inform business decisions. Financial analytics encompasses a broad range of activities, including financial modeling, forecasting, risk management, and performance analysis.
The market for financial analytics solutions and services has been growing rapidly in recent years, driven by factors such as the increasing volume and complexity of financial data, the need for more accurate and timely insights, and the emergence of new technologies such as artificial intelligence and machine learning.
The financial analytics market is made up of a wide range of players, including software vendors, consulting firms, and financial services providers. Key segments of the market include:
- Financial Analytics Software: This includes software applications that enable financial professionals to perform tasks such as financial modeling, forecasting, and risk analysis. Some of the leading vendors in this market include IBM, Oracle, SAP, and SAS.
- Financial Consulting Services: These are professional services provided by consulting firms to help organizations with financial planning, analysis, and reporting. Leading players in this market include Deloitte, PwC, EY, and KPMG.
- Financial Data Providers: These are companies that provide financial data and analytics to financial professionals. Examples of financial data providers include Bloomberg, Thomson Reuters, and S&P Global.
The financial analytics market is expected to continue to grow in the coming years, driven by factors such as the increasing use of big data analytics and the growing demand for real-time insights. The market is also likely to see increased competition as new players enter the market and existing players continue to invest in new technologies and solutions.
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How is the Competition Landscape in the Financial Analytics Market?
Some of the major financial data analytics companies are
- SAP A.G.,
- International Business Machines Corporation (IBM),
- Oracle Corporation,
- TIBCO Software Inc., and
- MicroStrategy Inc.,
which are active vendors in the financial analytics market.
These vendors offer financial analytics either in the format of individual solutions or incorporated into business intelligence suites.
The other companies in the financial analytics market include Deloitte Touche Tohmatsu Limited, Hitachi Consulting Corporation, Information Builders, Fair Isaac Corporation (FICO), Microsoft Corporation, Symphony Teleca Corp., Teradata Corp, Tableau Software Inc., Rosslyn Analytics Ltd. and SAS Institute Inc. among others.
Key Segments
By Type:
- Data integration tool
- Database Management System (DBMS)
- Query
- OLAP and visualization tools
- Reporting and analysis
- Analytical solutions
- Consulting and support services
- Others
By Application:
- Assets and liability management
- Payables management
- Budgetary control management
- Profitability management
- Receivables management
- Governance and Risk and Compliance (GRC) management
By Deployment Type:
- On-premise
- Cloud-based
By End Use:
- Banking, Financial Services & Insurance (BFSI)
- Food & Beverages
- Transportation & Logistics
- Consumer Goods & Retail
- Healthcare and Life Sciences
- Government
- Manufacturing
- Travel and Hospitality
- Media and Entertainment
- Telecommunication and IT
- Public Sector
- Energy and Utilities
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East and Africa
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