The global financial analytics market exhibited strong growth during 2015-2020. Financial analytics (FA) refers to the investigation of financial statements of an organization through software-based programs. It aims to provide accurate business insights and forecast economic scenarios. The obtained insights are represented numerically and graphically on a digital dashboard to improve business strategy and routine decision-making. FA utilizes business intelligence (BI) and analytical tools for asset and liability management, budgetary control, compliance and risk management. Owing to these benefits, FA finds extensive applications across the banking, financial services and insurance (BFSI), healthcare, manufacturing and information technology (IT) industries.
The rising trend of digitization, along with the increasing adoption of cloud computing across the globe, is among the key factors driving the growth of the market. Various medium- and large-scale organizations are adopting FA solutions for efficient financial planning and budgeting. FA solutions also aid in tracking customer behavior and monitoring revenue generation and expenses, along with the optimum utilization of resources. Furthermore, the integration of machine learning (ML) and artificial intelligence (AI) with FA is also providing a boost to the market growth, as they offer enhanced accuracy and resilience of financial decisions, along with risk mitigation and fraud detection capabilities. Additionally, the growing need to process large amounts of unstructured information for making data-driven organizational decisions is also contributing to the growth of the market. Other factors, including advancements in the BI and big-data (BA) tools, the thriving BFSI industry, along with the growing retail and e-commerce sectors, are projected to drive the market further. Looking forward, IMARC Group expects the global financial analytics market to grow at a CAGR of around 12% during 2021-2026.
Based on the type, database management system currently holds the majority of the market share.
Based on the component, services currently hold the majority of the market share.
Based on the vertical, BFSI currently holds the majority of the market share.
Based on geography, North America currently represents the biggest market for financial analytics.
The report has also analysed the competitive landscape of the market with some of the key players being Alteryx, Birst, Domo, Fair Isaac Corporation (FICO), Hitachi Vantara, IBM, Information Builders, Microsoft Inc., Oracle Corporation, Qlik, Rosslyn Analytics, SAP, SAS Institute, Teradata Corporation, Tibco Software, Zoho Corporation, etc.
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