About Financial Analytics
In today’s era business needs appropriate information to help the organizations to make correct decisions. Companies then often invest their time in analytics which is an essential component for business and organization to stay competitive and relevant. Here finance plays a vital role in growing business, it’s an important business function that helps in developing strategies for the future and improving decision making and day to day basis in real-time. Financial Analytics helps the organization in defining goals, monitor cost, formulating business plans, revenue and forecasting future growth throughout the organization. This helps the companies to gain in-depth knowledge and based on that take strategic action to improve a business overall performance. It also assists the business in implementing business intelligence and analytical tools to obtain accurate insights from the financial data. The demand for financial analytics is rising due to the high demand for enhanced technologies in business analytics and business intelligence across the globe.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
As with all technology, Financial Analytics will evolve time. Competition among existing players is due to the stiff market share occupied by leading players. The companies are implementing strategic activities such as acquisition and mergers along with collaboration with companies in other industries to help them in improving sustenance and maintaining their competitive advantages. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Financial Analytics market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), Oracle (United States), Teradata (United States), SAP (Germany), TIBCO Software (United States), Deloitte (United States), Microsoft (United States), SAS Institute (United States), Google (United States), Qlik (United States), Information Builders (United States), Zoho Corporation (United States), Alteryx (United States), FICO (United States), GoodData (United States), Birst (United States) and Domo (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Microstrategy (United States) and Symphony Teleca (United States).
Segmentation Overview
AMA Research has segmented the market of Global Financial Analytics market by Type (Dbms, Query, Reporting & Analysis, Olap and Visualization), Application (Wealth Management, Financial Forecasting and Budgeting, Customer Management, Fraud Detection and Prevention, Governance, Risk, and Compliance Management, Transaction Monitoring, Stock Management and Claim Management) and Region.
On the basis of geography, the market of Financial Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. On-premises will boost the Financial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. Small and Medium-sized Enterprises (SMEs) will boost the Financial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Banking, Financial Services, and Insurance (BFSI) will boost the Financial Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Development and its Influence on Business Processes in an Organization Along with a High Degree of Automation in the Financial Department
Market Growth Drivers:
Requirement for Reducing Planning and Budgeting Cycles and Emergence of New IT Applications and Infrastructure Such as Big Data and Advanced Analytics
Challenges:
Integration of Data From Data Silos
Restraints:
Stringent Government Regulations
Opportunities:
Evolution of AI and Machine Learning
Market Leaders and their expansionary development strategies
In February 2019, Oracle’s Financial Services Global Business Unit collaborated with Blue Prism, a Robotic Process Automation (RPA) software provider, to integrate Oracle's Financial Services Financial Crime and Compliance Management suite with Blue Prism's Digital Workforce solution. The partnership would combine RPA capabilities with the automation of critical compliance tasks. It would further help financial institutions in the investigation, resolution, and reporting of financial crimes and suspicious activities.
In January 2019, SAP announced a new solution, S/4 Hana, for financial products. The solution provides a central hub to manage data between operational and finance systems, thereby streamlining accounting flows and supporting increased transparency and control. It also helps organizations in performing data analysis for financial steering.
Key Target Audience
Financial Analytics Provider, Regulatory Authorities, End Users, Investor and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.