The Business Research Company’s report on the Financial Analytics Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the financial analytics market further?
The emergence of big data is driving the financial analytics market. Big data refers to large and more complex data sets that arrive in increasing volumes from various data sources. The emergence of big data in financial decisions has led to solutions such as financial analytics that can handle large amounts of data and provide valuable solutions. For instance, in February 2024, according to data published by G2, a US-based software marketplace, a significant 92% of data administrators and IT professionals anticipate implementing generative AI in production by 2024, while nearly two-thirds of digital leaders believe that big data and analytics will be the leading technologies for achieving competitive advantage, and 82% of organizations with advanced data and analytics maturity experienced positive year-over-year revenue growth over the past three years. Therefore, the emergence of big data is driving the growth of the financial analytics market.
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What are the key factors influencing the forecasted market size of the financial analytics industry?
The financial analytics market size has grown rapidly in recent years. It will grow from $10.44 billion in 2024 to $11.56 billion in 2025 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to data explosion in finance, regulatory compliance, demand for real-time insights, risk management needs, increased complexity in financial instruments, strategic decision-making.
The financial analytics market size is expected to see rapid growth in the next few years. It will grow to $18.25 billion in 2029 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to customer-centric approaches, globalization of financial markets, cybersecurity concerns, open banking initiatives. Major trends in the forecast period include advanced analytics and artificial intelligence (AI), cloud-based financial analytics solutions, use of big data analytics, personalization in financial services, blockchain and cryptocurrency analytics, employee productivity and efficiency.
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Who are the leading competitors in the financial analytics market?
Major companies operating in the financial analytics market are Alteryx Inc., Infor Inc., Domo Inc., Fair Isaac Corporation, GoodData Corporation, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Rosslyn Data Technologies PLC, SAP SE, SAS Institute Inc., Teradata Corporation, TIBCO Software Inc., RIB Datapine GmbH, Salesforce Inc., Deloitte Touche Tohmatsu Limited, Hitachi Vantara Corporation, Databricks Inc., SparkCognition Inc., Fraud.net Inc., Ecolytiq GmbH, Elementus, MindBridge Analytics Inc., Moody’s Corporation, Ellevest
Which emerging trends are set to transform the financial analytics market landscape?
The adoption of artificial intelligence (AI) in the financial sector is growing in popularity and has become a key trend in the financial analytics market. Key players in financial analytics are adopting AI to gain a competitive edge in the market. For instance, in February 2022, Prophix, a Canada-based Corporate Performance Management (CPM) software company, launched the first virtual financial analyst in the industry, an AI-powered virtual assistant that uses natural language to boost CPM effectiveness. Mid-sized firms’ finance teams use Prophix’s software to automate their financial planning, budgeting, and forecasting. Finance professionals can concentrate on the more strategic tasks that have a greater influence on the bottom line of the company by automating these data-centric and time-consuming tasks. Given this, conversational AI and other cutting-edge technologies are ideal for the financial planning and analysis (FP&A) sector.
How do different geographies compare in terms of market share and growth potential in the financial analytics market?
North America was the largest region in the financial analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which major segments of the financial analytics market are experiencing the fastest growth?
The financial analytics market covered in this report is segmented –
1) By Component: Solution
2) By Deployment Mode: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small And Medium Sized Enterprises
4) By Application: Wealth Management, Governance, Risk And Compliance Management, Financial Forecasting And Budgeting, Customer Management, Transaction Monitoring, Stock Management, Other Applications
5) By Industry Vertical: BFSI, IT And Telecom, Manufacturing, Retail And E-Commerce, Government, Healthcare, Other Industries
Subsegments:
1) By On-Premise: Installed Software, Custom Solutions
2) By Cloud: Public Cloud, Private Cloud, Hybrid Cloud
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How is the financial analytics market defined?
Financial analytics is the creation of ad hoc analysis to answer specific questions and shape the business strategy through reliable and factual insights. The financial analytics are used to gain deep knowledge and forecast future financial scenarios. Excel, PowerPoint, and Word are the most popular financial analysis tools, and these programs are used to develop financial models, reports, and presentations for the senior management of a company or for customers.
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