— Financial analytics market was worth USD 5.89 billion in 2017 and is projected to grow to USD 11.57 billion by 2023 at a CAGR of 11.92% during the period 2018 - 2023.
The report discusses the various types of solutions provided by financial analytics software to the end-users. While the regions considered in the scope of the report include North America, Europe, and various others. The study also emphasizes on how growing focus on data driven financial decisions in end-users is affecting the market.
In an economic environment of elevated volatility, uncertainty and risk, financial planning, managing, and forecasting solution provide the speed, agility, and foresight clients need to compete. Using these, clients can synthesize information, uncover trends, and deliver insights to improve decision making throughout the enterprise.
Moreover, a growing focus on data driven financial decisions in end-users, and the emergence of big data, demands for solutions, which can tackle large amounts of data and can provide valuable insights. Furthermore, development of enhanced technologies in business analytics and BI and extended focus on data transparency, driving the demand for these solutions.
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Advancements in BI and Business Analytics Tools to Drive the Market
Advancement in the market has resulted in the unified platforms for the financial analytics solutions. These unified solutions facilitate clients to dive into the analytical detail behind the performance and profitability of the product and service lines, customers, customer segments, sales channels. Moreover, with the changing environment, modern approach to financial data analysis is required across all types of industry verticals. The advent of predictive analytics help in determining the future results on the basis of historical data analysis, further driving the financial analytics market.
Cloud Based Solutions to Register the Highest Growth
Benefits of the cloud-based solutions, in general, are that it facilitates collaboration between partners and improves business agility. Further, it allows organizations to incorporate data from all sources, across all channels, and do it at a big data scale. Moreover, without cloud-based solutions, data collection from all internal applications, social networks, devices, and data subscriptions would be comparatively expensive for most of the organizations.
In addition, BFSI industry is making a move toward the cloud-based solutions, further driving the demand for cloud based analytics solutions.
Asia Pacific to Show the Highest Growth
The growth of the market in the region is correlates with the growth in the end-user industries in the region. Moreover, in countries, like China, the deployment of big data technology across different industries is expected to spur the finance analytics services market with the financial services sector leading the way. In addition, India’s financial analytics market is still in the early stage of development with huge growth potential.
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Also, as cloud adoption is gaining pace in the region’s end-user industries, the demand for cloud-based analytics is further expected to increase. As the market is expected to acquire pace, the demand for analytics services is expected to increase in the future.
Key Developments in the Market
January 2018 - BT announced a partnership with IBM Corporation, BT Cloud Connect Direct for IBM. With Cloud Connect Direct for IBM, BT customers will receive a connection to the IBM Cloud enabling access to services including compute, network and storage infrastructure, artificial intelligence, blockchain, IoT, and data and analytics capabilities
December 2017 - In an effort to stimulate businesses' move to cloud computing, Microsoft launched its Azure Stack in India in Dec 2017.
It provides all three forms of cloud - private, public and hybrid - to its customers. Through this, Microsoft aims to feed innovation and hasten country's digital transformation through Azure Stack, which facilitates agility of cloud computing to on-premises environments
The major players include - FICO, HITACHI VANTARA, INFORMATION BUILDERS, INTERNATIONAL BUSINESS MACHINES CORPORATION, MICROSOFT CORPORATION, ORACLE CORPORATION, ROSSLYN ANALYTICS LIMITED, SAP SE, SAS INSTITUTE, and TERADATA CORPORATION, amongst others.
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Reasons to Purchase this Report
Analyzing the advancement in BI and business analytics tools and its effects on market scenario
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The solution and end-user that are expected to dominate the market
The region that is expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs
FICO,Hitachi Vantara, Information Builders, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Rosslyn Analytics Limited, SAP SE, SAS Institute, Teradata Corporation
Name: Hector Costello
Email: Send Email
Organization: Orbis Research
Release ID: 351038