Market scenario:
Financial analytics assesses the financial health of organizations and provides data on making right decisions for production. The global financial analytics market report by Market Research Future (MRFR) provides the scope of the software and its implications amid the COVID-19 pandemic for the forecast period (2020-2027). Changing regulations and adherence to new laws can compel organizations to procure the software.
The global Financial Cloud Market is set to exhibit 10.4% CAGR over the forecast period and reach a size of USD 11.6 billion by 2024. Advances in business intelligence for predicting growth trajectories in line with growth goals can drive the market demand. Advances in machine learning and artificial intelligence coupled with predictive analytics can bode well for the market. Collaborations with IT departments to improve automation and eliminate lagging in websites can boost market growth.
The COVID-19 outbreak has propelled the digital transformation of organizations. Inclination of organizations to shift towards the cloud and implementation of software to glean insights from the digital landscape can drive the demand for financial analytics. Redesign of financial system architectures to cater to changing regulations and policies can be fruitful to the financial analytics market over the forecast period.
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Segmentation:
By component, the global financial analytics market has been divided into software and service.
Based on deployment mode, the global financial analytics market has been classified as on-premise and cloud. The cloud deployment mode is likely to deliver great returns during the forecast period owing to reliability of cloud and large number of fraudulent cases registered in recent years.
Based on organization size, the global financial analytics market has been divided into small and medium-sized enterprises (SMEs) and large enterprises.
On the basis of application, the market has been segmented into fraud detection and prevention, governance, risk, and compliance management, wealth management, financial forecasting and budgeting, customer management, transaction monitoring, stock management, and others.
On the basis of vertical, the global financial analytics market has been segmented into manufacturing and automotive, banking, financial services and insurance (BFSI), government and defense, retail & e-commerce, healthcare and life sciences, energy and utilities, telecommunication and IT, transportation and logistics, and others. The BFSI vertical is likely to be the biggest demand generator of the market owing to need for services such as governance and risk compliance, payables management, and asset management.
Regional Analysis:
Europe, Asia-Pacific, North America, and Rest of the World (RoW) are major regions covered in the financial analytics market.
North America can account for the largest market share owing to large number of multinational companies residing in the U.S. and Canada. Management of assets and financial resources can drive regional market demand significantly. Acceptance of latest technologies can fructify revenues for the financial analytics market in the region.
Asia-Pacific is likely to be highly lucrative in the coming years owing to large number of enterprises belonging to the BFSI sector adopting these solutions. Huge demand for planning and budgeting cycles can drive the regional market growth. This is evident by favorable government initiatives and huge demand for information analysis.
Competitive Outlook:
TABLEAU SOFTWARE, SAS Institute Inc., Fair Isaac Corporation, IBM Corporation, Rosslyn Data Technologies, Zoho Corporation, SAP, TIBCO Software Inc., Deloitte Touche Tohmatsu Limited, MicroStrategy Incorporated, Oracle Corporation, QlikTech International AB, ALTERYX, INC., Google, and Teradata are key players of the financial analytics market. Partnerships and new product launches are likely to be witnessed by players looking to gain the competitive edge.
Industry News:
CRB Group, Inc., has acquired Synthetic P2P Holdings Corporation to increase its risk and financial analytic solutions. It can offer its clients and investors new analytics to navigate in the technology-driven landscape.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
Continued….
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