Financial Analytics Market Revenues to expand $11.4 billion by 2023

Financial Analytics Market

Northbrook, IL 60062, USA, 2019-Nov-22 —

According to a research report Financial Analytics Market by Solution (Financial Functions Analytics and Financial Market Analytics), Application (Wealth Management, Transaction Monitoring, and Customer Management), and Industry Vertical – Global Forecast to 2023″, published by MarketsandMarkets, the global market for financial analytics is estimated to grow from USD 6.9 billion (2018) to USD 11.4 billion (2023) at the Compound Annual Growth Rate (CAGR) of 10.7%. As organizations are increasingly focusing on minimizing planning and budgeting cycles, and manage customer expectations in severe competitive environment, they are adopting advanced financial analytics solutions; thus, driving growth of the market. Rise of Internet of Things, growing awareness about capabilities of analytics solutions, and increasing demand for streaming analytics are some other factors impacting the financial analytics market.

The solutions segment is projected to grow at a higher CAGR during the forecast period. Financial analytics solutions include financial function analytics and financial market analytics solutions that address critical business issues with unprecedented efficacy by analyzing internal financial information and operational data combined with external information, such as demographics, big data, and social media. Financial analytics solutions enable organizations reduce costs associated with risks, and create effective operational and customer engagement strategies to drive improved business performance. By adopting these solutions, organizations can proactively respond to evolving business conditions, improve operational efficiencies in a highly competitive environment, and transform customer engagement processes.

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Key Market Players in Financial Analytics Market

The major vendors offering financial analytics solutions globally include Oracle (US), IBM (US), Teradata, (US), TIBCO Software (US), SAP (Germany), SAS Institute (US), Alteryx (US), Qlik (US), FICO (US), GoodData (US), Birst (US), Google (US), Information Builders (US), Zoho Corporation (US), and Domo (US).

The study includes an in-depth competitive analysis of the key players in the financial analytics market, along with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and upgradations; and partnerships, agreements, and collaborations, have been the most dominating strategies adopted by the major players, which helped them innovate their offerings and expand their reach.

IBM focuses on various aspects of enterprises and assists them in the overall business development. The company has built applications and automated time consuming tasks to increase business productivity. The financial analytics tools by IBM assist the finance departments across industries in developing planning, budgeting, and forecasting in a short time. Moreover, IBM invests heavily in its R&D activities, each year.

Oracle delivers software applications, platforms, and infrastructure technologies to both large enterprises as well as SMEs. The company caters to diverse business verticals, and, over the years, has expanded its geographical presence across the globe. The public company has a robust partner ecosystem that comprises distributors, system integrators, value-added resellers, consultants, and Original Equipment Manufacturers (OEMs).

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