The global financial analytics market is estimated to garner a large amount of revenue and grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the increasing number of incidences of financial fraud and identity theft, which in turn are steering the demand for financial analytics solutions among many organizations. As per the information provided by the Insurance Information Institute, in 2020 in the United States alone, 1.4 million complaints were filed for identity theft, up from 651,000 in 2019. About 29 percent of all the complaints received by the Federal Trade Commission were identity thefts.
Along with this, rising emphasis on data-driven financial decisions in several industry verticals, and emergence of big data across the globe are also expected to bolster the market growth in the forthcoming years. Furthermore, growing development of improved technologies in business intelligence and business analytics domain is also predicted to provide ample growth opportunities to the market in the near future.
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The market is segmented by end user into BFSI, healthcare, manufacturing, government, it and telecom, and others, out of which, the BFSI segment is anticipated to hold the largest share in the global financial analytics market. This can be accounted to the upsurge in deployment of financial analytics-as-a-service in this sector as a result of its ability to improve general ledger, budgetary control, asset and liability, and compliance management and risk. Additionally, on the basis of deployment, the cloud segment is assessed to observe the highest growth during the forecast period owing to the ease of scalability, speed of deployment, and 24x7 availability of cloud-based financial analytics solutions. Apart from these, escalating collaborations between market players and major cloud service providers is also predicted to boost the growth of the market segment in the imminent time.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global financial analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing deployment of big data technologies, such as data science and predictive analysis, especially in China, and rising demand for cloud-based analytics. China is evaluated to be the biggest cloud services market in Asia Pacific. In 2020, the country spent more than USD 18 billion on cloud infrastructure, up from about USD 10 billion in 2019.
Moreover, the market in North America is projected to grab the largest share over the forecast period ascribing to the high focus on enhancing customer experience, and increase consciousness regarding the applications of analytics solutions in the region. In addition, surging adoption of financial analytics solutions by SMEs is also predicted to drive the region’s market growth in the future.
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The global financial analytics market is further classified on the basis of region as follows:
Our in-depth analysis of the global financial analytics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing number of incidences of financial fraud and identity theft, and rising emphasis on data-driven financial decisions in several industry verticals.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
Concerns associated with data security are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing deployment of big data technologies, especially in China, and rising demand for cloud-based analytics.
The major players in the market are IBM Corporation, Oracle Corporation, SAP SE, Microsoft Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by deployment, application, end user, and by region.
The cloud segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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