The global financial analytics market expected to grow from USD 6.9 billion in 2018 to USD 11.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.7%.

Focus on minimizing planning and budgeting cycles, rise of digital transformation initiatives and more awareness about applications of financial analytics solutions are some major drivers leading to the growth of financial analytics market. In the era of severe competition, organizations pay more attention to enhance customer satisfaction and therefore, adopting advanced analytics solutions to gauge 360 degree customer view. More awareness about changing customer behavior is instrumental in assessing customer value and designing consistent omni-channel customer experience model. To ensure improved financial performance, organizations are utilizing financial analytics solutions for improved visibility into revenue, expenses and resource utilization. Adoption of financial analytics solutions provides insights around financial efficiency, operational Key Performance Indicators (KPIs), and product and customer profitability. These improved insights enable organizations to channelize their investments for stronger profits and business performance.

North America to account for the largest market size during the forecast period

This report covers 5 major geographies - North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. This market is estimated to have North America as the strongest contributor. Growing awareness about applications of analytics solutions, strong innovation focus and organizational focus on enhancing customer experience are some of the key drivers for growth of market in North America. Apart from Banking and Financial Services, retail and healthcare are the other key verticals supporting growth of financial analytics market in North America. Organizations are opting for financial analytics solutions for improved financial forecasting and wealth management processes.

On other hand, growth in Europe will be driven by adoption of financial analytics solutions by Small and Mid-sized Enterprises (SMEs). SMEs in Europe are opting for financial analytics solutions to reduce unnecessary costs and improve RoI. However, Eurozone crisis, low interest rates and skeptical outlook for making major investments are hampering adoption of Financial Analytics solution in European market.

The cloud deployment mode to grow at a higher CAGR during the forecast period

The demand for cloud-based financial analytics solutions is expected to witness strong growth over next 5 years. Speed of deployment, ease of scalability, and 24x7 availability are some of the key drivers for adoption of cloud-based financial analytics solutions. As majority of the organizations aim for improving financial performance, cloud-based solutions are vital due to less operational, maintenance and installation costs. Developing economies in APAC, MEA and Latin America are likely to experience higher growth in financial analytics market due to customizable solutions and ease of adoption. Financial analytics solution providers are collaborating with major cloud service providers like IBM, AWS and Google for strengthening their customer base and improve their capabilities.

Machine learning and artificial intelligence capabilities to fuel the growth of the overall market

Various capabilities of AI based solutions would help to leverage huge volumes of data to unearth business value. The adoption of artificial intelligence in the financial sector can result in improved trust, accuracy, and resilience of the financial ecosystem. Different verticals are utilizing artificial intelligence and machine learning capabilities to improve their investment decision-making processes, strengthen their compliance frameworks and sharpen fraud detection & risk mitigation capabilities. Advanced analysis contributed by artificial intelligence and machine learning solutions would enhance portfolio management processes resulting in higher returns.

Financial analytics solutions to support complex regulatory environments and better financial management

Finance professionals are opting for advanced financial analytics solutions to manage complex regulatory requirements in the era of dynamic regulatory and compliance scenario. Multi-national organizations are required to manage diverse requirements of Basel III, General Data Protection Regulation, Dodd�Frank Wall Street Reform, and Consumer Protection Act. Financial analytics solutions empower organizations to sharpen their fraud detection and risk mitigation capabilities. A minor error in achieving compliance and meeting regulatory requirements can cost organizations loss of major clients and result into significant monetary impact on financial analytics market. Ease of deployment and simplicity of integration are other drivers impacting adoption of financial analytics solutions. Business leaders are leveraging financial analytics solutions for improving their financial positioning. Cash forecasting and risk management capabilities of financial analytics solutions are instrumental in predicting revenue, improving supply chain efficiencies, analyzing key drivers for financial losses, and improving profitability of various business segments.

Key Market Players

The financial analytics market comprises major vendors, such as 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 these key players in the global market, along with their company profiles, recent developments, and key market strategies.

Scope of the Report

Report Metrics Details Market size available for years 2016�2023 Base year considered 2017 Forecast period 2018�2023 Forecast units Billion (USD) Segments covered Component, Application, Deployment Modes, Organization Size, Industry Vertical, and Region Regions covered North America, APAC, Europe, Latin America, and MEA Companies covered 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)

This research report categorizes the financial analytics market based on components, applications, deployment modes, organization size, industry verticals, and regions.

Based on Components, the market is divided into the following segments:

Solutions Financial Function Analytics Financial Market Analytics

Services Managed Services Professional Services



Based on Applications, the financial analytics market is divided into the following segments:

Wealth Management

Governance, Risk, and Compliance Management

Financial Forecasting and Budgeting

Customer Management

Transaction Monitoring

Claim Management

Fraud Detection and Prevention

Stock Management

Based on Deployment modes, the market is divided into the following segments:

On-premises

Cloud

Based on Organization size, the financial analytics market is divided into the following segments

Small and Medium-sized Enterprises (SMEs)

Large Enterprises

Based on Industry Verticals, the market is divided into the following segments

Banking, Financial Services, and Insurance (BFSI)

Telecom and IT

Government

Energy and Utilities

Manufacturing and Automotive

Healthcare and Pharmaceutical

Retail and eCommerce

Media and Entertainment

Transportation and Logistics

Others (real estate and education)

Based on Regions, the financial analytics market is divided into the following regions:

North America

Europe

APAC

Latin America

MEA

Recent Developments: