Financial analytics is a field that provides different views of company“s financial data. It helps the company“s in calculation of financial statements and also helps in forecasting future financial scenario. On the basis of financial analytics three business models are developed – business-to-business, business-to-consumer, and business-to-employee. Also, financial analytics helps to improve business process, to understand performance of organization, manage investments of the company“s, and to measure & manage value of tangible and intangible assets of an organization.
Rising demand for real time analytics in financial system, and Increasing penetration of Internet of Things (IoT) are key factors driving growth of the global financial analytics market. In addition, rising adoption of cloud services and solutions, and growing awareness about usage of financial analytics are other factors expected to boost growth of the global financial analytics market over the forecast period.
However, concerns related to data security is a major factor restraining growth of the global financial analytics market. Additionally, internet connectivity issues in developing economies is another factor expected to hamper growth of the global financial analytics data over the forecast period.
A major and rising trend in the global financial analytics market is increasing preference for big data analytics and use of business intelligence (BI) in business process. This is another factor expected to aid in growth of the global financial analytics market over the forecast period.
The global financial analytics market is segmented on the basis of deployment type, organization size, application, end-user, and region. On the basis of region, the global financial analytics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America is expected to account for the largest share in terms of revenue as compared to other regions. This can be attributed to development in enterprise applications and solutions in countries in the region. The market in Asia Pacific is projected to register highest CAGR over the forecast period, owing to rising awareness regarding benefits of financial analytics in emerging economies such as such as China and India.
Prominent players in the global financial data analytics market include Oracle Corporation, SAP SE, International Business Machines Corporation, Microsoft Corporation, TIBCO Software Inc., Information Builders, Inc., Rosslyn Analytics Limited, Tableau Software, Inc., MicroStrategy Incorporated, and SAS Institute Inc.
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