Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "Financial Analytics Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global financial analytics market is anticipated to witness substantial growth, surging from $8.47 billion in 2022 to $9.46 billion in 2023, with an impressive compound annual growth rate (CAGR) of 11.8%.
However, the global economic recovery from the COVID-19 pandemic has been hampered in the short term by the Russia-Ukraine war. This conflict has prompted economic sanctions, elevated commodity prices, and supply chain disruptions, causing inflation across multiple sectors worldwide. Despite these challenges, the financial analytics market is projected to achieve significant expansion, reaching a value of $14.29 billion by 2027, growing at a CAGR of 10.8%.
Report Overview
The financial analytics market research report is part of a comprehensive series, delivering statistics encompassing global market size, regional distributions, competitive landscape, detailed market segments, emerging trends, opportunities, and essential data crucial for success in the financial analytics industry. With an in-depth analysis of the current and future industry landscape, this report offers a holistic perspective of the sector.
Trending Innovation
The adoption of artificial intelligence (AI) in the financial sector has emerged as a prominent trend in the financial analytics market. Key industry players are leveraging AI technologies to gain a competitive edge. For example, Prophix, a Canada-based Corporate Performance Management (CPM) software company, launched an AI-powered virtual financial analyst in February 2022.
This virtual assistant employs natural language to enhance CPM effectiveness, enabling finance teams to automate tasks such as financial planning, budgeting, and forecasting. The integration of conversational AI and innovative technologies holds immense potential for the financial planning and analysis (FP&A) sector.
Market Dynamics
In March 2022, Germany-based software corporation SAP SE acquired a majority stake in Taulia, a US-based financial technology company, further shaping the financial analytics market. This acquisition expands SAP SE's business network, reinforcing its solutions to empower companies with financial flexibility and stability.
Global Market Insights
North America dominated the financial analytics market in 2022, while Asia-Pacific is poised to exhibit rapid growth during the forecast period. The report encompasses various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. It offers a comprehensive analysis of the financial analytics landscape in countries like Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Driving Force of Big Data
The emergence of big data is a pivotal driver of the financial analytics market. The utilization of big data in financial decision-making has led to the development of solutions that can process vast datasets, offering valuable insights. According to the Investment Banking Council of America, 80% of financial institutions adopted big data tools in 2021. This surge in big data usage underscores the pivotal role of financial analytics in processing and leveraging substantial data volumes.
Market Scope
The financial analytics market encompasses revenues generated by entities providing financial functions analytics and financial market analytics services. The market value encompasses related goods sold by service providers as part of their offerings. The values in this market reflect the worth of goods sold by creators to downstream manufacturers, wholesalers, retailers, and end customers.
Navigating Forward
The report serves as a comprehensive resource for strategists, marketers, and senior management, offering insights into industry trends, impacts, and data-driven decisions. This report empowers stakeholders to create effective strategies and stay ahead in a dynamically evolving market landscape.
A selection of companies mentioned in this report includes
- Alteryx Inc
- Infor
- Domo Inc
- Fair Isaac Corporation
- GoodData Corporation
- Information Builders
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- QlikTech International AB
- Rosslyn Data Technologies Plc
- SAP SE
- SAS Institute Inc
- Teradata Corporation
- TIBCO Software Inc
- RIB Datapine GmbH
- Salesforce Inc
For more information about this report visit https://www.researchandmarkets.com/r/cizjvv
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