Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Global financial analytics market size was valued at USD 7.99 billion in 2022 and is projected to reach USD 18.71 billion by 2030, exhibiting a CAGR of 11.4% during the forecast period. Growing Strict Regulatory Environment to Augment the Growth. Fortune Business Insights™ mentioned this in a report, Financial Analytics Market Forecast, 2023-2030.
Financial analytics involves assessing the data from various financial statements. It is used to study current and past performance, make proper business decisions, and predict the business's future performance. Financial analytics determines the financial position and profitability potential of the company.
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Key Industry Development-
July 2023 – Data science and analytics company Alteryx has declared the availability of decision intelligence and intelligent automation capabilities on Amazon Web Services. These capabilities will help decision-makers and CFOs solve difficult data concerns and adjust to the changing market dynamics.
Key Takeaways
- Decreased IT Spending Worldwide During the COVID-19 Pandemic Impacted the Market Growth
- Increasing Focus of Organizations on Data-driven Decision-making Aids the Market Growth
- By Application Analysis: Increasing Need for Organizations to Comply with Audit & Compliance Regulations to Boost the Market Growth
- Rising Partnerships to Propel Market Growth
- The shortage of skilled professionals is another key factor expected to limit the industry growth
Discover the Leading Players Featured in the Report:
“Companies leading the Financial Analytics Market are Alteryx (U.S.), TABLEAU SOFTWARE, LLC (U.S.), QlikTech International AB (U.S.), SAP SE (Germany), Fractal Analytics Inc. (U.S.), S&P Global (U.S.), Capgemini (France), IBM Corporation (U.S.), Accenture (Ireland), Microsoft Corporation (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11.4% |
| 2030 Value Projection | USD 18.71 Billion |
| Base Year | 2022 |
| Financial Analytics Market Size in 2022 | USD 7.99 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 170 |
| Segments covered | Application, Deployment Model, Enterprise Size, Industry and Geography |
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Drivers & Restraints:
Growing Strict Regulatory Environment to Augment Market Growth
The increasing government strict regulations worldwide propels the financial analytics market growth during the forecast period. Regulatory compliance is important for all-sized companies, ensuring they operate within ethical and legal limits. Predictive financial analytics functions help companies to make decisions effectively.
The increasing risk of unauthorized access, cyberattacks, and data loss is estimated to hamper the market during the forecast period.
Segmentation:
By Application
- Revenues Management
- Expenses Management
- Audit & Compliance
- Wealth Management
- Customer and Product Profitability
- Portfolio Management
- Others
By Deployment Model
- On-premises
- Cloud
By Enterprise Type
- Small and Medium-sized Enterprises
- Large Enterprises
By Industry
- Healthcare
- BFSI
- Retail and Consumer Goods
- Energy & Power
- IT & Telecom
- Automotive and Manufacturing
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
Rising Business Intelligence (BI) Tools to Propel Market in North America
North America is estimated to have the largest financial analytics market share during the forecast period due to the rising adoption of Business Intelligence (BI) tools across different industries. The U.S. is leading the North America market.
Asia Pacific is estimated to have the highest growth rate in the market during the forecast period. The presence of fast-growing economies, such as China, India, Japan, South Korea, and Singapore, is propelling market growth in the region.
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Competitive Landscape
Rising Partnerships to Propel Market Growth
The rapidly increasing partnerships between the key competitors boost market growth during the forecast period. The market is integrated with leading players, including Alteryx, TABLEAU SOFTWARE, LLC, S&P Global, and QlikTech International AB. For instance, in May 2023, QlikTech International AB acquired Talend Inc. to expand the capabilities of OlikTech International AB worldwide.
FAQ’s
How big is the financial analytics market?
Financial Analytics Market size was USD 7.99 billion in 2022.
How fast is the financial analytics market growing?
The Financial Analytics Market will exhibit a CAGR of 11.4% during the forecast period, 2023-2030
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