Jun 17th, 2021 · Comments Off on Financial Analytics Market revenues to gain $11.4 billion by 2023
According to a newmarket research report“FinancialAnalytics Marketby Solution (Financial Functions Analytics andFinancial Market Analytics), Application (Wealth Management, TransactionMonitoring, and Customer Management), and Industry Vertical – Global Forecastto 2023″ published byMarketsandMarkets™, the financial analytics market estimated to grow from USD6.9 billion (2018) to USD 11.4 billion (2023) at the Compound Annual GrowthRate (CAGR) of 10.7%.
As organizations areincreasingly focusing on minimizing planning and budgeting cycles, and managecustomer expectations in severe competitive environment, they are adoptingadvanced financial analytics solutions; thus, driving growth of the market.Rise of Internet of Things, growing awareness about capabilities of analyticssolutions, and increasing demand for streaming analytics are some other factorsimpacting the financial analytics market.
Browse in-depth TOCon“Financial Analytics Market”
76- Tables
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150- Pages
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Strongest marketcontribution to come from Banking, Financial Services, and Insurance (BFSI)vertical for financial analytics market
Regulatoryframeworks across the globe are becoming more and more complex. Hence,organizations from BFSI vertical are utilizing advanced financial analyticssolutions for improved regulatory compliance processes. Capital planning,credit risk management, insurance risk management, etc. are vital in the era ofevolving regulatory requirements. Financial institutions are also investing inanalytics solutions to stay competitive and overcome challenges of legacyprocesses. Financial institutions are increasingly adopting analytics solutionsto balance short- and long-term strategies. Adoption of financial analyticssolutions is also empowering financial institutions to undergo digitaltransformation to offer enriched customer experience and deal with changingcustomer behavior. Process automation and risk quantification features offinancial analytics solutions are playing important role in achieving strategicbusiness goals of BFSI organizations.
Improved customerinsights leading to higher customer retention
Customer experiencemanagement is crucial for retaining existing customers in the era of cut-throatcompetition. Financial analytics solutions enable organizations to evaluatevaluable customers and offer them attractive offers and discounts. Financialanalytics solutions also help organizations to monitor inactivity and probableloss of key customers. Improved customer understanding and awareness aboutcustomer expectations lead to design of customized marketing campaign to targetspecific set of customers. These marketing initiatives result in improvedcustomer retention and higher profitability per customer. Financial analyticscarries great importance for large organizations as poor performance may leadto loss of clients and harm their brand value. 360-degree customer view leadsto support improved customer engagement models. Key customer insights helporganizations to deliver high quality omni-channel customer experience acrossdiverse channels.
North America tosupport stronger adoption of financial analytics solutions
As organizations inNorth America strongly focus on research and development initiatives to developinnovative solutions, North America would contribute for the highest marketshare for financial analytics market. Customer management solutions would drivethe growth of financial analytics solutions in North American market followedby financial forecasting & budgeting. Rapid deployment of cloud basedanalytics solutions, growing awareness about applications and features ofanalytics solutions and emergence of artificial intelligence are some other majorfactors impacting the market in North America.
The largeenterprises to boost adoption of financial analytics solutions
Large enterprisesgenerate huge volumes of data due to their broad client base. Enterprises areconcentrating on their core strengths and capabilities to maintain theircompetitive edge over other players. Financial analytics solutions play animportant role to achieve this strategic goal. Detailed insights provided byfinancial analytics solutions help to assess performance of variousorganizational functions and teams. Multi-national banks and financialinstitutions also require support to manage diverse compliance requirements ofvarious countries. Some of the key examples of such standards and regulationsinclude Basel III, General Data Protection Regulation, Dodd–Frank Wall StreetReform, and Consumer Protection Act. As these regulations go through series ofchanges regularly along with additional regulations coming in picture globally,large enterprises would further adopt financial analytics solutions in upcomingfew years.
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Major vendorsoffering financial analytics solutions globally include 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), InformationBuilders (US), Zoho Corporation (US), and Domo (US). The study includes anin-depth competitive analysis of the key players in the financial analyticsmarket, along with their company profiles, recent developments, and key marketstrategies.
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