The Global market for financial analytics is forecast to reach $9.2 billion by 2025, growing at a CAGR of 7.2% from 2020 to 2025. The market growth is attributed to the factors such as technological advancements, growing digitisation, growing demand from organisations for planning, budgeting, improving efficiency and others boosts the market growth.
By Deployment Type- Segment Analysis
Cloud deployment model held the highest market share of financial analytics in 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025. Market development is attributed to factors such as scalability, data redundancy, accessibility and others. Cloud infrastructure provides easy on-demand network access that can be easily distributed and released with little maintenance effort or intervention between service providers. Information collected in the cloud is stored on servers that can be installed all around the world, making it much less vulnerable to breach physical data. Cloud services have the benefit of being private as they host other organisations, and it accept several specific entry points. Cloud services are not connected to any particular organisation’s physical location or database. This multiple entry points effectively make it harder to hack data and systems and improve public cloud protection. Cloud scaling is relatively simple. If extra computing capacity and data storage is needed, it’s as easy as modifying a cloud service provider subscription with no hardware and no scaling perimeters. All these factors propels the market growth.
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By End User Type- Segment Analysis
Financial Analytics Market is segmented into Large enterprise, Small and medium enterprise on the basis of organisation size. Large enterprise segment held the highest market share in 2019. Moreover, Medium and small enterprise segment is anticipated to witness the significant market growth during the forecast period 2020-2025. Financial analytics provide help to form potential plans for the company. This help to develop the corporate decision-making strategy. It help to concentrate on assessing and controlling the real assets such as cash and equipment in the company. It offers a detailed look into the financial condition of the company and increases cash flow, competitiveness and valuation of the corporation. Financial analytics includes predictive sales analytics, consumer profitability analytics, product profitability analytics, cash flow analytics, value-driven analytics, and shareholder value analytics. These are a powerful resource that any small, medium and large company can utilize to track and monitor its success. This also support the organisation’s transition to changes impacting its operations. Consequently with the growing adoption of financial analytics among the organisations leverages appositive impact on the market growth thereby boosting the market growth.
Geography – Segment Analysis
North America region held the highest market share and is anticipated to have the significant market growth during the forecast period 2020-2025. The market growth is owing to technological developments, presence of developed countries and key manufacturers in this region. Moreover, growing automotive, BFSI, healthcare, manufacturing and other verticals in this region is dominating the financial analytics market. Furthermore, developing creative market strategies such as company-to-employee, business-to – consumer, and business-to – business also broadened new financial analytics possibilities. Its impact on business processes in an enterprise is projected to drive market development, coupled with high degree of automation in the finance department for various financial transactions. Consequently, with the increasing technical framework, a new approach to the study of financial data is expected in all forms of vertical. In February 2019 IBM entered into a partnership with Watson to improve safeness of workers in dangerous conditions. The partnerships results in new innovations that would harness the capabilities of IoT technologies in combination with the current IBM enterprise wealth management program Maximo. Such partnerships leads to boosts the market growth.
Drivers – Financial analytics market
Rising penetration of Cloud technologies
Owing to the introduction of cloud-based technologies, demand for the financial analytics system is growing. Cloud driven technologies support stable data management and produce result-oriented production. However, these programs improve the efficiency of the business by upgrading details in real-time.
Growing implementation of Artificial intelligence
Growing implementation of artificial intelligence (AI) increases performance and competitiveness by automation. It minimize human prejudice and error induced through psychological or emotional factors and enhance the accuracy and conciseness of management knowledge through detecting either patterns or longer-term developments that cannot be readily detected.
Growing implementation of IOT
IoT helps products and services to be more customized. This mean that the products and services can be much more oriented on the desires and expectations of the consumer. IoT helps businesses to collect large volumes of consumer data in real time, enabling a more personal view of the client. IoT definitely implies a change in the data analytics domain. For instance, using mobile geolocation details in real time as an external insight into the predictive risk analysis of the credit card. This fraud identification is achieved by comparing the position details of the account manager to the position of the transaction.
Growing implementation of augmented reality (AR) and virtual reality (VR)
Being able to envision data is a valuable skill that traders use to assist them in making critical decisions about capital management, particularly when the financial market gets more competitive and more data needs to be evaluated. AR and VR contribute to this knowledge, making it simpler and quicker to imagine and coordinate vast volumes of data.
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Challenges – Financial analytics market
Information management and protection at the top rates of companies are attracting a lot of traction. Organizations tackle the data with unparalleled quantity, of all sorts. The data emerges from a number of internal and external channels, rendering it impossible for many companies to actually recognize where this data comes from, how it moves, and how it is handled. Consequently, security factors plays a major role thereby act as restrain to the market growth.
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the financial analytics market. As of 2019, the market for financial analytics market is consolidated with the top players including IBM Corporation, SAP, Amazon Web Services, Micro Focus, Dell EMC, Microsoft, Ave Point, Apple Inc., Teradata, Symantec, and among others.
In June 2019, Refinitiv entered into a partnership with Trulioo to help drive financial inclusion and fight financial crime. The partnership seeks to provide creative technologies that can support financial companies across the globe minimize fraud and financial abuse by monitoring billions of consumers digitally while adhering to anti-money laundering.
In November 2019, DataRobot and Kx entered into a partnership. The partnership is transforming how financial institutions leverage market data and are creating investment strategies driven by AI. Kx’s data collection and development approaches are combined alongside hundreds of efficient, time-aware DataRobot machine learning algorithms, removing obstacles to scale-building and deployment of AI-driven investment decision workflows.
The market growth is driven by factors such as increasing emphasis on data-driven financial decisions in various end-user verticals, rise of big data, challenging applications that can tackle vast volumes of data and others.
Moreover, growing digital transformations across all end users verticals and rising demand from small & medium enterprises also contributes to the market growth.
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