Financial Analytics Global Market Report 2024: Market Set for Growth, Powered by AI and Big Data Trends

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Feb 06, 2024, 12:45 ET

DUBLIN, Feb. 6, 2024 /PRNewswire/ -- The "Financial Analytics Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.

The global financial analytics market is demonstrating significant growth, underpinned by the rapid evolution of artificial intelligence (AI) and big data analytics. A newly published report provides an in-depth analysis of the market's recent achievements and potential, spotlighting the future trajectory of this robust industry.

With a marked increase in data-driven decision-making across the finance sector, the report reveals a surge from $9.55 billion in 2023 to an expected $10.68 billion in 2024, with a compound annual growth rate (CAGR) of 11.9%. This growth is attributed to the critical need for real-time insights, an increase in regulatory compliance, complexity of financial instruments, and strategic data utilization.

Looking further ahead, the market is forecasted to expand to a significant $16.23 billion by 2028, while maintaining a steady CAGR of 11.0%. Key drivers for this projected growth are identified as customer-centric financial services, the globalization of markets, concerns around cybersecurity, and the implementation of innovative banking initiatives.

Major Trends Influencing the Financial Analytics Sector:

Increased application of AI-driven analytics in financial services for competitive advantage.
Adoption of cloud-based financial analytics solutions.
The influential role of big data in financial decision-making, with an 80% adoption rate among institutions, as reported by the Investment Banking Council of America in 2021.
Acceleration of e-commerce driving demand for data analytics, with a 7.5% YOY increase in US e-commerce sales.
Integrating blockchain and cryptocurrency analytics within financial sectors.
Enhancement of employee productivity and corporate efficiency through innovative financial analytics tools.

As the financial analytics market evolves, particular focus is given to North America, which holds the largest market share. Meanwhile, the Asia-Pacific region is anticipated to outpace other regions in terms of growth. The report segments the market into various components such as solutions and services, with a detailed analysis of their application across diverse industries including BFSI, IT, telecom, and more.

Strategic Acquisitions and Innovations by Market Leaders

Major market players are honing their competitive edge through strategic acquisitions and the launch of innovative products. Recent movements include SAP SE's acquisition of a majority stake in Taulia, aiming to augment its business solutions network and financial flexibility offerings, and Datamatics Global Services Limited's launch of its Finato platform, enhancing financial planning and analysis with advanced digital technologies.

The report underscores the importance of financial analytics for enterprises seeking to enhance their financial performance and operational efficiency. It lays out comprehensive statistics, regional market shares, and an analysis of industry trends - crucial information for companies and stakeholders within the finance sector.

The comprehensive nature of the study ensures that it serves as an essential tool for anyone involved or interested in the financial analytics market, providing an all-encompassing perspective of the current situation and forecast period.

Entities covered within the market have contributed to a sturdy value with services that extend beyond the creation of financial analytics solutions, thus propelling the market to these heights. This report comes at a crucial time when industry leaders and investors are seeking to navigate the complexities of the market and leverage opportunities for growth and innovation.

For stakeholders looking to gain a clear understanding of the transformative dynamics within financial analytics, this report provides the necessary insights to inform strategic decisions and capitalize on the evolving technological advancements that are shaping the industry.

Key Markets Covered:

By Component: Solution
By Deployment Mode: On-Premise; Cloud
By Organization Size: Large Enterprises; Small & Medium Sized Enterprises
By Application: Wealth Management; Governance, Risk & Compliance Management; Financial Forecasting & Budgeting; Customer Management; Transaction Monitoring; Stock Management; Other Applications
By Industry Vertical: BFSI; IT and Telecom; Manufacturing; Retail and E-Commerce; Government; Healthcare; Other Industries

Companies Profiled:

Alteryx
Infor
Domo
Fair Isaac
GoodData
Information Builders
IBM
Microsoft
Oracle
QlikTech International
Rosslyn Data Technologies
SAP SE
SAS Institute
Teradata
TIBCO Software
RIB Datapine
Salesforce
Deloitte Touche Tohmatsu
Hitachi Vantara
Symphony Teleca Services
Databricks
RAMP
SparkCognition
Fraud.net Inc.
Ecolytiq
Elementus
MindBridge Analytics
Moody's
Wealthfront
Ellevest

For more information about this report visit https://www.researchandmarkets.com/r/rh4ulb

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SOURCE Research and Markets