Financial Analytics Market Share, Applications, Segmentations & Forecast by 2024

Financial Analytics Market size is predicted to increase in size exponentially during the forecast timeframe. Equity and corporate bond markets extensively employ financial analytics for investigating their financial statements and competitive market analysis. These models help to predict the future outcomes based on the present and historical data analysis that lacks in traditional aspect. Financial analytics market support businesses in implementing tools and Business Intelligence (BI) technology to obtain accurate financial insights from the collected data, which ultimately aids in the formulation of business decisions. The implementation of predictive analytics in regular finance function also helps in monitoring the financial as well as the non-financial performance indicators.

Request for an in-depth table of contents for this report @

https://www.gminsights.com/request-toc/upcoming/1923

The accounting function has undergone a transformation in its role of data collection and reporting to a more value-added analysis of the implementation of business analytics tools to back its strategic decision. The emerging industry trends demonstrate the transition of focus from business to customer profitability by use of activity-based costing.

Financial firms, such as institutional traders and credit card providers, have always stored historical data and are increasingly examining and making decisions based on these data. Furthermore, integration of analytical and operational systems has put transactional data in alignment with analytical or modeling data for vastly improved efficiency. Growing demand for cloud computing and Internet of Things (IoT) have become focal points of big data circles and financial services have shown progress toward them. The increase in complexity of financial analysis and a rise in financial frauds & risks will provide opportunities for the financial analytics market growth.

Contemporary business models viz. B2C (business-to-consumer), B2E (business-to-employee), and B2B (business-to-business) are predicted to open new opportunities for financial analytics market. Technological advancements and their effect on business processes of an organization along with a high degree of automation in financial department for different transactions are expected to drive the market growth. Furthermore, there is greater focus on data transparency and rising data intensity as a competitive differentiator, which will contribute to forces driving the financial analytics market.

A large number of business dimensions and security concerns are the primary obstructions in the financial analytics market growth. Cloud computing, despite its benefits, will have major security and data concerns hindering the growth of this market, if not addressed properly.

Segmentation of the financial analytics market based on types include Database Management System (DBMS), analytical solutions, reporting & analysis, data integration tools, consulting & support services, query, OLAP, and visualization tools. In-memory database management systems have been essential tools and this segmentation type will continue to contribute massively toward the growing financial analytics market size. Prominence of this type is mainly attributed to better visibility into the factors that drive costs, shareholder value, and revenues.

The visualization software implements numerous methods to display complex data into graphical presentations, thus reducing complexity and increase understanding of financial performance without having prior knowledge of financial techniques. Application segment in the financial analytics market is broadly classified to include budgetary control management, assets and liability management, profitability, payables and receivables management, and governance, risk and compliance (GRC) management.

Financial analytics market on the basis of verticals include BFSI, consumer goods & retail, healthcare & life sciences, government, transportation & logistic, manufacturing, telecommunication & IT and travel & hospitality. The BFSI sector makes use of these services for refining standard financial functions namely strategy map development, budgetary control, governance, asset and liability, profitability, payable, receivable, compliance management, risk and general ledger.

Adoption of cloud solutions across BFSI sector will continue to grow rapidly. Although private clouds have been dominant in the recent years, there will be a noticeable increase in the evaluation and testing of larger projects and strengthening of the hybrid cloud environments over the future. Financial analytics market solutions are diminishing the need for hardware, technical staff, maintenance, and overhead costs. Moreover, it allows access and use from anywhere and is predicted to be the most popular deployment model across the vertical.

Make an inquiry for buying this report @

https://www.gminsights.com/inquiry-before-buying/1923

On the basis of the organization size, the financial analytics market segmentation includes large enterprise and small & medium business (SMBs). Large companies require replacement options for outdated software and will look for such latest technology to improve the overall business efficiency to remain in the competition. SMBs are anticipated to make use of cloud-based software due to the ease of use and ROI that SaaS financial management software offers.

North America financial analytics market is predicted to account for the maximum revenue share in the global market due to high adoption across multiple industries along with quick technology adaptation rate. It also has a huge penetration rate for BI and business analytics market. The APAC and Latin American regions are expected to experience growth in this industry due to favourable government initiatives and increasing awareness of its benefits including improved efficiency across the business, cost saving, and real-time visibility.

The key players in financial analytics market include Oracle, TIBCO, SAP AG, Deloitte Touche Tohmatsu Limited, Microsoft Corporation, and IBM. These vendors offer solutions in the form of individual solutions or incorporated into BI suites. Players operating in the industry are coming up with latest innovative strategies to maximize the market share. For instance, in April 2016, Deloitte Introduced Solution Print for cloud financial analytics market that is based on Oracle Planning and Budgeting Cloud Service. This provides a roadmap for expanding business performance management.

Order This Report by calling Global Market Insights, Inc. at 1-888-689-0688 (Toll Free) or 1-302-846-7766

Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to ma