Small & Medium Enterprises Ramping up their Security through Cloud-Based Financial Analytics Deployment

Financial Analytics Market to Top US$ 25.1 Bn Amid Surging Application in the BFSI Sector

In its latest market study, Fact.MR offers unbiased analysis on the global financial analytics market for the forecast period of 2022 to 2032. The report covers recent developments and highlights vital factors such as opportunities and challenges that are likely to drive sales of financial analytics across various segments including component, application, deployment, organization size, and vertical

NEW YORK, April 11, 2022 /PRNewswire/ -- The financial analytics market was valued at US$ 9.3 Bn in 2021. Total sales in the market are estimated to reach US$ 10.3 Bn by 2022. By 2032, the financial analytics market is slated to top US$ 25.1 Bn, exhibiting growth at a CAGR of 9.3% during the forecast period (2022-2032).

Rapid digitization across various countries is encouraging enterprises to invest in innovative technologies for securing the confidential financial exchange details. This is expected to boost applications of financial analytics.

With increasing financial operations in banking, financial services and insurance (BFSI), IT& telecom, and other industries, the need to streamline and manage financial data is rising in tandem. This is likely to create lucrative opportunities for financial analytics market players.

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Increasing number of data breaches, money laundering, and other financial crisis is underpinning the need for developing robust security and workflow optimization platforms. Also, growing usage of personal trading apps, mobile transactions, and online banking activities will boost the sales of financial analytics in the forthcoming years.

Besides this, financial institutes are improving measurement models, data architecture, data collection strategies to personalize the user experience and achieve optimal security. This is projected to drive investments in the financial analytics market.

Moreover, demand for management of financial operations through cloud computing in enterprises to detect anomalies, frauds and ensure financial security is increasing. This will continue to augment the sales in the market.

Key Takeaways:

• Based on component, the financial analytics solutions segment is forecast to register growth at a CAGR of 8.8%.
• By application, the wealth management segment is estimated to lead the market, exhibiting growth at 8.8% through 2032.
• The U.K. financial analytics market is projected to account for 4.4% of the overall market share.
• Sales in China financial analytics market are forecast to increase at a 9% CAGR through 2032, reaching nearly US$ 1.9 Bn.
• Demand in the U.S. financial analytics market will surge at 8.8% CAGR, with total sales reaching US$ 8 Bn in 2032.

Prominent Drivers:

• Growing awareness about the benefits of financial analytics such as real-time data analysis and assistance in decision-making will facilitate the growth in the market.
• Surging demand for asset and liability management, compliance and risk management, and budgetary control in the BFSI, healthcare, and IT industries will boost sales.

Restraints:

• Rising concerns related to privacy and data security are estimated to hinder growth in the financial analytics market.
• Lack of skilled professionals such as data analysts for the collection and labelling of data is likely to restrain the demand for financial analytics.

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Competitive Landscape:

Key players are focusing on improving their financial analytics solutions by integrating artificial intelligence and machine learning to expand their consumer base.

Some of the leading players are implementing inorganic business strategies such as partnerships, collaborations, mergers, acquisitions, and joint ventures to expand their global footprint.

For instance:

• February 2022: Teradata Corporation partnered with Microsoft to merge its Vantage data platform with Microsoft Azure. This will help businesses advance their data analytics with reliability, flexibility, and security. Automated analytics are used by retailers providing personalized customer experiences and financial service organizations to track fraud.
• November 2021: Oracle Corporation updated its Fusion ERP Analytics platform to help finance and operations leaders gain a better understanding of costs and assets. The update will offer clear visibility on metrics, dashboards, and Key Performance Indicator (KPIs) without the requirement of data expertise or coding.

Key Companies Profiled by Fact.MR

• TIBCO Software
• Oracle Corporation
• SAP SE
• IBM Corporation
• Infor Birst
• Zoho Corporation
• Alteryx
• Teradata Corporation
• SAS Institute
• Qlik
• FICO
• Information Builders
• Domo Inc.
• Google LLC

More Valuable Insights on Financial Analytics Market

In the latest study, Fact.MR provides a comprehensive analysis of the global financial analytics market for the forecast period of 2022 to 2032. This study also offers a deep dive into key factors propelling the demand in the financial analytics market with detailed segmentation as follows:

By Component:

• Financial Analytics Solutions
• Financial Function Analytics
• Financial Market Analytics
• Financial Analytics Services
• Managed Financial Services
• Professional Financial Services

By Application:

• Financial Wealth Management
• Financial Governance, Risk & Compliance Management
• Financial Forecasting & Budgeting
• Customer Financial Management
• Financial Transaction Monitoring
• Financial Claims Management
• Financial Fraud Detection & Prevention
• Financial Stock Management

By Deployment:

• On-Premises
• Cloud-based

By Organization Size:

• Small and Medium Enterprises (SMEs)
• Large Enterprises

By Vertical:

• BFSI
• IT & Telecom
• Government
• Energy & Utilities
• Manufacturing & Automotive
• Healthcare & Pharmaceuticals
• Retail & e-Commerce
• Media & Entertainment
• Transportation & Logistics
• Other Verticals (Real Estate and Education)

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Questions Covered in the Financial Analytics Market Report

• What is the estimated value for the financial analytics market in 2022?
• Which factors are impeding the growth in the financial analytics market?
• Which region will hold the maximum share in the global financial analytics market during 2022-2032?
• What is the projected growth rate of financial analytics market until 2032?
• At what rate will the U.S. financial analytics market grow between 2022 and 2032?

Explore Fact.MR's Coverage on the Technology Domain

Cloud-based Predictive Analytics Platform Market: With the advent of big data, the focus on data storage and security is increasing, thereby propelling the demand for cloud-based predictive analytics platforms. Also, growing inclination toward cloud-based service will pave way for the applications of cloud-based predictive analytics platform.

AI-based Anti-Money Laundering (AML) Solutions Market: Integration of artificial intelligence and machine learning in advanced cognitive technologies is helping organizations in preventing money laundry activities. This is expected to create prospects for growth in the market. Furthermore, growing demand for protecting financial systems against terrorist financing and money laundering is likely to propel sales in the market.

Personal Finance Mobile App Market: Increasing use of personal finance apps on mobile devices to manage finances and spending patterns is expected to drive the market. Additionally, the convenience and uninterrupted and seamless experience offered by personal finance mobile app is anticipated to boost its applications.

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, chemical, and materials, to even the most niche categories. 80% of Fortune 1000's trusts us in critical decision making.

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