Financial Analytics Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Competitive Market Growth & Forecast, 2021 – 2027
Report ID: GMI1923
Financial Analytics Market size is expected to witness high growth during 2021-2027 will be powered by the increasing focus on data-driven financial decisions across numerous industry verticals. The emergence of big data has created the need for solutions that can tackle massive amounts of data and deliver valuable insights. The growing adoption of cloud-based services is likely to boost the use of financial analytics significantly.
Developments in business intelligence and business analytics has led to increased focus on data transparency across enterprises. Prevalent business models such as business-to-business, business-to-customer, and business-to-employee will create new opportunities for the industry. Financial analytics covers a wide range of solutions that allow clients to synthesize information more efficiently, keep up with the latest market trends, and provide insights to improve decision making.
Cloud-based segment will expand at a notable pace over the coming years due to the ease of operations, cost savings, faster deployment and easy scalability. Many solution providers are teaming up with cloud platforms to deliver more efficient and reliable analytics to their business customers. Cloud based services are known to cut down on installation and maintenance expenses significantly, fueling their acceptance across the financial sector.
North America financial analytics market is likely to gain traction in the coming years, mainly owing to the presence of leading industry players in the region. These companies are constantly focusing on product innovation to introduce novel banking analytics solutions integrated with AI in the market. Ongoing technological advances will play a key role in fostering the regional growth. Additionally, the expansion of BFSI, manufacturing, healthcare, automotive, and other industries will create promising growth opportunities for the regional analytic services providers.
Oracle Corporation, Microsoft Corporation, IBM Corporation, SAP AG, and TIBCO (Vista Equity Partners), and Deloitte Touche Tohmatsu Limited are among the top names in the market. These companies are focusing on offering novel solutions for enterprises to automate and better manage finances.
In July 2020, for instance, Oracle had announced a new set of updates to the Oracle Fusion Cloud Enterprise Resource Planning (ERP), Supply Chain Management (Oracle SCM), and Enterprise Performance Management (EPM) platforms to help enterprises build business resiliency with digital acceleration. These updates would enable finance teams to leverage analytics, AI, and digital assistants to stimulate productivity, cut costs, and enhance controls.
Mergers, acquisitions, and partnerships are also among the key strategies adopted by numerous financial analytics solutions providers. In November 2020, IBM, as part of its hybrid cloud growth strategy to accelerate digital transformation for clients, had acquired TruQua Enterprises LLC, a consulting SAP development and IT services company specializing in finance and analytics for Fortune 500 companies.
With this acquisition, IBM would be able to help business migrate financial platforms to SAP, advance their financial processes, and be at the forefront of industry innovation. The acquisition will also broaden IBM’s consulting capabilities, helping clients implement SAP solutions to automate and optimize financial management workflows.
COVID-19 pandemic and its impact on financial analytics market progression
The COVID-19 pandemic has brought a significant change to the way businesses and enterprises operate, invariably having an impact on the market. Amid the ongoing crisis, the role of financial analytics tools in decision making is more critical than ever. During the pandemic, financial services are rapidly evolving and updating their digital business models. In this economic environment of increasing volatility, risk and uncertainty, financial planning, forecasting, and management solutions will be critical for users to gain agility, speed, and foresight about the business and better compete in the market.
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