The global financial analytics market size is expected to grow from USD 6.9 billion in 2018 to USD 11.4 billion by 2023, at a Compounded Annual Growth Rate (CAGR) of 10.7% during the forecast period. The increasing focus on digital transformation, growing need for reducing planning and budgeting cycles, and emerging new IT applications in big data and advanced analytics are some of the key factors driving the adoption of financial analytics solutions.
Top Key Players
Major vendors offering financial analytics solutions globally include Oracle (US), IBM (US), Teradata (US), TIBCO Software (US), SAP (Germany), SAS Institute (US), Alteryx (US), Qlik (US), FICO (US), GoodData (US), Birst (US), Google (US), Information Builders (US), Zoho Corporation (US), and Domo (US). The study includes an in-depth competitive analysis of the key players in the financial analytics market, along with their company profiles, recent developments, and key market strategies.
Strongest market contribution to come from Banking, Financial Services, and Insurance (BFSI) vertical for financial analytics market
Regulatory frameworks across the globe are becoming more and more complex. Hence, organizations from BFSI vertical are utilizing advanced financial analytics solutions for improved regulatory compliance processes. Capital planning, credit risk management, insurance risk management, etc. are vital in the era of evolving regulatory requirements. Financial institutions are also investing in analytics solutions to stay competitive and overcome challenges of legacy processes. Financial institutions are increasingly adopting analytics solutions to balance short- and long-term strategies. Adoption of financial analytics solutions is also empowering financial institutions to undergo digital transformation to offer enriched customer experience and deal with changing customer behavior. Process automation and risk quantification features of financial analytics solutions are playing important role in achieving strategic business goals of BFSI organizations.
Improved customer insights leading to higher customer retention
Customer experience management is crucial for retaining existing customers in the era of cut-throat competition. Financial analytics solutions enable organizations to evaluate valuable customers and offer them attractive offers and discounts. Financial analytics solutions also help organizations to monitor inactivity and probable loss of key customers. Improved customer understanding and awareness about customer expectations lead to design of customized marketing campaign to target specific set of customers. These marketing initiatives result in improved customer retention and higher profitability per customer. Financial analytics carries great importance for large organizations as poor performance may lead to loss of clients and harm their brand value. 360-degree customer view leads to support improved customer engagement models. Key customer insights help organizations to deliver high quality omni-channel customer experience across diverse channels.
North America to support stronger adoption of financial analytics solutions
As organizations in North America strongly focus on research and development initiatives to develop innovative solutions, North America would contribute for the highest market share for financial analytics market. Customer management solutions would drive the growth of financial analytics solutions in North American market followed by financial forecasting & budgeting. Rapid deployment of cloud based analytics solutions, growing awareness about applications and features of analytics solutions and emergence of artificial intelligence are some other major factors impacting the market in North America.
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