Financial Analytics Market by Global Industry Growth, Regions, Types and Forecasts 2023
The Global Financial Analytics Market to grow from US$ 6.9 Billion in 2018 to US$ 11.4 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period. The key factors driving the financial analytics market include a rising need for reducing planning and budgeting cycles and the emergence of new IT applications and infrastructure, such as big data and advanced analytics.
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Fraud attempts have seen a drastic increase in recent times; thus, making fraud detection and prevention more important and applicable across major industries, including BFSI, manufacturing and automotive, retail and ecommerce, telecom and IT, transportation and logistics, healthcare and pharma, energy and utilities, government, education, and real estate. Fraud detection through its real time, near real time, and batch analysis of all its users’ activities, assist companies to safeguard customer and enterprise information, assets, accounts, and transactions. For fraud detection and prevention, financial analytics tools analyze customer data for missing information and provides a holistic view of suspicious transactions.
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“Enormous data generation and need for interactive analysis to drive the market in Europe”
The European region includes both developed and developing economies. Presently, the SMEs in the UK, Germany, and France are investing in analytics platforms to leverage benefits, and in turn, reduce unwanted costs. As the period of economic turmoil continues in Europe, enterprises are likely to undertake a stronger cost containment stance sooner. Europe is the second-largest regional market in terms of market share for financial analytics, but the growth is expected to decline in the coming years. The primary reason for the lesser growth rate in this region could be the Eurozone crisis.
Breakdown of primary participants’ profile:
- By Company: Tier 1: 20%, Tier 2: 55%, and Tier 3: 25%
- By Designation: C-Level: 50%, Director Level: 25%,and Others: 25%
- By Region: North America: 60%, Europe: 20%,APAC: 10%, and RoW: 10%
Report Highlights:
- To forecast the revenue of the market’s segments with respect to 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
- To define, describe, and forecast the financial analytics market based on components, applications, deployment mode, organization size, industry verticals, and regions
- To provide detailed information regarding major factors, such as drivers, restraints, opportunities, and challenges, influencing the growth of the market
- To analyze the market’s subsegments with respect to individual growth trends, prospects, and contributions to the total market
- To analyze the opportunities in the market for stakeholders and provide the competitive landscape of the market
- To profile the key players and comprehensively analyze their recent developments and positioning in the market
- To analyze the competitive developments, such as partnerships, collaborations, and acquisitions, new product launches and product enhancements, and new business strategies, in the market.
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Competitive Landscape of Financial Analytics Market:
1 Competitive Leadership Mapping
1.1 Visionary Leaders
1.2 Innovators
1.3 Dynamic Differentiators
1.4 Emerging Companies
2 Strength of Product Portfolio
3 Business Strategy Excellence
Top Companies in the Financial Analytics include are 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).
Reason to Access this report:
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall financial analytics market and the sub segments. This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
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