Financial Analytics Market By Key Vendors: Oracle, TIBCO, SAP AG, Deloitte Touche Tohmatsu Limited, Microsoft Corporation, IBM
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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.
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.
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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.
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.
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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 SolutionPrint for cloud financial analytics market that is based on Oracle Planning and Budgeting Cloud Service. This provides a roadmap for expanding business performance management.
Market share calculation in this report is not done based on companies covered in it. The calculation of financial analytics market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
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