Financial Analytics Market to reach USD 23,069 Million - Risk-adjusted numbers with COVID-19 analysis change scenario

The Global Financial Analytics Market is expected to grow at a CAGR of around 10.5% from 2022 to 2030 and reach the market value of over US$ 23,069 Million by 2030.

The global financial analytics market is projected to experience significant growth over the forecast period from 2020 to 2027. The rising focus of organizations towards strategic developments, investment for future growth, wealth management, and fraud detection and prevention are some of the prominent factors bolstering the market value.

The global financial analytics market is segmented on the basis of industry verticals, deployment modes, applications, industry verticals, and geography. Based on components, the financial analytics market is divided across solutions and services including managed components and professional components. Based on deployment modes, the market is bifurcated into on-premises and cloud-based deployment. Additionally, financial analytics have applications across wealth management, governance, risk, and compliance management, financial forecasting and budgeting, customer management, transaction monitoring, claim management, fraud detection and prevention, and stock management. By industry verticals, the market is studied across banking, financial components, and insurance (BFSI), telecom and IT, government, energy and utilities, manufacturing and automotive, healthcare and pharmaceutical, retail and eCommerce, media & entertainment, transportation and logistics, and others.

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The global financial analytics market is segmented on the basis of components, deployment modes, applications, industry verticals, and geography. By component, the market is divided into solutions and services including managed services and professional services. Based on the deployment modes, the market is divided across on-premises and cloud. Additionally, the applications of the financial analytics market include wealth management, governance, risk, and compliance management, financial forecasting and budgeting, customer management, transaction monitoring, claim management, fraud detection and prevention, and stock management. By industry vertical, financial analytics is used across banking, financial services, and insurance (BFSI), telecom and IT, government, energy and utilities, manufacturing and automotive, healthcare and pharmaceutical, retail and eCommerce, media and entertainment, transportation and logistics, and others.

North America region is leading the financial analytics market with maximum revenue share (%) and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The major economy of the region United States is having a maximum share in the regional market. The well-established technologically advance infrastructure across the industry verticals is supporting the market growth. The presence of major players like Google LLC, IBM, TIBCO Software, Alteryx, FICO, and Zoho Corporation among others is additionally propelling the regional market value.

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Asia Pacific is projected to experience the fastest growth in the financial analytics market over the forecast period from 2020 to 2027. The rapidly developing economies of the region including China and India are the major revenue contributors as these economies are exhibiting major growth potential across the industry verticals. The increasing focus of major players in the regional market due to the increasing number of SMEs in developing countries of the region is further estimated to exhibit potential growth in the near future.

Some of the leading competitors are Alteryx, Birst, Domo, Inc., FICO, GoodData, Google LLC., IBM, Information Builders, Oracle Corporation, Qlik, SAP SE, SAS Institute, Teradata, TIBCO Software, and Zoho Corporation. The major players are expanding their reach into the developing economies in order to take advantage of available opportunities. The increasing partnerships and mergers and acquisition activities by the major players are further propelling the market value.

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Some of the key observations regarding the financial analytics industry include:

• BBVA and Google Cloud have announced the strategic partnership in 2021 to transform the bank's security strategy by optimizing and improving its security infrastructure. Banco Bilbao Vizcaya Argentaria, S.A. will collaborate with the Google cloud as per the announcement for the development of groundbreaking new AI and machine learning (ML) models in order to prevent and predict cyber attacks against its banking infrastructure. The strategic collaboration is intended to provide a more secure experience for the bank and its customers.

• The Bank of New York Mellon Corporation (BNY Mellon) and Google Cloud have announced a collaboration in February 2021. The strategic collaboration is intended to support the BNY portfolio expansion.

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