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Unleashing Opportunities: How the Emergence of Big Data is Catalyzing a Revolution in the Financial Analytics Market || Alteryx Inc., Infor, Domo Inc., Fair Isaac Corporation, GoodData Corporation
Financial Analytics Market
The Business Research Company's Financial Analytics Global Market Report 2023 the emergence of big data is the major driver for the financial analytics market's growth in the forecast period. Big data refers to large and more complex data sets that arrive in increasing volumes from various data sources. The emergence of big data in financial decisions has led to solutions such as financial analytics that can handle large amounts of data and provide valuable solutions. For example, in 2021, according to the Investment Banking Council of America, 80% of financial institutions are using big data tools. Therefore, the emergence of big data is driving the growth of the financial analytics market.
The global financial analytics market size is expected to grow from $8.47 billion in 2022 to $9.46 billion in 2023 at a compound annual growth rate (CAGR) of 11.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The financial analytics market size is expected to grow to $14.29 billion in 2027 at a CAGR of 10.8%.
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Major competitors in the financial analytics market are Alteryx Inc., Infor, Domo Inc., Fair Isaac Corporation, GoodData Corporation, Information Builders, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, QlikTech International AB, Rosslyn Data Technologies Plc, SAP SE, SAS Institute Inc.
A key trend in the financial analytics market includes adoption of artificial intelligence (AI) in the financial sector. Key players in financial analytics are adopting AI to gain a competitive edge in the market. For example, in February 2022, Prophix, a Canada-based Corporate Performance Management (CPM) software company, launched the first virtual financial analyst in the industry, an AI-powered virtual assistant that uses natural language to boost CPM effectiveness. Mid-sized firms' finance teams use Prophix's software to automate their financial planning, budgeting, and forecasting. Finance professionals can concentrate on the more strategic tasks that have a greater influence on the bottom line of the company by automating these data-centric and time-consuming tasks.
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The financial analytics market is segmented -
• By Platform: Land, Airbone, Naval, Space.
• By Solution: Hardware, Application Software, Services.
• By Application: Intelligence, Communication, Command, Computer, Electronics.
• By End User: Defence and Space, Commercial.
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the financial analytics market.
The Business Research Company's "Global Financial Analytics Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Financial Analytics Market Include:
1. Executive Summary
2. Financial Analytics Market Characteristics
3. Financial Analytics Market Trends And Strategies
4. Financial Analytics Market - Macro Economic Scenario
5. Financial Analytics Market Size And Growth
……………
27. Financial Analytics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Financial Analytics Market
29. Financial Analytics Market Future Outlook And Potential Analysis
30. Appendix
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