Financial Forecasting Industry is Expected to Reach $ 21.1 Billion by 2031 - Centage, Sageworks, Anaplan, Inc., Palantir Solutions

Global Financial Forecasting Market reached US$ 8.7 Billion in 2023 and is expected to reach US$ 21.1 Billion by 2031, growing with a CAGR of 11.7% during the forecast period 2024-2031.

Businesses across sectors like banking, healthcare, and financial services are increasingly adopting advanced financial forecasting tools as they expand globally. The push for digital transformation, cloud-based platforms, and automation technologies is enhancing financial planning and providing real-time data insights. Product launches are driving market growth, such as NetSuite's October 2023 release of Enterprise Performance Management to improve financial accuracy and productivity. North America leads in financial forecasting software investments, exemplified by IBM's November 2022 launch of a business intelligence suite for streamlined planning and analytics.

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Key Developments:

• On January 11, 2024, Nayms introduced the first institutional tokenized (re)insurance marketplace on Base, a low-cost, secure layer-2 Ethereum solution. This launch allows investors to access yield-generating (re)insurance opportunities as tokenized assets on the Nayms platform.

• Earlier, on September 29, 2022, Dubai-based XA Group launched Addenda, a blockchain-powered motor insurance platform that helps insurers reconcile motor recovery receivables.

• On October 5, 2023, Boston-based Breach Insurance launched Crypto Shield Pro, offering institutional-grade crypto insurance along with a free active wallet monitoring service.

Market Dynamics:

Digital transformation enables companies to easily integrate financial data from various sources, such as CRM, ERP, and accounting systems, improving the accuracy of financial forecasts. Advanced technologies like AI, machine learning, and predictive analytics help businesses analyze historical data, detect patterns, and generate precise financial predictions. These advancements also enhance scenario analysis and risk assessment in financial planning. Cloud computing has revolutionized the industry by offering scalable, cost-effective solutions, enabling access to data and tools from anywhere while reducing IT infrastructure costs and improving data security.

Market Segment:

By Solution: Software, Services

By Deployment: Cloud-Based, On-Premises

By Enterprise Size: Small & Medium Enterprises, Large Enterprises

By End-User: Banking, Financial Services and Insurance (BFSI), E-commerce, Healthcare, Manufacturing, IT and Telecommunications, Others

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Major Key Players:

• Centage
• Sageworks
• Anaplan, Inc.
• Palantir Solutions
• Planguru
• Palantir Solutions
• Axiom Software
• Sage Group Plc
• Oracle
• IBM

*Note:

Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.

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