According to IMARC Group latest report titled” Financial Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market is currently witnessing strong growth. The global financial analytics market to exhibit a CAGR of 8.5% during the next five years.
Financial analytics (FA) is the process of investigating, collecting, monitoring, visualizing, analyzing, and predicting financial statements of an organization through the use of software-based programs. It provides accurate business insights and forecasts the economic scenarios, thus helping in making better decisions. FA also determines the risks while enhancing the business processes by utilizing business intelligence (BI) and analytical tools for asset and liability management, budgetary control, compliance, and risk management.
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The global financial analytics market is primarily driven by the rising adoption of FA solutions in medium and large-scale organizations for efficient financial planning and budgeting. It finds applications across the banking, financial services, and insurance (BFSI), healthcare, manufacturing, and information technology (IT) sectors. Furthermore, the growing trend of digitization coupled with the emerging trend of cloud computing is also contributing to the market growth. Moreover, the integration of machine learning (ML) and artificial intelligence (AI) with FA, along with technological advancements from big data to data warehouses and customer analytics, have also prompted various firms to adopt financial analytics solutions around the world.
Financial Analytics Market Segmentation:
Our report has categorized the market based on Region, Type, Component, Application, Organization Size and Vertical.
Breakup by Type:
- Database Management System (DBMS)
- Data Integration Tools
- Query, Reporting Analysis
- Analytics Solutions
Market Breakup by Component:
- Financial Function Analytics
- Financial Market Analytics
- Managed Services
- Professional Services
Breakup by Application:
- Wealth Management
- Governance, Risk Compliance Management
- Financial Forecasting Budgeting
- Customer Management
- Transaction Monitoring
- Stock Management
Breakup by Organization Size:
- Large Enterprises
- Small Medium Enterprises
Breakup by Vertical:
- Telecom IT
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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