The Financial Analytics Market was valued at USD 6. 31 billion in 2019 and is expected to reach USD 10. 04 billion by 2025, at a CAGR of 11. 24% over the forecast period 2020 - 2025. With the ongoing technological advancements, the increasing need for cloud-based service, and the increasing demand for financial analytics solutions in various organizations and verticals are expected to boost the market studies.
New York, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Financial Analytics Market - Growth, Trends, Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05982332/?utm_source=GNW
- In this economic environment of rising volatility, growing uncertainty and risk, financial planning, managing, and forecasting solutions provide the user with speed, agility, and foresight about the business to compete in the market in a better way.
- Using these solutions, clients can synthesize information better, uncover trends in the market, and deliver insights to improve decision making throughout the enterprise, which is the driving factor for the market.
- Moreover, with the growing focus on data-driven financial decisions in various end-user verticals, and the emergence of big data, demands solutions which can tackle large amounts of data and can provide valuable insights, are some of the factor driving the growth of the market
- With the development of enhanced technologies in business analytics and business intelligence domain and the extended focus on data transparency, is driving the demand for these solutions across various industries.
- Regardless of industry, finance functions are progressing analytics capabilities to offer enhanced business intelligence and assist decision making, acting as a more strategic partner to their enterprise. With the outbreak of COVID-19, this support to decision making is more critical than ever. During the COVID-19 pandemic, financial services are rapidly evolving and transforming their digital business models, with new circumstances.
Key Market Trends
Cloud Based Solutions to Witness the Highest Growth
- Cloud-based solutions are expected to witness the highest growth over the forecast period owing to the benefits it offers, such as these solutions facilitates collaboration between partners, improves business functions and provides agility. Further, it allows organizations to incorporate data from all sources, across all channels, and do it at a big data scale.
- Moreover, without these cloud-based solutions, data collection from all internal applications, social networks, devices, and data subscriptions would be comparatively expensive for most of the organizations. In addition, the BFSI industry is making a move towards these cloud-based solutions, further driving the demand for cloud-based analytics solutions.
- Also, in the coming years, with the increase in the application of cloud analytics, it is expected to drive the financial analytics solutions adoption also. Moreover, cloud computing acceptance across various industries in the recent past is assumed to have a positive effect on the financial analytics market.
Asia-Pacific to Witness the Highest Growth
- The Aisa Pacific region is expected to witness the highest growth rate during the forecast period as the market in this region correlates with the growth in the end-user industries in the region which is growing.
- Moreover, in countries, like China, with the deployment of big data technology across various end-user industries is expected to drive the analytics services market in this region with the financial services sector leading the way.
- In addition, India’s financial analytics market is still in its early stage of development with huge growth potential. Also, as cloud adoption is gaining pace in the region’s end-user industries, the demand for cloud-based analytics is further expected to increase. As the market is expected to acquire pace, the demand for analytics services is expected to increase in the future.
The financial analytics market is highly competitive owing to the presence of many players in the domestic as well as international market. The market appears to be moderately concentrated and the key strategies adopted by the major players are product innovation, partnerships. Some of the major players in the market are IBM Corporation, Microsoft Corporation, Oracle Corporation among others.
- Jul 2020 - Oracle announced Oracle Dedicated Region Cloud@Customer for its customers. It is the industry’s first fully managed cloud region which brings all of Oracle’s public cloud services, including Oracle Autonomous Database and Cloud applications, to customer datacenters. With this offering, enterprises get the exact same complete set of modern cloud services, APIs, industry-leading SLAs, superior price-performance, and highest levels of security available from Oracle’s public cloud regions in their own datacenters. Some of the customers include Nomura Research Institute (NRI) in Japan and Oman Information and Communications Technology Group.
- Feb 2020 - Microsoft opened a new datacenter region in Spain and expanded strategic partnership with Telefónica to boost Spain’s competitiveness. Under their strategic partnership, the two companies will develop joint go-to-market plans in all countries where Telefónica operates. Microsoft will deliver its Microsoft cloud services including Microsoft Azure, Microsoft 365, Microsoft Dynamics 365 and Microsoft Power Platform from new datacenter regions in Spain.
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