About Financial Analytics
Financial analytics software is an analytics software, which provides more visibility to the revenues and costs of the company. It also helps understand customer profitability and gives insights on budget performance, customer profitability, staffing costs, and supplier performance. Most of the vendors provide the software as a module in their analytics software. Analytics is a series of applications that help in decision-making by providing accurate, dependable, consistent, and structured data and reports. Organizations can use these data and reports to gain a competitive advantage. A cloud analytics solution is a service model, in which one or more major elements of data analytics is given through a public or private cloud. The analytics applications and services are typically provided through the subscription-based or pay-per-use model.
Technavio’s analysts forecast the global financial analytics market to grow at a CAGR of 10.86% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global financial analytics market for 2017-2021. To calculate the market size, the report considers the revenue generated from the software. The software license revenue includes both perpetual and periodic licenses or subscriptions.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Financial Analytics Market 2017-2021
Technavio recognizes the following companies as the key players in the global financial analytics market: IBM, Microsoft, Oracle, and SAP.
Other Prominent Vendors in the market are: Fico, Hitachi Vantara, Information Builders, MicroStrategy, Rosslyn Analytics, SAS Institute, Tableau Software, Teradata, and TIBCO Software.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Shift to cloud computing. Three major factors propelling the growth of financial analytics in the cloud are increase in data, growth of cloud, and advanced analytics. Cloud technology became mainstream in mid-2017 and will play a major role in the forecast period in managing projects powered by analytics. As a huge amount of data from several sources continues to build, end-user companies rely on cloud technology, which is scalable and agile in extracting data. Cloud platforms have high adaptability, which makes it a more flexible platform for the deployment of various types of analytics tools. Connectivity option in the cloud helps make analytics accessible and increases the ease of sharing data and applications.”
According to the report, one of the major drivers for this market is Growing data in BFSI sector. BFSI data is generated from various sources, including enterprise applications, web-based search, social networks, and cloud-based applications. The data coming from embedded systems is one of the fastest growing data segments. Organizations need financial analytics and solutions to manage huge volume of big data generated and to use it effectively. It is difficult to manually analyze such large volumes of data. Analytics helps enterprises optimize their business decisions and to provide new business models and products. BFSI companies use powerful computing platforms and financial analytics software for real-time analytics. These types of software are also used for fraud detection, product design and development, and process automation.
Further, the report states that one of the major factors hindering the growth of this market is Increasing concerns regarding data privacy. As a large volume of financial data is being digitized, crucial issues such as privacy, security, liability, and protection of intellectual property have started emerging in the financial analytics market. Data security and data privacy are major concerns in the market. The vendors in this market are handling very sensitive client information, and hence many enterprises are concerned about their data being misused. Apart from confidential financial information, vendors are also handling highly sensitive information. Misuse of any data by big data solution providers may negatively affect the growth of the market.
IBM, Microsoft, Oracle, and SAP, Fico, Hitachi Vantara, Information Builders, MicroStrategy, Rosslyn Analytics, SAS Institute, Tableau Software, Teradata, and TIBCO Software.