The analysts forecast global financial analytics market to grow at a CAGR of 10.86% during the period 2017-2021. The latest trend gaining momentum in the market is Shift to cloud computing.
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Three major factors propelling the growth of financial analytics in the cloud are increase in data, growth of cloud, and advanced analytics.
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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.
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Major key players in the global financial analytics market: IBM, Microsoft, Oracle, and SAP, Fico, Hitachi Vantara, Information Builders, MicroStrategy, Rosslyn Analytics, SAS Institute, Tableau Software, Teradata, and TIBCO Software.
According to the financial analytics market 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.
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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 financial analytics market 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.
Few Points from List of Exhibits Provided in Global Financial Analytics Market Report 2021:
Exhibit 1: Parent Market
Exhibit 2: Global Software Industry
Exhibit 3: Market Characteristics
Exhibit 4: Market Segments
Exhibit 5: Market Definition - Inclusions and Exclusions Checklist
Exhibit 6: Market Size 2016
Exhibit 7: Validation Techniques Employed For Market Sizing 2016
Exhibit 8: Global Financial Analytics Market - Market Size and Forecast 2016-2021 ($ Mn)
Exhibit 9: Global - Year-Over-Year Growth 2017-2021 (%)
Exhibit 10: Five Forces Analysis 2016
Exhibit 11: Five Forces Analysis 2021
Exhibit 12: Bargaining Power of Buyers
Exhibit 13: Bargaining Power of Suppliers
Exhibit 14: Threat of New Entrants
Exhibit 15: Threat of Substitutes
Exhibit 16: Threat of Rivalry
Exhibit 17: Market Condition 2016 - Five Forces
Exhibit 18: Market Condition 2021- Five Forces
Exhibit 19: by Deployment - Market Share 2016-2021 (%)
Exhibit 20: Comparison by Deployment