Financial Analytics Market Growing at a CAGR 10.7% | Key Player SAS Institute, Alteryx, Tibco Software, Teradata, Gooddata

July 06 23:35 2021
Financial Analytics Market Growing at a CAGR 10.7% | Key Player SAS Institute, Alteryx, Tibco Software, Teradata, Gooddata

Oracle (US), IBM (US), Teradata (US), TIBCO Software (US), SAP (Germany), SAS Institute (US), Alteryx (US), Qlik (US), FICO (US), GoodData (US), Birst (US), Google (US), Information Builders (US), Zoho Corporation (US), and Domo (US)
Financial Analytics Market by Solution (Financial Functions Analytics and Financial Market Analytics), Application (Wealth Management, Transaction Monitoring, and Customer Management), and Industry Vertical – Global Forecast to 2023

The global Financial Analytics Market size is expected to grow from USD 6.9 billion in 2018 to USD 11.4 billion by 2023, at a Compounded Annual Growth Rate (CAGR) of 10.7% during the forecast period. The increasing focus on digital transformation, growing need for reducing planning and budgeting cycles, and emerging new IT applications in big data and advanced analytics are some of the key factors driving the adoption of financial analytics solutions.

Strongest market contribution to come from Banking, Financial Services, and Insurance (BFSI) vertical for financial analytics market

Regulatory frameworks across the globe are becoming more and more complex. Hence, organizations from BFSI vertical are utilizing advanced financial analytics solutions for improved regulatory compliance processes. Capital planning, credit risk management, insurance risk management, etc. are vital in the era of evolving regulatory requirements. Financial institutions are also investing in analytics solutions to stay competitive and overcome challenges of legacy processes. Financial institutions are increasingly adopting analytics solutions to balance short- and long-term strategies. Adoption of financial analytics solutions is also empowering financial institutions to undergo digital transformation to offer enriched customer experience and deal with changing customer behavior. Process automation and risk quantification features of financial analytics solutions are playing important role in achieving strategic business goals of BFSI organizations.

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Improved customer insights leading to higher customer retention

Customer experience management is crucial for retaining existing customers in the era of cut-throat competition. Financial analytics solutions enable organizations to evaluate valuable customers and offer them attractive offers and discounts. Financial analytics solutions also help organizations to monitor inactivity and probable loss of key customers. Improved customer understanding and awareness about customer expectations lead to design of customized marketing campaign to target specific set of customers. These marketing initiatives result in improved customer retention and higher profitability per customer. Financial analytics carries great importance for large organizations as poor performance may lead to loss of clients and harm their brand value. 360-degree customer view leads to support improved customer engagement models. Key customer insights help organizations to deliver high quality omni-channel customer experience across diverse channels.

The solutions segment is projected to grow at a higher CAGR during the forecast period. Financial analytics solutions include financial function analytics and financial market analytics solutions that address critical business issues with unprecedented efficacy by analyzing internal financial information and operational data combined with external information, such as demographics, big data, and social media. Financial analytics solutions enable organizations reduce costs associated with risks, and create effective operational and customer engagement strategies to drive improved business performance. By adopting these solutions, organizations can proactively respond to evolving business conditions, improve operational efficiencies in a highly competitive environment, and transform customer engagement processes.

The managed services segment is projected to grow at the highest CAGR during the forecast period. Managed services play a crucial role in controlling budgets, making improved decisions to tackle business challenges and ensuring quality client experience. Financial institutions prefer the managed services to focus on their core business processes while eliminating the unnecessary investments in time and resources for financial performance analysis. This also prevents expenses caused due to the lack of expertise and bundling of unwanted software solutions for the purpose. In addition, technical expertise, service consistency, and flexibility are some of the important factors associated with the managed services in the financial analytics market.

The customer management segment is expected to grow at the highest CAGR during the forecast period. The customer management applications include customer experience analytics and customer profitability analytics. These applications enable financial organizations to understand customer behavior and identify profitable customers for achieving accurate customer segmentation and creating customized marketing campaigns and upselling strategies. These strategies and campaigns lead to improved customer experience, and higher customer retention and customer profitability. Furthermore, these applications are also instrumental in minimizing bad debts and increasing cash flow.

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APAC is expected to grow at the highest CAGR during the forecast period. The region is expected to provide significant growth opportunities over the next few years. The rising adoption of cloud computing by the small and medium sized enterprises (SMEs) is expected to drive the demand for cloud-based financial analytics solutions in the region. Moreover, BFSI being one of the largest industry in APAC, creates imminent need across BFSI organizations to leverage rising transactional data for correct risk modeling, credit policy generation, and fraud analysis. Subsequently, it drives the companies in the region to adopt financial analytics that facilitate analysis on financial data as well as the customers’ transactional data to improve business efficiencies and maximize revenue. To tackle the increasing global competition, local manufacturers are also striving to reduce operational costs and generate higher productivity. Enabled with advanced analytics and Artificial Intelligence (AI), financial analytics solutions facilitate such organizations with efficient inventory analysis, predictive maintenance, asset management, and remote monitoring applications through data-driven insights In addition, organizations are increasingly focusing on improving their customer service, and as a major competitive differentiator, they are adopting advanced analytics solutions such as financial analytics.

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