Financial analytics solutions enable end users to manage their financial resources and answer specific business questions associated with budget, cost, and revenue. At present, end users need predictive insights that can help them build effective business strategies to improve their day-to-day decision-making.
Continuous advancement in business intelligence and business analytics solutions is increasing the adoption of analytical tools and services among end-user organizations. Further, increase in need to monitor and analyze huge volume of unstructured data and rise in need for data transparency are anticipated to drive the market growth. However, data security is a major factor that is projected to impede the market growth. Emerging markets, such as Latin America, Middle East, and Africa, are expected to present significant growth opportunities for prominent players, owing to limited penetration of financial analytics solutions and infrastructure.
The global financial analytics market is segmented on the basis of type, deployment type, organization size, end user, and region. Based on type, it is divided into database management system (DBMS); data integration tools; query, reporting, and analysis; analytics solutions; and others. On the basis of deployment type, it is bifurcated into on-premise and cloud. Based on organization size, it is classified into small & medium enterprises and large enterprises. The end users in this market include BFSI, manufacturing, government, education, and others (healthcare, energy & utilities, and retail).
Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among regions, North America dominated the market with around 41% share in 2016, owing to high penetration of mobile devices and mobile Internet.
Key players identified in the financial analytics market include Deloitte LLP, Hitachi Consulting, IBM Corporation, Information Builders, Microsoft Corporation, Oracle Corporation, Rosslyn Analytics Limited, SAP SE, Symphony Teleca Services, Inc., and Teradata Corporation.
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