October 11, 2021
According to the recent research report titled ‘Financial Analytics Market Size By Component, By Deployment Model (On-premise, Cloud), By Organization Size (SME, Large Enterprises), By Application, By End-use (Retail & Consumer Goods, BFSI, Manufacturing, IT & Telecom, Government & Public Sector, Transportation & Logistics, Healthcare), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global financial analytics market size is expected to grow considerably over 2021-2027.
Global financial analytics market growth is driven by a high demand for in-depth and valuable insights for precise financial forecasts among various companies. Furthermore, increasing reliance of businesses worldwide on financial analytics to support strategic decisions has boosted industry progression.
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As per component type, query, reporting & analysis solution segment share is projected to multiply at a CAGR of 10% over 2021-2027, owing to its wide adoption across various industries, and quick reporting capabilities.
Meanwhile, professional services segment accounted for 65% of overall market share in 2020 and is expected to expand over the next six years, creditable to escalating demand for integration, consultation, installation, deployment, and maintenance services. The managed services segment is predicted to register 15% CAGR through 2027, attributable to surging use of PaaS (Platform-as-a-Service) and SaaS (Software-as-a-Service).
Based on application spectrum, general ledger analytics segment held 15% of overall financial analytics industry share in 2020 and is speculated to grow substantially over the assessment period, owing to increasing demand for business transactions analysis services.
The budgetary control management segment is expected to see significant gains by 2027, registering 10% CAGR over the forecast timeframe, due to increased product adoption in the manufacturing industry to save costs and decrease wastage.
Speaking of end-use terrain, retail & consumer goods category is anticipated to hold 15% of worldwide financial analytics market share by 2027. Manufacturing gamut is expected to exhibit 10% CAGR over the forecast period, owing to rising need for transaction record management across industries.
Due to increasing demand for data collecting, analysis, and forecasting services, the transportation & logistics segment is predicted to record 12% CAGR over the forecasted timeframe. The healthcare segment accounted for over 10% market share in 2020 and is expected to retain a positive trajectory the assessment timeline, on account of rising usage of cloud analytics.
Geographically, Latin America accounted for 9% of total industry revenue in 2020 and is expected to progress over the study period, owing to booming e-commerce market. Meanwhile, Middle East & Africa market is expected to rise at a CAGR of over 5% through 2027, creditable to increased adoption of Big Data analytics.
Top companies contributing to global financial analytics industry progression are Zoho Corporation, TIBCO Software Inc., Teradata Corporation, Tableau Software LLC, SAS Institute, SAP SE, Salesforce.com Inc., Rosslyn Data Technologies plc, QlikTech International AB, MicroStrategy Inc., and Microsoft Corporation among others.