HOME › Research Insight › Enhanced technologies in Business Intelligence (BI) and business analytics, high data intensity and increased focus on data transparency drive the financial analytics market
Enhanced technologies in Business Intelligence (BI) and business analytics, high data intensity and increased focus on data transparency drive the financial analytics market
Companies are facing difficulties to increase revenues as well as profitability across various industry verticals. Financial analytics helps to overcome such problems and provides timely financial information to frontline employees, managers, and executives. All these help to take better financial decisions, proactive actions, solves problems before they occur and affect the company’s financial performance.
Traditionally, enterprises have relied on general ledger systems for financial data management. Recent advancements in BI and business analytics technologies and new business models have made ledger systems less effective in financial data management and strategic business decisions. These systems do not take into consideration the external data and future events. Many organizations are shifting from old business models to newer ones and financial professionals are facing problems with traditional systems to handle new business models.
Here, financial analytics has emerged to solve such problems and improve the overall business performance. The online transactions including business-to-employee, business-to-consumer, and business-to-business are growing rapidly. All these enable to implement the financial analytics software to derive real-time information from every transaction and its effect on the business performance.
Financial analytics has huge opportunities in Banking, Financial Services, and Insurance (BFSI). MarketsandMarkets estimates that more than 39.4% of the financial analytics revenue will be generated from this vertical in 2013. It has been estimated that healthcare and life science, manufacturing, and transportation and logistics are the emerging verticals growing with Compounded Annual Growth Rate (CAGR) of 23.9%, 22.2%, and 18.5%, respectively during the forecast period.
North America is one of the growing regions in the financial analytics market that accounts for the largest market share as compared to other regions in the overall market in 2013. The major driver for this region is high penetration rate in manufacturing, healthcare, transportation, and logistics verticals. Even the data deluge is high due to increase in the usage of mobile devices and broadband technology. North America has a high penetration rate because most of the analytics companies are based in North America region only.
MarketsandMarkets has highlighted these key findings from its latest research report. The Financial Analytics Market: Worldwide Market Forecast and Analysis (2013 – 2018) report is now for sale.
The report provides an overview of the drivers, restraints, and opportunities that impact this market. It also segments and forecasts the overall financial analytics market in terms of type of solutions and services, applications, deployment types, organization size, verticals, and regions.
Financial Analytics Market [by Types (DBMS, Query, Reporting & Analysis, OLAP, Visualization), Applications Assets & Liability, Budgetary Control, General Ledger, Payables, Receivables, Profitability, GRC] - Worldwide Market Forecasts (2013 - 2018)
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