The financial analytics market is poised for strong growth in the coming years, driven by businesses' increasing focus on data-driven decision-making. This trend is powerful in Asia, where the banking and insurance sectors are increasingly interested in financial analytics. Cloud-based financial analytics solutions are also gaining traction in the market, as they offer businesses a more affordable and scalable way to implement financial analytics solutions.
NEWARK, Del., Oct. 25, 2023 /PRNewswire/ -- Financial Analytics Market Analysis by Database Management System and Data Integration Tool, Growth Opportunities and Revenue Forecast 2023 - 2033
The market size of financial analytics is tipped to be US$ 8,462.6 million in 2023. In 2022, the market size was US$ 7,700.3 million. The market's future is bright as the CAGR from 2023 to 2033 is forecasted to be 11.5%. By 2033, the size of the market is predicted to have jumped to US$ 25,208.4 million.
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A consequence of the business sector growth is the enlarged amounts of data businesses have to deal with. In-house systems for processing the data often turn out inadequate. Thus, businesses turn to financial analytics to handle big data. Financial analytics companies offer platforms that allow businesses to store, retrieve, and analyze data.
Businesses are seeking the help of financial analytics in decision-making. Enterprises seek smart solutions that take into consideration various aspects before making decisions. Companies are working to make smart decisions in financial matters as well, and financial analytics are aiding the decisions.
The scope of financial analytics is no longer limited to just businesses. Though businesses make up an overwhelming amount of customers, financial analytics are also provided to consumers. Financial analytics companies have started offering platforms that are open to consumers.
"Cloud computing and AI-use are set to transform the capabilities of financial analytics. Cloud computing offers ample space for companies' data, allowing for storage and processing in large numbers. An increasing number of new financial analytics platforms have started incorporating AI. There is thus a large amount of potential for financial analytics platforms that use cloud computing and AI," says Sudip Saha is the managing director and co-founder at Future Market Insights.
Key Takeaways from the Financial Analytics Market
- The financial analytics market is expected to reach a valuation of US$ 8,462.6 million in 2023.
- Database Management Systems (DBMS) are the most common type of financial analytics in demand. For 2023, database management systems are expected to hold 18.4% of the market share by type.
- Financial analytics are most often used for assets and liabilities. In 2023, assets and liabilities are expected to contribute 20.5% of the market share by application.
- The market is expected to grow rapidly in India. The CAGR for the Indian market during the 2023 to 2033 period is projected to be a stunning 18.5%.
- China is a lucrative region for the market and is expected to continue to progress at a good pace. The CAGR for China is tipped to be 15.2% for the forecast period.
- Japan and South Korea are other Asian countries where the market is expected to flourish. The CAGR for South Korea and Japan is projected to be 12.2% and 14.3% respectively over the forecast period.
Country-wise Analysis: Financial Analytics Market 2023 - 2033
Countries | CAGR (2023 to 2033) |
United States Financial Analytics Market Size | 6.3 % |
India Financial Analytics Market Size | 18.5 % |
South Korea Financial Analytics Market | 12.2 % |
Japan Financial Analytics Market | 14.3 % |
Financial Analytics Market Size in China | 15.2 % |
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Competition Analysis of the Financial Analytics Market
The market is open for a variety of players, though a few established players have earned reputable names. Technology is set to play an important role in the financial analysis market. Some of the prominent companies in the market include SAP A.G., International Business Machines Corporation (IBM), Oracle Corporation, and TIBCO Software Inc.
Recent Developments in the Financial Analytics Market
- In July 2023, Bunker secured prominent funding. The Singapore-based player has ambitions to expand and improve its platform.
- In May 2023, IBM watsonx.data was launched. The product from industry giant IBM is an open platform that integrates AI.
- In June 2022, FinanceGPT from the South African company Ipoxcap was launched. It is another platform that concentrates on AI solutions and is also available in African languages.
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About the Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the 'Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.
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