According to a new market research report "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" published by MarketsandMarkets™, the financial analytics market estimated to grow from USD 6.9 billion (2018) to USD 11.4 billion (2023) at the Compound Annual Growth Rate (CAGR) of 10.7%.

As organizations are increasingly focusing on minimizing planning and budgeting cycles, and manage customer expectations in severe competitive environment, they are adopting advanced financial analytics solutions; thus, driving growth of the market. Rise of Internet of Things, growing awareness about capabilities of analytics solutions, and increasing demand for streaming analytics are some other factors impacting the financial analytics market.

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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.

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.

North America to support stronger adoption of financial analytics solutions

As organizations in North America strongly focus on research and development initiatives to develop innovative solutions, North America would contribute for the highest market share for financial analytics market. Customer management solutions would drive the growth of financial analytics solutions in North American market followed by financial forecasting & budgeting. Rapid deployment of cloud based analytics solutions, growing awareness about applications and features of analytics solutions and emergence of artificial intelligence are some other major factors impacting the market in North America.

The large enterprises to boost adoption of financial analytics solutions

Large enterprises generate huge volumes of data due to their broad client base. Enterprises are concentrating on their core strengths and capabilities to maintain their competitive edge over other players. Financial analytics solutions play an important role to achieve this strategic goal. Detailed insights provided by financial analytics solutions help to assess performance of various organizational functions and teams. Multi-national banks and financial institutions also require support to manage diverse compliance requirements of various countries. Some of the key examples of such standards and regulations include Basel III, General Data Protection Regulation, Dodd–Frank Wall Street Reform, and Consumer Protection Act. As these regulations go through series of changes regularly along with additional regulations coming in picture globally, large enterprises would further adopt financial analytics solutions in upcoming few years.

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Major vendors offering financial analytics solutions globally include 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). The study includes an in-depth competitive analysis of the key players in the financial analytics market, along with their company profiles, recent developments, and key market strategies.

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