The financial analytics market has observed decent growth in the past. Financial analytics is a method that is adopted in companies to increase their productivity. It helps companies in forecasting and making decisions.
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The primary factors driving the financial analytics market are high data intensity, technological improvements in BI (business intelligence) and rising concerns towards data transparency. All these factors provide competitive advantage to the market. However, security concerns and huge business dimensions are likely to restrain the market over the forecast period.
The financial analytics market can be segmented into three major categories, including types, applications, verticals and geographies. On the basis of types, the market can be fragmented into query, reporting and analysis, DBMS (database management system), analytical analysis, data integration tools, consulting and support services, OLAP (online analytical processing) and visualization tools.
The applications financial analytics market can be divided into general ledger management, receivable management, assets and liability management, profitability management, payable management, budgetary control management, general ledger management and GRC (governance, risk and compliance).
The financial analytics market, on the basis of verticals, can be segregated into healthcare and life science, manufacturing, BFSI (Banking, Financial Services and Insurance), travel and hospitality, consumer goods and retail, transportation and logistics, government and telecommunication.
Improvements in business models, including B2B (business to business), B2C (business to customers) and business to employees have led to the emergence of huge opportunities for the financial analytics market. Geographically, the financial analytics market can be categorized into major four regions, including North America, Asia Pacific, Europe and ROW (rest of the world).
Information Source: Grand View Research