The global financial analytics market is expected to grow at a CAGR of around 11% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global financial analytics market 2017-2021 under their ICT library (Graphic: Business Wire)
Global financial analytics market segmentation by deployment and geography
Technavio’s report on the global financial analytics market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by deployment, including on-premise and cloud-based. As projected in 2016, more than 60% of the market share originated from the on-premise segment. The biggest advantage of the on-premises software is that businesses have complete control over their critical financial data.
Based on geography, the global financial analytics market has been segmented into APAC, EMEA, and the Americas. The Americas dominated the global financial analytics market, with a share of more than 52% in 2016.
“The financial analytics market in the Americas is mainly driven by the US and Canada. The growth of big data and Internet of Things in the US has driven the need for advanced analytics. The area where advanced analytics find major use in the Americas is the BFSI sector. Ayasdi, an advanced analytics and intelligent applications provider assists banks to transform a bank’s traditional anti-money laundering process into a highly efficient process with the help of machine learning,” says Amrita Choudhury, a lead analyst at Technavio forenterprise application research.
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Global financial analytics market: competitive vendor landscape
There is intense competition among the vendors in the global financial analytics market, particularly in terms of services provided. With the increased competition, the industry has been observing consolidation, where smaller players are being acquired by or merged with major players. The changing technological environment is a major challenge for global vendors. To survive and succeed in the intensely competitive environment, it becomes imperative for vendors to distinguish their product and service offerings through clear and unique value propositions.
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Other topics covered in the report:
Market drivers:
- Growing data in BFSI sector
- Growing competition
Market challenges:
- Increasing concerns regarding data privacy
- Lack of skilled professionals
Market trends:
- Shift to cloud computing
- Growing adoption of mobile financial analytics solutions
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