Financial Analytics Market size was over USD 8.72 billion in 2023 and is projected to exceed USD 36.32 billion by 2036, growing at over 11.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of financial analytics is assessed at USD 9.53 billion. The growth of the market can be attributed primarily to the increasing number of incidences of financial fraud and identity theft, which in turn are steering the demand for financial analytics solutions among many organizations. As per the information provided by the Insurance Information Institute, in 2020 in the United States alone, 1.4 million complaints were filed for identity theft, up from 651,000 in 2019. About 29 percent of all the complaints received by the Federal Trade Commission were identity thefts.
Along with this, rising emphasis on data-driven financial decisions in several industry verticals, and emergence of big data across the globe are also expected to bolster the market growth in the forthcoming years. Furthermore, growing development of improved technologies in business intelligence and business analytics domain is also predicted to provide ample growth opportunities to the market in the near future.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
11.6% |
|
Base Year Market Size (2023) |
USD 8.72 billion |
|
Forecast Year Market Size (2036) |
USD 36.32 billion |
|
Regional Scope |
|
The market is segmented by end user into BFSI, healthcare, manufacturing, government, it and telecom, and others, out of which, the BFSI segment is anticipated to hold the largest share in the global financial analytics market. This can be accounted to the upsurge in deployment of financial analytics-as-a-service in this sector as a result of its ability to improve general ledger, budgetary control, asset and liability, and compliance management and risk. Additionally, on the basis of deployment, the cloud segment is assessed to observe the highest growth during the forecast period owing to the ease of scalability, speed of deployment, and 24x7 availability of cloud-based financial analytics solutions. Apart from these, escalating collaborations between market players and major cloud service providers is also predicted to boost the growth of the market segment in the imminent time.
Our in-depth analysis of the global market includes the following segments:
|
By Deployment |
|
|
By Application |
|
|
By End User
|
|
APAC Market Statistics
On the basis of geographical analysis, the global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is likely to dominate majority revenue share by 2036, impelled by increasing deployment of big data technologies, such as data science and predictive analysis, especially in China, and rising demand for cloud-based analytics. China is evaluated to be the biggest cloud services market in Asia Pacific. In 2020, the country spent more than USD 18 billion on cloud infrastructure, up from about USD 10 billion in 2019.
North America Market Analysis
Moreover, the market in North America is projected to grab the largest share over the forecast period ascribing to the high focus on enhancing customer experience, and increase consciousness regarding the applications of analytics solutions in the region. In addition, surging adoption of financial analytics solutions by SMEs is also predicted to drive the region’s market growth in the future.
July 2020- Oracle announced the launch of Oracle Dedicated Region Cloud@Customer for its customers, which is the industry's first fully managed cloud region which brings all of Oracle’s public cloud services to customer datacenters.
February 2019- IBM Watson declared collaborations and partnerships with several industry partners, including Garmin Health, Guardhat, Mitsufuji, and SmartCone aimed at enhancing employee safety in hazardous environments.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?