Financial Analytics Market is likely to reach $19.8 Billion by 2030 | Industry Size, Geography & Forecast
Lack of skilled workers to operate financial analytics software hampers the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, April 24, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the global financial analytics market generated $7.6 billion in 2020, and is estimated to reach $19.8 billion by 2030, witnessing a CAGR of 10.3% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Rise in adoption of advanced computing devices, increase in storage capabilities, and innovation in analytics tools drive the growth of the global financial analytics market. However, increase in the number of cyber threats and data breaches restrain the market growth. On the other hand, untapped potential in emerging countries and rise in awareness among end users about the benefits of financial analytics present new opportunities in the coming years.
The report offers detailed segmentation of the global financial analytics market based on component, deployment mode, organization size, industry vertical, and region.
Based on component, the solution segment contributed to the highest share in 2020, accounting for more than two-thirds of the total market share, and is estimated to maintain its dominant share by 2030. However, the services segment is projected to manifest the highest CAGR of 12.6% from 2021 to 2030.
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Based on industry vertical, the BFSI segment held the largest share in 2020, accounting for more than one-fourth of the global financial analytics industry, and is projected to continue its lead position during the forecast period. However, the retail and e-commerce is segment is estimated to witness the fastest CAGR of 14.5% during the forecast period.
Based on region, North America accounted for the highest share in 2020, contributing to more than one-third of the total market share, and is projected to continue its leadership status by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 13.4% during the forecast period.
Leading players of the global financial analytics market analyzed in the research include Deloitte LLP, International Business Machine Corporation, Hitachi Vantara Corporation, Oracle, Microsoft Corporation, SAP SE, Rosslyn Data Technologies, Teradata Corporation, Symphony Teleca Services, Inc., and TIBCO Software, Inc.
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Covid-19 Scenario:
• The demand for financial analytics services and solutions increased during the Covid-19 pandemic, due to rise in need to take better financial decisions during the times of economic uncertainty.
• Moreover, increase in volume of data generated by different industries and the need to manage this huge amount of data also increased the demand for financial analytics.
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