The global financial analytics market is expected to exhibit strong growth, reaching USD 19.2 billion by 2028. As per the report titled "Financial Analytics Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment mode (On-Premise and Cloud), By Organization Size (Large Enterprises and Small & Medium Sized Enterprises), By Industrial Vertical (BFSI, IT and Telecom, Manufacturing, Retail and E-commerce, Government, Healthcare and Others) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 8.4 billion and USD 19.2 billion in 2028. The market is expected to exhibit a CAGR of 14.80% during the forecast period.
Microsoft and The Qatar Financial Center Regulatory Authority (QFCRA) Expanded their Collaboration
In February 2022, the Qatar Financial Center Regulatory Authority (QFCRA), an independent regulator of the QFC established to approve and supervise businesses and people operating financial services in or from the QFC, and Microsoft expanded their relationship. Through this partnership, Microsoft sought to develop solutions that improve artificial intelligence (AI) and data analytics to transform digital goals and obtain actionable information through social media analytics, robotic process automation (RPA), AI-powered knowledge mining, chatbots, and RPA.
Artificial intelligence and machine learning's potential to accelerate market expansion.
Utilizing enormous volumes of data to find economic value will be made possible thanks to the capabilities of various AI-based technologies. The use of artificial intelligence in the financial industry has the potential to improve the reliability, accuracy, and resilience of the financial ecosystem. Several verticals utilize machine learning and artificial intelligence to improve compliance frameworks, boost fraud detection and harm minimization capabilities, and improve investment decision-making processes.
COVID-19's effect on market demand to Limit Market Growth
The COVID-19 epidemic significantly impacted the market for financial analytics. Due to the growing uncertainty during the crisis, the industry had challenging problems using historical data and forecasting future behavior. A sizable number of executives switched from predictive analysis to straightforward descriptive analytics. However, the business is expected to have notable growth through 2030 due to the number of instances significantly declining across numerous economies and the market patterns gradually returning to normal.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the financial analytics market plan acquisitions to improve their brand recognition globally. For instance, in June 2021, one of the biggest financial services companies in the world, Deutsche Bank, joined forces with Oracle. The bank hoped to update its database technology through this partnership and hasten the digital process.
Notable Industry Development
Microsoft and The Qatar Financial Center Regulatory Authority (QFCRA) Expanded their Collaboration
In February 2022, the Qatar Financial Center Regulatory Authority (QFCRA), an independent regulator of the QFC established to approve and supervise businesses and people operating financial services in or from the QFC, and Microsoft expanded their relationship. Through this partnership, Microsoft sought to develop solutions that improve artificial intelligence (AI) and data analytics to transform digital goals and obtain actionable information through social media analytics, robotic process automation (RPA), AI-powered knowledge mining, chatbots, and RPA.
Artificial intelligence and machine learning's potential to accelerate market expansion.
Utilizing enormous volumes of data to find economic value will be made possible thanks to the capabilities of various AI-based technologies. The use of artificial intelligence in the financial industry has the potential to improve the reliability, accuracy, and resilience of the financial ecosystem. Several verticals utilize machine learning and artificial intelligence to improve compliance frameworks, boost fraud detection and harm minimization capabilities, and improve investment decision-making processes.
COVID-19's effect on market demand to Limit Market Growth
The COVID-19 epidemic significantly impacted the market for financial analytics. Due to the growing uncertainty during the crisis, the industry had challenging problems using historical data and forecasting future behavior. A sizable number of executives switched from predictive analysis to straightforward descriptive analytics. However, the business is expected to have notable growth through 2030 due to the number of instances significantly declining across numerous economies and the market patterns gradually returning to normal.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the financial analytics market plan acquisitions to improve their brand recognition globally. For instance, in June 2021, one of the biggest financial services companies in the world, Deutsche Bank, joined forces with Oracle. The bank hoped to update its database technology through this partnership and hasten the digital process.
Notable Industry Development
- April 2021: Dediq, a company investor specializing in information technology and digital business, and SAP formed a collaboration. Through digital business innovation and cloud technology, this alliance aims to create enterprise-grade solutions and assist clients in becoming more flexible. The current FSI portfolio would be expanded through this partnership to include complete banking and insurance processes.
List of Key Players Profiled in the Report
- Deloitte LLP
- Hitachi Vantara Corporation
- International Business Machine Corporation
- Microsoft Corporation
- Oracle Corporation
- Rosslyn Data Technologies
- SAP SE
- Symphony Teleca Services, Inc.
- Teradata Corporation
- TIBCO Software Inc.
Further Report Findings
- The market in North America is expected to gain a huge portion of the global financial analytics market share in the coming years. Some key factors driving market expansion in this region include increasing knowledge of the applications for analytics solutions, a strong emphasis on innovation, and an organizational focus on enhancing the customer experience.
- In addition to banking and financial services, retail and healthcare are the other significant sectors promoting the expansion of the financial analytics industry in North America.
- In Asia Pacific, the growth in this region is primarily driven by financial organizations that are increasingly integrating AI-based technologies to manage financial assets and cut operating costs.
| Attributes | Details |
| Study Period | 2016-2028 |
| Base Year | 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2022-2028 |
| Historical Period | 2016-2020 |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Component, By Deployment Mode, By Organization Size, By Industrial Vertical, and By Geography |
| By Component |
|
| By Deployment Mode |
|
| By Organization Size |
|
| By Industrial Vertical |
|
| By Region |
|
