Financial Analytics Market - Development Status, Driving Factors and Forecast to 2027

The transportation & logistics segment in financial analytics market is estimated to record sizeable growth at a CAGR of about 12% over the projected timespan due to burgeoning demand for data collection, analysis, and demand forecasting services. The healthcare segment accounted for more than 10% market share in 2020 and is set to maintain a positive trajectory through the assessment timeline due to increasing adoption of cloud analytics, which allows enterprises to incorporate data from all sources.

The Latin America financial analytics market accounted for almost 9% of the overall industry revenue in 2020 and is foreseen to grow steadily through the study period supported by the expanding e-commerce market in LATAM. The Middle East & Africa financial analytics industry is predicted to grow at a CAGR of more than 5% over the forecast timeline. Increasing penetration of big data analytics in MEA is expected to facilitate regional market growth in the coming years.

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The manufacturing segment is calculated to showcase strong growth at a CAGR of approximately 10% through the forecast timeline driven by booming demand for management of transaction records across multiple business sectors. In 2020, the government & public sector segment held a market share of nearly 7% and is anticipated to garner notable gains by 2027, owing to rising prevalence of digital payment methods worldwide.

The financial analytics market is set to witness robust growth by 2027 owing to the proliferation of data-driven financial analytics and insights across many industries.

The professional services segment held a substantial market share of almost 65% in 2020 and is expected to observe sizable expansion by 2027 owing to surging demand for consultation, integration, deployment, installation, and maintenance services. Meanwhile, the managed services segment is slated to grow at a CAGR of approximately 15% over the assessment period, due to increased usage of Software-as-a-Service (SaaS) or Platform-as-a-Service (PaaS).

Based on end-use, the financial analytics market has been divided into healthcare, BFSI, government & public sector, manufacturing, retail & consumer goods, IT & telecom, and transportation & logistics. The retail & consumer goods segment is set to attain around 15% market share by the end of 2027 owing to escalating sale of goods and services.

The budgetary control management segment in financial analytics market is projected to amass considerable gains by 2027, growing at over 10% CAGR through the stipulated timeframe owing to increasing product uptake in the manufacturing sector to maintain costs and eliminate wastage. The GRC management segment held more than 10% market share in 2020 and is set to witness healthy growth through the analysis timeline, on account of mounting requirement for strategic decision-making across several businesses. The customer management segment is anticipated to expand at a CAGR of more than 10% over the projected timeframe due to the soaring need to manage customer relations and propel brand value.

In terms of application, the financial analytics market has further been segregated into wealth management, customer management, GRC management, transaction monitoring, budgetary control management, payables/receivables analytics, and general ledger analytics. The general ledger analytics segment attained a sizeable market share of around 15% in 2020 and is speculated to progress at a steady pace through the review timeline on account of mounting demand for business transactions analysis services.

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The query, reporting & analysis segment is anticipated to expand at a CAGR of around 10% through the forecast period. Quick reporting capabilities, along with widespread adoption across multiple industry verticals, is projected to facilitate segmental growth over the study timeline.

Prominent demand for in-depth and valuable insights to support accurate financial forecasting among several companies worldwide has stimulated financial analytics market growth in recent years. Moreover, rising dependency of enterprises around the world on financial analytics to support strategic decisions has further bolstered industry adoption.

The key financial analytics market players are employing strategic initiatives to gain a competitive advantage and accelerate business expansion, thereby enhancing market dynamics. For instance, in January 2021, TIBCO Software, Inc., a leading company specializing in enterprise data, announced the acquisition of Information Builders, Inc. (ibi). Through the transaction, TIBCO aimed to integrate ibi's data management and analytics portfolio into its advanced connected intelligence platform to deliver timely data-driven insights to customers.

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