Financial Analytics Global Market Report 2024

The global financial analytics market has grown rapidly in recent years. It will grow from $9.55 billion in 2023 to $10.68 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. Historical growth can be attributed to the surge in data within the finance sector, the necessity for regulatory compliance, the heightened demand for real-time insights, the evolving needs in risk management, the escalating complexity of financial instruments, and the reliance on data for strategic decision-making.

The global financial analytics market is expected to see rapid growth in the next few years. It will grow to $16.23 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The anticipated growth in the forecast period is driven by customer-centric approaches in financial services, the globalization of financial markets, growing concerns about cybersecurity, and the implementation of open banking initiatives. Major trends expected during this period encompass the utilization of advanced analytics and artificial intelligence (AI), the adoption of cloud-based financial analytics solutions, leveraging big data analytics, personalization in financial services offerings, the integration of blockchain and cryptocurrency analytics, and a focus on enhancing employee productivity and efficiency within the industry.

The rise of big data, referring to complex data sets from diverse sources, is propelling the financial analytics market. Financial decisions increasingly rely on solutions like financial analytics that manage and analyze large volumes of data to provide valuable insights. For instance, in 2021, the Investment Banking Council of America reported an 80% adoption rate of big data tools among financial institutions. This surge in big data application underscores its pivotal role in driving the growth of financial analytics solutions.

The growing demand in e-commerce is set to drive the financial analytics market further. Financial analytics enables e-commerce businesses to harness data-driven strategies for enhanced efficiency and profitability. For example, the United States Census Bureau reported a 7.5% increase in e-commerce sales in the second quarter of 2023 compared to the same period in 2022, representing 15.4% of all sales. This increasing trend in e-commerce sales substantiates its pivotal role in boosting the demand for financial analytics solutions.

The adoption of AI in the financial sector is a significant trend driving the financial analytics market. Key industry players are integrating AI to gain a competitive advantage. For instance, Prophix, a Canada-based Corporate Performance Management software company, introduced the first AI-powered virtual financial analyst. This technology automates data-centric and time-consuming tasks, enabling finance professionals to focus on more strategic activities, amplifying the impact on the company's bottom line. Such advancements highlight the growing importance of AI in financial planning and analysis.

Major companies in the financial analytics market are focusing on innovative products to drive market revenues. For instance, Datamatics Global Services Limited launched Finato, a platform designed to support decision-makers and business analysts. With automation, analytics, machine learning, and AI, Finato offers various modules covering business areas like procure to pay, order to cash, record to report, travel and expense, contract management, and financial planning & analysis. This digitally enhanced package ensures adaptability to regulatory changes, handles multiple currencies and languages, and enables straight-through processing, enhancing accuracy and efficiency in financial processes.

In March 2022, SAP SE, a prominent Germany-based software corporation, acquired a majority stake in Taulia, with the specific financial details undisclosed. This strategic move amplifies SAP SE's business network and bolsters its suite of solutions. The acquisition aims to empower companies by facilitating enhanced financial flexibility and stability. Despite the acquisition, Taulia will continue operating as an independent entity within the SAP group, maintaining its own brand. Taulia, headquartered in the US, specializes in financial technology solutions. SAP SE's investment in Taulia aligns with its vision of broadening its offerings and expertise, leveraging Taulia's capabilities to further augment SAP's suite of solutions and deliver innovative financial technology services to businesses worldwide.

Major companies operating in the financial analytics market report are Alteryx Inc., Infor Inc., Domo Inc., Fair Isaac Corporation, GoodData Corporation, Information Builders Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, QlikTech International AB, Rosslyn Data Technologies PLC, SAP SE, SAS Institute Inc., Teradata Corporation, TIBCO Software Inc., RIB Datapine GmbH, Salesforce Inc., Deloitte Touche Tohmatsu Limited, Hitachi Vantara Corporation, Symphony Teleca Services Inc., Databricks Inc., RAMP Inc., SparkCognition Inc., Fraud.net Inc., Ecolytiq GmbH, Elementus, MindBridge Analytics Inc., Moody's Corporation, Wealthfront Inc., Ellevest

North America was the largest region in the financial analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the financial analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of financial analytics encompass solutions and services. Financial analytics solutions leverage analytical tools to generate data and enhance decision-making, thereby optimizing sales and overall performance. These tools play a crucial role in evaluating and enhancing the financial performance of entities, improving productivity and operational efficiency. Deployment modes for financial analytics span on-premise and cloud-based setups, catering to large enterprises and small to medium-sized enterprises, respectively. These solutions are applied across various domains including wealth management, governance, risk and compliance management, financial forecasting and budgeting, customer management, transaction monitoring, stock management, and more, spanning industries such as BFSI, IT and telecom, manufacturing, retail and e-commerce, government, healthcare, and others.

This report provides financial analytics market statistics, including financial analytics industry global market size, regional shares, competitors with a financial analytics market share, detailed financial analytics market segments, market trends and opportunities, and any further data you may need to thrive in the financial analytics industry. This financial analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The financial analytics market consists of revenues earned by entities by providing financial function analytics and financial market analytics services. The market value includes the value of related goods sold by the service provider or included within the service offering. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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