Financial analytics (FA) defined as the examination of financial statements of an organization by software-based programs. The main objective is to provide precise business insights and forecast economic scenarios. Product analytics allows end users to focus on financial functions across organizations. It also offers better visibility into factors which drive costs, revenues and shareholder values.
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Key Driving Factors: Increasing implementation of Artificial intelligence
Rising implementation of artificial intelligence (AI) enhances the performance and competitiveness by automation. It reduces the human prejudice and error induced through psychological or emotional aspects and enhances the accuracy and awareness of management knowledge through identifying either patterns or longer-term developments which cannot be readily identified.
The key competitors operating in the market are Deloitte Touche Tohmatsu Limited, Fair Isaac Corporation (FICO), Microsoft Corporation, Teradata Corp, Hitachi Consulting Corporation, Information Builders, SAP SE, SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc.
Driver: Rising adoption of Internet of Things
IoT assists products and services to be more personalized. This means that the products and services can be much more oriented on the needs and expectations of the consumer. IoT helps businesses to gather huge amount of consumer data in real time, allowing a more personal view of the client. IoT definitely indicates the change in the data analytics domain. For instance, utilizing mobile geolocation information in real time as an external insight into the predictive risk analysis of the credit card. This fraud identification is obtained by comparing the location details of the account manager to the location of the transaction.
By End User:
On the basis of end user, the BFSI segment is projected to acquire a maximum share in the financial analytics market. The maximum share is majorly ascribed to the increase in application of financial analytics solutions in the banking and financial institutions as these institutes are associated to the finance and requirement for detecting the buying and investing patterns of customers which in turn, assists them in select their policies.
The Financial Analytics Market report has been categorized as below
By Organization Size
By Deployment Type
By End User
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Published Date : May-2021