Financial
analytics is extensively used for research in the equity and
corporate bond markets. It plays a central role in the fundamental
analysis of any business. Fundamental analysis of businesses implies
investigating its financial statements and health, competitive
advantages, management, competitors and markets. Financial analytics
assist businesses in implementing Business Intelligence and
analytical tools to obtain accurate insights from the financial data
that is required in formulating business decisions. The Banking,
Financial Services and Insurance (BFSI) sector is employing financial
analytics for improving standard financial functions namely asset and
liability, general ledger, budgetary control, payable, governance,
receivable, profitability, compliance management and risk.
The
development of innovative business models such as
business-to-employee, business-to-consumer and business-to-business
has extended new opportunities for financial analytics. Additionally,
due to technological development and its influence on business
processes in an organization along with high degree of automation in
financial department for different financial transactions, is
expected to drive the market growth.
Thus,
with changing technological environment, modern approach to financial
data analysis is required across all types of industry verticals. The
financial analytics market is developing swiftly owing to enhanced
technologies in business analytics and BI and extended focus on data
transparency. Moreover, increasingly rising data intensity and use of
financial analytics as competitive differentiator is driving the
financial analytics market.
Security
concern and large number of business dimensions are the primary
obstructions in the financial analytics market growth. These barriers
are restraining the business enterprises to implement financial
analytics to support a broad range of applications. Demand for cloud
analytics is the next big thing coming in the market and extends
enormous opportunity for financial analytics. The advent of cloud
computing has pushed the financial planning to a new level and is
expected to have long term impact on the financial analytics market.
Companies such as host analytics Inc., offer cloud service based
financial analytics to the business organizations.
The
market for financial analytics is segmented by type, application,
deployment type, and industry verticals. Types include data
integration tools, Database Management System (DBMS), query, OLAP and
visualization tools, reporting and analysis, analytical solutions,
consulting and support services and others. Application segment
comprises of assets and liability management, payables management,
budgetary control management, profitability management, receivables
management, governance and risk and compliance (GRC) management.
Deployment type includes on-premise and cloud based. Industry
verticals include banking, financial services and insurance (BFSI),
healthcare and life science, consumer goods and retail, government,
transportation and logistics, manufacturing, travel and hospitality,
media and entertainment, telecommunication and IT, public sector and
energy and utilities.
Some
of the major players in this industry segment are SAP A.G.,
International Business Machines Corporation (IBM), Oracle
Corporation, TIBCO Software Inc., and MicroStrategy Inc., are active
vendors in the market. These vendors offer financial analytics either
in the format of individual solutions or incorporated into business
intelligence suites. Some other companies in this market include
Deloitte Touche Tohmatsu Limited, Hitachi Consulting Corporation,
Information Builders, Fair Isaac Corporation (FICO), Microsoft
Corporation, Symphony Teleca Corp., Teradata Corp, Tableau Software
Inc., Rosslyn Analytics Ltd. and SAS Institute Inc. among others.
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