Financial Analytics Market Drivers Rising Penetration of Cloud Technologies
HYDERABAD, TELANGANA, INDIA, November 18, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Financial Analytics Market is forecast to reach $9.9 billion by 2026, growing at a CAGR of 6.9% from 2021 to 2026. The market growth is attributed to the factors such as technological advancements, growing digitisation, growing demand from organisations for planning, budgeting, improving efficiency and others boost the market growth. The growing implementation of artificial intelligence (AI) increases performance and competitiveness by automation. It minimizes human prejudice and error induced through psychological or emotional factors and enhances the accuracy and conciseness of management knowledge through detecting either patterns or longer-term developments that cannot be readily detected. AI can be used to find the relation between world events and their impact on prices by using predictive analysis. This information is very useful for any kind of wealth investment. AI in financial services is used to protect the details of their customer. AI is playing a major role by quickly assessing the large algorithms to protect from fraudulent cases. AI is used to advise the accurate result. P2P organization analyses their potential customer’s behavior and detect all the risk in the cooperation with that particular customer. AI also helps in analyzing consumer’s details who doesn’t have past credit history or his credit history is destroyed. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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1. The market growth is driven by factors such as increasing emphasis on data-driven financial decisions in various end-user verticals, rise of big data, challenging applications that can tackle vast volumes of data and others.
2. Moreover, growing digital transformations across all end users verticals and rising demand from small & medium enterprises also contributes to the market growth.
3. Being able to envision data is a valuable skill that traders use to assist them in making critical decisions about capital management, particularly when the financial market gets more competitive and more data needs to be evaluated. AR and VR contribute to this knowledge, making it simpler and quicker to imagine and coordinate vast volumes of data.
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1. Cloud deployment model held the highest market share of financial analytics in 2020 at 56.2% share. Moreover, it is anticipated to witness the significant market growth during the forecast period 2021-2026.
2. Large enterprise segment held the highest market share in 2020 at 48.2% share. Moreover, Medium and small enterprise segment is anticipated to witness the significant market growth during the forecast period 2021-2026.
3. North America region held the highest market share and is anticipated to have significant market growth during the forecast period 2021-2026 at 5.9% CAGR. The market growth is owing to technological developments, presence of developed countries and key manufacturers in this region.
The top 5 players in the Financial Analytics industry are –
1. IBM Corporation
3. Amazon Web Services
4. Micro Focus
5. Dell EMC
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