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Financial Analytics Market Trends

Report ID: GMI1923
Published Date: Oct 2024
Report Format: PDF

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Financial Analytics Market Trends

Fintech analytics startups are driving significant growth in the financial analytics industry. For example, Dobin, which launched in Singapore in July 2023, shows how new companies use open finance and advanced data analytics to stand out. Dobin’s platform consolidates users' financial data and generates anonymized insights, providing valuable information.

This trend is common in the fintech sector, where startups use advanced analytics, AI, and open banking to innovate. These technologies help startups offer personalized financial services and deeper insights, challenging traditional players. The competition from these startups is pushing established financial analytics vendors to improve their solutions. As a result, financial institutions, including banks, are quickly adopting advanced data analytics tools to stay competitive. The growth of fintech analytics is expanding the market by encouraging the use of financial analytics solutions, including open banking platforms and data-driven insights.

Reliable financial analytics depend on high-quality data. However, financial data is often spread across different platforms and systems, making integration difficult. Incomplete or inconsistent data can distort results, affecting the effectiveness of analytics models. Proper data governance and validation processes are essential to address these issues and provide meaningful insights and predictions in the market.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of financial analytics reached USD 10.9 billion in 2023 and is set to grow at a CAGR of 11.6% from 2024 to 2032, driven by the increasing reliance on data-driven insights.

The large enterprises segment held a market share of over 65% in 2023, benefiting from partnerships that integrate cutting-edge analytics solutions into existing systems.

The BFSI segment held a dominant market share of 25.8% in 2023, led by the need for precise insights into decision-making, risk assessment, fraud detection, and customer experience enhancement.

The U.S. market accounted for 70% of the revenue share in 2023, supported by major financial institutions focusing on real-time decision-making, risk management, and compliance.

Key players in the industry include Domo, Hitachi Vantara, IBM, Microsoft, Oracle, Rosslyn Data Technologies, Salesforce, SAP, SAS, and TIBCO.