The global financial analytics market size was valued at USD 8.4 billion in 2021. The market is projected to grow from USD 8.4 billion in 2021 to USD 19.2 billion by 2028, exhibiting a CAGR of 14.80% during the forecast period.
 
The financial analytics market is expected to increase due to the increasing demand for cloud-based solutions and financial analytics services across various industries and organizations. Additionally, the development of big data, the need for solutions that can deal with large amounts of data, and the increasing emphasis on data-driven financial decisions in several end-user verticals are a few of the additional factors supporting the growth of the financial analytics market in the forecast period. However, it is expected that during the forecast period, the need for addressing common business factors will further restrain the growth of the financial analytics market.

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COVID-19 IMPACT

Unexpected effects of COVID-19's spread on the international industry. The market for financial analytics is now experiencing some issues. Implementing technology in this environment is challenging. The reduction in output is another restriction on this industry. Lockdowns and social exclusion hamper the deployment and other market operations. The market is currently improving its financial operations. Market participants take use of this chance to develop new technologies. Higher-end features will be the outcome of market advancements.
 
DRIVING FACTORS

Digital Technology Integration Is Accelerating Financial Analytics Adoption

Every industry is on the verge of a revolution as Industry 4.0 and digitization take over business practices. The world of finance is no exception to this. Designing strong security and workflow optimization platforms has become more important as the volume of digital financial transactions grows. When the COVID-19 pandemic was at its worst, this need was felt more keenly. Unprecedented shifts in human behavior occurred throughout the pandemic. Key industries were forced to permanently transition to the virtual domain, which resulted in a drastic change in working paradigms. Mobile transactions increased dramatically, with personal trading apps registering high transaction volumes.
 
RESTRAINING FACTORS

Several Security-Related Issues are Preventing Businesses from Expanding to Limit Market

The company's top echelons are becoming increasingly interested in information management and security. Organizations handle many different types of huge amounts of data. Numerous internal and external channels are used to collect data, making it challenging for many firms to comprehend where the data originates from, how it moves, and how it is maintained. In reality, no environment, including a cloud environment, is completely secure; every environment has some weaknesses. The hackers or invaders of the modern era are quite cunning and have advanced intrusion tools and strategies to enter any relatively vulnerable cloud environment.

LIST OF KEY COMPANIES PROFILED:

Deloitte LLP
Hitachi Vantara Corporation
International Business Machine Corporation
Microsoft Corporation
Oracle Corporation
Rosslyn Data Technologies
SAP SE
Symphony Teleca Services, Inc.
Teradata Corporation
TIBCO Software Inc.

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