Financial Analytics Market - Shift to Cloud Computing Will Promote Growth
The global financial analytics market is expected to grow at a CAGR of around 11 percent from 2017-2021, according to a new market research report by Technavio.
Technavio’s report on the global financial analytics market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by deployment, including on-premise and cloud-based. As projected in 2016, more than 60% of the market share originated from the on-premise segment. The biggest advantage of the on-premises software is that businesses have complete control over their critical financial data.
Based on geography, the global financial analytics market has been segmented into APAC, EMEA, and the Americas. The Americas dominated the global financial analytics market, with a share of more than 52 percent in 2016.
“The financial analytics market in the Americas is mainly driven by the US and Canada. The growth of big data and Internet of Things in the US has driven the need for advanced analytics. The area where advanced analytics find major use in the Americas is the BFSI sector. Ayasdi, an advanced analytics and intelligent applications provider assists banks to transform a bank’s traditional anti-money laundering process into a highly efficient process with the help of machine learning,” says Amrita Choudhury, a lead analyst at Technavio for enterprise application research.
