North America Financial Analytics Market Size, Share & Industry Trends Analysis Report By Component, By Deployment Model (On-premise and Cloud), By Organization Size, By Vertical, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Financial Analytics Market would witness market growth of 9.7% CAGR during the forecast period (2022-2028).
In financial services and other data-intensive industries, analytics is critical. Since finance is a transaction-heavy industry, financial services businesses, comprising investment banks, create and store more data than just about any other business in any other sector. While banks have been using data to monitor and measure risk for many years, data analysts are now taking on the role of prominent inside consultants, delivering key ideas on how to enhance the organization's complete profitability to senior executives. Financial firms today evaluate both unstructured and structured data, like market and trade data, as well as data from news outlets, social media, and marketing materials.
Every firm relies on sales income to survive. As a result, precise sales forecasting is critical for the organization's strategic and technical goals. Predictive sales analytics entails developing a reliable sales prediction. There are a variety of methods for estimating sales, including correlation research and using past trends to estimate sales. In addition, predictive sales analytics can assist the user in planning and managing the peaks and troughs of the firm.
North America leads the financial analytics market due to a high level of tolerance across a variety of industries and a rapid rate of technological adaptation. It is because of rising awareness and appropriate government programs. Additionally, the growing demand for data storage and analysis as a result of increased data generation is likely to propel the financial analytics market in the area forward during the forecast period. It's not only about purchasing financial IT systems and equipment when it comes to digitization.
As firms continue to embrace financial digital technologies into an ever-widening range of business operations, utilization of these solutions is experiencing the most rapid rise. The first major effort to quantify how this activity is acting out at the sector level is MGI's Industry Digitization Index. It uses dozens of variables to create a picture of digital assets, usage, and personnel throughout the economy. Aside from the communications technology (ICT) and financial information industry, the media, financial, and professional services sectors are all gaining popularity, while others have tremendous potential. Despite a surge in adoption, the disparity has reduced only slightly in the last decade. This tendency can be seen at both the company and sector levels.
The US market dominated the North America Financial Analytics Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4,019.5 million by 2028. The Canada market is anticipated to grow at a CAGR of 12.2% during (2022 - 2028). Additionally, The Mexico market would showcase a CAGR of 11.2% during (2022 - 2028).
Based on Component, the market is segmented into Solution and Services. Based on Deployment Model, the market is segmented into On-premise and Cloud. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on Vertical, the market is segmented into BFSI, Manufacturing, Government & Public Sector, Telecom & IT, Retail & Ecommerce, Healthcare & Life Sciences, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tibco Software, Inc. (Vista Equity Partners), Rosslyn Data Technologies, Harman International Industries, Inc. (Samsung Electronics Co., Ltd.), Teradata Corporation, SAP SE, Oracle Corporation, Microsoft Corporation, IBM Corporation, Deloitte Touche Tohmatsu Limited, and Hitachi Vantara LLC (Hitachi Ltd.)
Scope of the Study
Market Segments Covered in the Report:
By Deployment Model
By Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises (SMEs)
- Government & Public Sector
- Telecom & IT
- Retail & Ecommerce
- Healthcare & Life Sciences
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Tibco Software, Inc. (Vista Equity Partners)
- Rosslyn Data Technologies
- Harman International Industries, Inc. (Samsung Electronics Co., Ltd.)
- Teradata Corporation
- SAP SE
- Oracle Corporation
- Microsoft Corporation
- IBM Corporation
- Deloitte Touche Tohmatsu Limited
- Hitachi Vantara LLC (Hitachi Ltd.)
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