Financial analytics helps to transform the financial process to provide more visibility, insights, and control over organization performance. It has been observed that the average 20% of organization performance, revenue growth, shareholder value, and profitability has been lost due to lack of analytical solutions for efficient performance management. Finance professionals spend more time in collecting data and validating numbers than deriving valuable insights from the available data. The financial budgets and forecasts are time consuming and labor intensive process. The process needs the system that automates all financial analysis, enabling organizations to develop up-to-date reports with lesser time and effort. Financial analytics helps them to offer such solution and enables organizations to present financial data in simplified format that allows all department heads to understand the overall financial performance of the company.

The financial analytics market is growing rapidly because of enhanced technologies in Business Intelligence (BI) and business analytics, high data intensity, competitive differentiator, increased focus on data transparency. The Banking, Financial Services and Insurance (BFSI) vertical is using financial analytics solution for credit risk management, asset and liability management, funding and investment portfolio management, finance resource allocations, revenue as well as profitability management. In the financial analytics market, the software supports various types of applications such as asset and liability management, budgetary control management, general ledger management, payable management, receivable management, profitability management, governance, risk, and compliance management applications. The software caters to a wide range of verticals including BFSI, consumer goods and retail, healthcare and life science, government, manufacturing, transportation and logistics, travel and hospitality, telecommunication and Information Technology (IT), media and entertainment, and public sector, energy and utilities.

The increased complexity in financial analysis, growing demand for cloud analytics, and increased financial risks and frauds create new opportunities for financial analytics and increase the demand for analytics in finance function. In the coming future, the financial analytics market will be more competitive because leading players are acquiring start-ups, and companies are raising funds from venture capitalists.

MarketsandMarkets forecasts the financial analytics market to grow from $3.62 billion in 2013 to $6.65 billion in 2018.

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