Recently, AMA Research released its report on the global personal finance management software market, which covers multiple aspects of the financial market worldwide and proves to be a handy resource for industry experts, analysts, and managers.
The report gives insight into the upcoming challenges in the field, market trends, opportunities, and growth drivers.
According to the report, the key players in the field are Intuit Inc. (United States), Juris Technologies (Malaysia), Microsoft (United States), Moneyspire Inc. (United States), PocketSmith (New Zealand), Buxfer Inc. (United States), and Investplus (India).
It also highlights the heightened demand for automation in finance management and indicates that the main restraint companies face is a lack of skill in the workforce.
The other major challenge is technological, with both connectivity and ease of upgrades proving significant barriers. While the latter requires extensive tech intervention, the former can be resolved with the help of a reliable business consultant, such as Ghost Mountain, that connects you with CPA and CFA-certified professionals.
Growth of Global Financial Analytics Market
Meanwhile, another report has surfaced with findings similar to those of the AMA report. The Market Research Future report forecasts the global financial analytics market to grow by up to $3.84 billion by 2024, with a CAGR of 22.6%.
The global financial analytics market has two segments: service and software. The service segment is forecasted to record a higher CAGR while the software segment holds a greater market share overall. Among all other markets in the financial space, the financial forecasting and budgeting vertical is estimated to dominate during the review period.
The report classifies the market into cloud-based and on-premise with respect to mode of deployment. Cloud-based analytics are more flexible, but potentially less secure and more prone to technical errors. On-premise deployment is more reliable, but doesn’t offer the flexibility of cloud-based services. Of the two, the cloud-based segment is forecasted to have a higher CAGR, mainly due to the global rise of cloud technology.
As for region-specific growth, the report indicates that North America will have an increased market share in the review period. The region’s domination of the financial analytics market can be attributed to the higher adoption of technology in the US and Canada, as opposed to in other regions.
Furthermore, the report predicts Europe to have the second-largest market share due to the rising demand for financial analytics solutions. Irrespective of the region, the key market players in the global financial analytics space are Oracle Corporation, Deloitte Touche Tohmatsu Limited, SAP, Zoho Corporation, Fair Isaac Corporation, and QlikTech International AB.
The commonality between these organizations is their adoption of similar strategies, to the point of forming collaborations, agreements, and partnerships.
Judging from the Analysis/ FP&A news surfacing in 2022, it’s likely that the financial space will be highly dependent on two things this year: bridging the skills gap through smart recruitment, and the increased adoption of cloud-based technologies.
Other business activities, such as developing an efficient methodology for NPV (net present value), discounted cash flows, or IRR (internal rate of return) analysis, will play secondary roles and are expected to benefit immensely from these two major avenues of advancement within the financial sector.