Advanced Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
The humongous amount of data generated today has made all traditional methods of analytics insufficient and inefficient. Thus, there has been a rise in advanced analytics, which not only has enhanced analytic abilities but also enables organizations to perform data mining, predictive analytics, and is empowered with location intelligence so as to extract valuable information pertaining to that particular region or area and help in making strategies and decision making for the betterment of the business. Advanced analytics can deal with large amounts of both structured and unstructured data and thus, the advanced analytics market is expected to grow at an outstanding rate during the forecast period.
Another factor boosting the demand for advanced analytics is the challenge offered by big data and need for business intelligence. Both small and medium scale companies are making use of latest services and solutions so as to enhance their efficiency and also lower their cost.
Cloud models are helping in reducing cost extensively, boosting adoption, and this in turn is giving rise to a heightened demand for advanced analytics. Some of the prominent types of advanced analytics that will witness a growth in the market during the period from 2017 to 2025 are risk analytics, predictive analytics, and Big Data analytics. These three segments have the ability to address vertical specific challenges and thus, in demand. However, incorrect technical specifications are expected to pose a challenge for the advanced analytics market.
Advanced analytics offers a comprehensive analysis of different kind of data making use of several quantitative methods. In order to offer current and future trends, advanced analytics make use of different methods such as statistic, predictive and descriptive data mining, optimization, and visualization. These factors are expected to offer potential opportunities for key players operating in the market. Furthermore, with the growing popularity of online shopping and increasing social networking, the demand for advanced analytics is expected to rise substantially in the coming years.
The research study offers an in-depth analysis of the global advanced analytics market, providing insights into the latest trends, opportunities, and growth factors. In addition, the limitations and challenges faced by the leading players have been highlighted to offer a clear picture of the global market. A detailed overview of the competitive landscape of the global advanced analytics market has been presented in the scope of the research study.
A significant rise in the adoption of big data and the increasing need to prevent fraudulent activities are some of the vital factors that are estimated to encourage the growth of the global advanced analytics market in the next few years. In addition, the growing demand for mobile analytics solutions and the rising focus on business intelligence are projected to contribute towards the development of the overall market in the next few years.
On the other hand, concerns related to data security and lack of data integration and connectivity are projected to restrict the growth of the overall market in the near future. Moreover, the lack of expertise, especially in developing economies is likely to curb the growth of the market. Nonetheless, the rise in the adoption of SaaS-based predictive analytics is expected to fuel the growth of the market in the coming years.
Among the key geographical segments, Europe and North America are expected to lead the global advanced analytics market and account for a key share in the forecast period. As per the research study, these two regions are anticipated to witness substantial growth, thanks to the presence of a large number of financial institutes. In addition, the increasing use of software services and solutions in diverse business activities is one of the key factors that is expected to fuel the growth of the advanced analytics market in Europe and North America.
On the other hand, Asia Pacific is projected to witness robust growth in the next few years and register a healthy growth rate. The high growth of this region can be attributed to the developing economy and tremendously expanding banking sector. These factors are expected to offer promising opportunities for key players operating in the advanced analytics market across the globe.
Some of the prominent players operating in the advanced analytics market across the globe are Statsoft, Knime, Terdata, Pitney Bowes Software, Microsoft, Kxen, Infor, SAS, Oracle, Angoss, Fico, SAP, IBM, and Rapidminer. In order to survive in the competitive scenario of the market, these players are focusing on innovations and high-quality services, which will help them in enhancing their market presence across the globe.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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