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.
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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