global demand for advanced analytics market was valued at around USD 10.70 billion in 2015 and is expected to reach USD 60.44 billion in 2021, growing at a CAGR of slightly above 33% between 2016 and 2021.
At present, as the volume of data constantly grows and evolves, traditional analytics and methods are not efficient to adapt with this great amount of structured and non-structured data. Advanced analytics capabilities let organization incorporate forward-looking techniques like data mining, Big Data analytics, predictive analytics, and location intelligence to extract valuable information from their data to help in business decision making.
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Increasing demand to counter big data challenges paired with emerging technologies along with business intelligence and analytics are the most prominent factors expected to boost the demand for advanced analytics in coming years. Small and medium-sized companies are coming with updated solution and services to optimize the efficiency of businesses with lower cost as compared to established players. In addition, cost reductions from cloud deployment models, benefits of advanced analytics over traditional analytics, increasing need to address vertical specific challenges are the some of the contributing factors to the growth of advanced analytics in coming years. On the other hand, technical misspecification’s regarding advanced analytics is expected to pose a challenge to market growth.Nonetheless, adoption by niche industries is likely to open new doors for the advanced analytics demand.
Big Data analytics, risk analytics, and predictive analytics are some of the prominent type segment of the advanced analytics market in 2015. The growth of these segments is mainly attributed to the ability of advanced analytics to address vertical specific challenges.
Banking and financial services, telecom and IT and healthcare were the leading application segment in 2015. The growth of banking and financial service segment is mainly driven by rising use of advanced analytics to mitigate frauds, optimize processes and to handle risks.Consumer goods and retails application segment is expected to experience significant growth owing to demand price optimization and demand for critical customer insight.
Browse the full “Advanced Analytics Market (Statistical Analysis, Big Data Analytics, Customer Analytics, Social Analytics, Visual Analytics, Risk Analytics, Business Analytics and Predictive Modeling) for Banking and Financial Services, Telecom and IT, Healthcare, Government and Defense, Transportation and Logistics and Consumer Goods and Retails Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021” report at https://www.zionmarketresearch.com/report/advanced-analytics-market
With the largest share, North America emerged as the dominating regional market for advanced analytics in 2015 owing to high technology adoption rate. Increasing service sector across Asia Pacific and rising demand from small sized companies are expected to fuel the growth of advanced analytics market in Asia Pacific region.
Some of the key players in the advanced analytics areOracle Corporation, Statsoft, Angoss, Microsoft Corporation, Sap, SAS, Fico,Knime, and IBM Corporation amongst others.