Advanced analytics market isn’t just growing, it is accelerating. Growing enterprise data is one major factor driving the growth of global advanced analytics market. Advanced analytics refers to a broad category of inquiry which can be used to help drive changes and bring about improvements in the business processes. Advanced analytics involves use of mathematical operations in order to interpret data. It helps in making predictions, generating recommendations, and discovering deeper insights.
SAS Institute, SAP SE, IBM Corporation, Oracle Corporation, KNIME AG, Statsoft, and Microsoft Corporation are a few major players in the global advanced analytics market. Advanced analytics helps in making informed business decisions by having complete insights of market and provides in depth analysis of the market too. Growing demand for big data analytics is set to drive the growth of advanced analytics market. Major factors responsible for the growth of big data are basically the increase in data, the growth of cloud, and the rising demand for advanced analytics. Cloud technology is becoming mainstream and the seamless connectivity offered by cloud is making it accessible and is also increasing the ease of sharing data and applications. Hence, the advent of cloud technology is one major factor driving the growth of advanced analytics market.
The BFSI sub-segment of the global Advanced Analytics Market is expected to hold the largest share of the market owing to the increased demand to mitigate frauds, optimize processes and to handle risks. Whereas, IT & telecommunication sub segment is expected to grow at the highest rate during the forecast period owing to the increasing adoption of advanced analytics solutions to receive better insights about the market. Also, the growing trend of predictive analytics is one major factor driving the growth of advanced analytics market.
The North America region holds the largest share of the market across the globe followed by Europe, and Asia Pacific region. The U.S. and Canada are dominating the North America market due to rising technological enhancements and growing adoption of artificial intelligence in the region. Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of social media is another major factor driving the growth of the advanced analytics market in the region.
The global advanced analytics market is expected to grow at a CAGR of approximately 15% during the forecast period 2017-2023.
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Major Key Players:
- SAS Institute (U.S.),
- SAP SE (Germany),
- IBM Corporation (U.S.),
- Oracle Corporation (U.S.),
- KNIME AG (Switzerland),
- Statsoft, Angoss Software Corporation (Canada),
- Microsoft Corporation (U.S.)
- Fico (U.S.)
The global advanced analytics market is segmented by type and application. Based on the type, the market is segmented into statistical analysis, big data analytics, customer analytics, social analytics, visual analytics, risk analytics, business analytics, and predictive modeling. Whereas, based on the application, the market is segmented into BFSI, IT & telecommunication, healthcare, government & defense, transportation & logistics, consumer goods & retail, and others. The BFSI application segment comprises of regulatory reforms, customer profitability, operational efficiency, risk management, credit risk analysis, fraud detection and management, budgeting and planning and process optimization.
The IT and telecommunication application segment comprises of targeting offer and campaign management, cell site optimization, revenue assurance, customer profitability analysis, network dynamics and congestion control & social network analysis. The healthcare application segment comprises of predictive modeling, and financial performance & monitoring. The government & defense application segment comprises of defense health and scenario planning.
The transportation & logistics application segment comprises of inventory optimization, supply chain planning, sales & operational planning and quality lifecycle management. The consumer goods & retail application segment comprises of price optimization, customer insight, planning & organization, merchandize planning and size optimization.
The global advanced analytics market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period.
The growth of the market in North America is attributed to technological advancements and increasing need to address vertical specific challenges in the region.
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- Technology Investors
- Research/Consultancy firms
- Government Bodies
- Advanced analytics solution vendors
- Third-party vendors
- Consulting service providers
- Technology providers
- System integrators
- Cloud service providers
- Big data vendors
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