Future Market Insights (FMI) has offered an exhaustive analysis on the global advanced analytics market, for the forecast period 2017 to 2022, in its one of the recent research reports. FMI’s report projects the global market for advanced analytics to reflect a steady 5.5% CAGR through 2022. Revenues from the global advanced analytics market will exceed US$ 13,500 Mn by 2022-end.
Advanced Analytics to Witness Huge Demand for Addressing Diverse Business Requirements
Adoption of advanced analytics solutions has witnessed a considerable surge over the recent past, with increased demand for addressing diverse business requirements. With increasing competition, businesses are focusing on rapid expansion for gaining higher market shares along with retaining their customers. These businesses require intelligence, which will help in predicting future scenarios, identifying opportunities, improving processes and anticipating problems. Advanced analytics helps in meeting all these business requirements by analysing structured as well as unstructured data.
A number of niche players are entering the market with the provision of advanced analytics solutions at a relatively lower costs, which in turn has fuelled the adoption of these solutions. In addition, several medium- and small-sized industries are now offering updated services & solutions to optimise business efficiency at low costs. The introduction of advanced analytics is helping various organisation in incorporating efficient techniques including big data analytics, location intelligence, and data mining. The organisations are able to extract valuable information, and make better business decisions.
Make Enquiry :
Key Takeaways from FMI’s Report on Global Advanced Analytics Market
·The global advanced analytics market is projected to witness the fastest expansion in North America, with sales estimated to reach approximately US$ 2,500 Mn in revenues by 2022-end. Enterprises in the region are increasingly adopting advanced analytics solutions for gaining insights on the available data, and identifying various industry trends. Asia-pacific excluding Japan (APEJ) and Europe are anticipated to follow the footsteps of North America in terms of CAGR through 2022. In addition, APEJ will remain the largest market for advanced analytics, in terms of revenues. Middle East & Africa will exhibit a sluggish expansion in the global advanced analytics market over the forecast period.
·Based on solutions, big data analytics and visual analytics are projected to register a parallel expansion in sales through 2022. Revenues from these solutions will collectively account for over one-third share of the market in 2017. However, sales of big data analytics and visual analytics will exhibit the lowest CAGRs in the market through 2022. Predictive analytics will register the highest CAGR in sales, to remain the most lucrative solution of advanced analytics over the forecast period. In addition, risk analytics will also discern a rapid expansion in its sales through 2022.
·Advanced analytics solutions are anticipated to experience the fastest sales expansion in retail & consumer goods industry, with sales poised to account for nearly US$ 3,000 Mn revenues by 2022-end. Government and healthcare industries are also projected to ride on a high CAGR in the market through 2022. In contrast, BFSI industry will register a relatively lower CAGR throughout the forecast period. However, BFSI will remain the most lucrative industry in the global advanced analytics market, in terms of revenues.
Vendors being Encourages to Integrate Analytics Solutions with Technically Advanced Features
Several enterprises in the market viewed advanced analytics to be an expensive technique. However, this perception is witnessing a rapid transformation, as enterprises are realising the advantages of analytics in developing market strategies that are customer-oriented. This is further encouraging vendors to integrate these solutions with technically advanced features. Key companies profiled by FMI’s report, who are actively contributing to expansion of the global market for advanced analytics, include CA Technologies, Oracle Corp., Teradata Corporation, Infor Inc., SAS Institute Inc., Microsoft Corp., Intel Corp., and IBM Corporation.