The adoption of advanced analytics has also risen on account of a number of niche players who have entered the market and are providing advanced analytics solutions at a relatively lower cost.
The research, titled "Advanced Analytics Market: APEJ to Remain Most Lucrative Market for Advanced Analytics: Global Industry Analysis (2012-2016) & Opportunity Assessment (2017-2022)," was just released by Future Market Insights (FMI). The report projects that the global market for advanced analytics will grow at a 5.5% CAGR from 2017 to 2022 and reach a market size of US$13,500 mn by that year. One of the main elements driving the adoption of advanced analytics is the growing need to satisfy various business requirements.
Due to increased competition, businesses are increasingly focusing on growing their customer bases in order to increase their market shares. To do this, they need intelligence that can assist them in forecasting potential outcomes and preparing for the future. Additionally, businesses need intelligence to recognise possibilities that lie ahead, foresee potential issues, and enhance their existing procedures. Advanced analytics are a viable answer to all of these issues.
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Moreover, many small and medium sized industries are also offering advanced solutions and updated services so as to optimize businesses at low cost. This is fueling the adoption rates of advanced analytics solutions across businesses and organizations. Businesses are benefiting from incorporating advanced analytics solutions such as Big Data Analytics, data mining, and location intelligence, which enable them to extract valuable information and make smart business decisions.
The perception that advanced analytics can be an expensive technique for adoption is common among many enterprises. However, this perception is soon changing and enterprises are realizing the various benefits of adopting advanced analytics so as to develop market strategies and make customer oriented moves which will bring success to their business.
Competitive Landscape
Some key companies are IBM Corporation, Microsoft Corporation, SAP SE, SAS Institute System, Infor, Teradata, Oracle Corporation, Intel, CA Technologies
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Key Segments Covered
On the basis of geography, the global advanced analytics market is segmented into Asia Pacific except Japan, North America, Europe, and the Middle East and Africa. Of these, the fastest expansion is predicted in North America and this region is anticipated to cross US$2500 mn by 2022. For gaining insights, many enterprises within North America are adopting advanced analytics solutions which are helping them to identify various industry trends as well as future opportunities. It is estimated that APEJ will emerge as the largest market for advanced analytics by revenue. Europe will also follow the footsteps North America and expand at a rapid CAGR in the forecast period. However, the Middle East and Africa will experience a slow growth in the advanced analytics market.
By end use, the advanced analytics solution is witnessing fastest sales from the retail and consumer goods industry. By 2022, this segment is expected to cross US$3000 mn by revenue. The BFSI industry segment will exhibit a low CAGR throughout the forecast period whereas the government and healthcare industry segment will expand at a high CAGR through 2022. In terms of revenue however, BFSI will remain one of the most lucrative segments in the market.
On the basis of solution, it is estimated that both visual analytics and big data analytics will witness parallel expansion in terms of sales. The report further states that one third of the total share of the market in 2017 has been contributed by the revenues received from Big Data Analytics and business analytics segments. Surprisingly, in terms of sales, these two segments will exhibit the lowest CAGR between 2017 and 2022 whereas the predictive analytics segment will register the highest CAGR in terms of sales and will become popular as an attractive solution for advanced analytics. The risk analytics segment could also witness rapid expansion by 2022.
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Key Segments Covered
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jan 31, 2023
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