Advanced Analytics Market: Snapshot
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 market for advanced analytics 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.
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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 market.
Global Advanced Analytics Market: Overview
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.
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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.
Global Advanced Analytics Market: Drivers and Restraints
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.
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Global Advanced Analytics Market: Region-wise Outlook
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.
Key Players Mentioned in the Research Report are:
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.