Gone are the days of paperwork piles, everything is getting computerized. The last couple of decades have witnessed a vast change when it comes to documentation and data gathering. Heavy data and information produced today have made all customary techniques for analytics inadequate and wasteful. Consequently, there has been an inclination towards advanced analytics that improved the ability of analytics but also empowers various organizations to perform data mining and prescient analytics. Advanced analytics is also enabled with area insights to separate important information relating to that specific district or region and help in settling on procedures and decision making to improve the business. Advanced analytics can manage both organized and unstructured data in high quantity, thus, acting as a key factor promoting the growth of this market.
The volume of raw data in an unorganized form, like surveillance data, corporate emails, and consumer data created from real-time action for media subscription services, like Hulu, Amazon Prime Video, and NetFlix has been gaining immense popularity lately. The interest in database management apparatuses has also additionally been rising, therefore, converting the growing interest for decision-making and data management analytics. Additionally, the simultaneous integration of data analytics with Geographical Information System (GIS) and updated version of location-based services have further expanded the volumes of geospatial data. This thus propelled the need for adopting advanced analytics for ideal data management. Some organizations are opting for moderate analytics arrangements, which might conceivably use geospatial data, to locate clients on a map and draft new procedures in similar manner.
Some of the key players of the global advance analytics market include Oracle, Rapidminer, SAS, Terdata, Fico, Statsoft, Microsoft, Pitney Bowes Software, IBM, SAP, Kxen, Angoss, Infor, and Knime. These players are engaging in economic development and entering into collaborations with their competitors for gaining the upper hand in the market competition. Some of these players are also focusing on expanding their brand name especially in the banking sector. The future of the global advanced analytics market is likely to witness new growth opportunity with the advent of big data to prevent frauds and data theft.