The global advanced analytics marketis expected to grow at a CAGR of more than 9% during the period 2017-2021, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global advanced analytics market from 2017-2021. (Graphic: Business Wire)
The report categorizes the global advanced analytics market by end-user, which includes BFSI communications, government and transportation, and healthcare. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing enterprise data
Enterprise data is generated from various sources, including enterprise applications, web-based search, social networks, and cloud-based applications. The data coming from embedded systems and metadata are some of the fastest-growing data segments. Organizations require advanced analytics and solutions to keep track of the huge volumes of big data generated and to use them effectively. It is not possible to analyze such large volumes of data manually. Hence, advanced analytics helps enterprises optimize their business decisions and innovate new business models, products, and services offerings.
According to Amrita Choudhury, a lead analyst at Technavio for enterprise applicationresearch, "Companies use powerful computing platforms and analytics software such as Hadoop and Spark for real-time analytics. These software solutions are also used for fraud detection, product design and development, and process automation. Thus, the increasing amount of enterprise data will fuel the demand for advanced analytics during the forecast period."
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Market trend: growth of social media
Social media platforms have become a major data source for many organizations. This is because of their ability to provide instant feedback about the businesses through blogs and social networking sites. With the growth of social media, the demand for tracking user interactions on these sites is also increasing. Social media has increased the amount of data within enterprises, which needs to be analyzed to provide valuable insights. This development is expected to drive the growth of the global advanced analytics market during the forecast period.
Market challenge: lack of skilled workers
A major challenge in the global advanced analytics market is the lack of skilled workers. Many universities across the world are focusing on providing business analytics programs and degrees in data science to overcome this challenge. In addition, companies are recruiting from campuses and universities that offer a data analytics programs. They are also partnering with Universities to train their existing employees.
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Key vendors in the market
- SAS Institute
The global advanced analytics market is very competitive owing to technological innovations. The key players in the market innovate and upgrade their products constantly. Vendors must add distinguishing features to their products and services through clear and unique value propositions to remain competitive in the market. The new product and service offerings by the vendors are expected to drive the market growth during the forecast period.
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