The study, “Advanced Analytics Market: APEJ to Remain Most Lucrative Market for Advanced Analytics: Global Industry Analysis (2012-2016) & Opportunity Assessment (2017-2022),” was just published by Future Market Insights (FMI). The analysis predicts that between 2017 and 2022, the global market for advanced analytics will expand at a compound annual growth rate of 5.5%, reaching a market value of US$13,500 million. The increased need to meet varied business objectives is one of the key factors influencing the use of advanced analytics.
Due to increased rivalry, businesses are focusing more on growing their client bases in order to increase their market shares. They need intellect to be able to foresee potential outcomes and establish future strategies in order to do this Businesses also require intelligence to recognise future opportunities, anticipate problems, and improve current processes. All of these problems can be resolved with the use of advanced analytics.
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A number of niche businesses who have entered the market and are offering advanced analytics solutions at a relatively lower price have contributed to the increase in the usage of advanced analytics. In order to maximise operations at a cheap cost, numerous small and medium sized industries are also providing cutting edge solutions and modern services. This is encouraging enterprises and organisations to adopt sophisticated analytics solutions at a faster rate. Businesses gain from implementing cutting-edge analytics tools like Big Data Analytics, data mining, and location intelligence since these tools help them to gather useful information and make wise business decisions.
Many businesses have the belief that adopting advanced analytics might be an expensive process. This image is about to change, though, as businesses begin to see the many advantages of using advanced analytics to create market strategies and take customer-focused actions that will succeed their organisation.
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
Region :
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Solutions :
- Big Data Analytics
- Visual Analytics
- Risk Analytics
- Social Media Analytics
- Predictive Analytics
- Other Solutions
Industry :
- BFSI
- Healthcare
- Government
- Defense
- Retail & Consumer Goods
- Other Industries
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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