Advanced Analytics Market Scope
Advanced analytics is a data science that uses tools and advanced methods for projecting future trends, sorting through large data sets to identify trends, patterns, relationships, behaviors, events, and others. Advanced analytics comprises of big data and predictive analytics. Key feature of advanced analytics is data mining. Increasing adoption by numerous industries such as financial services providers are leveraging the technology to combat internal and external fraud. Further, technological advancement in business intelligence and analytics solution such as integration of artificial intelligence, machine learning, natural language processing, and others supplementing the growth of advanced analytics market.
According to AMA, the Global Advanced Analytics market is expected to see growth rate of 22.5%Advanced Analytics market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Advanced Analytics market throughout the predicted period.
SAS Institute (United States), SAP SE (Germany), IBM Corporation (United States), Oracle Corporation (United States), KNIME AG (Switzerland), Nvidia Corporation (United States), Quest Software (United States), Angoss Software Corporation (Canada), Microsoft Corporation (United States), Fico (United States), Planet Labs (United States) and GeoSpock Ltd. (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Quantzig (United States), TIBCO Software (Japan), Orbital Insight (United States), Cloudera (United States) and Welltok Inc. (United States).
Segmentation Overview
The study have segmented the market of Global Advanced Analytics market by Type (Big Data Analytics, Social Analytics, Visual Analytics, Text Analytics, Customer Analytics, Risk Analytics, Business Analytics, Statistical Analysis and Predictive Analysis), by Application (Scenario Planning, Defense Health, Predictive Modeling, Credit Risk Analysis, Supply Chain Planning, Inventory Optimization, Customer Profitability Analysis, Financial Performance Monitoring, Fraud Detection and Management and Others) and Region with country level break-up.
On the basis of geography, the market of Advanced Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Emphasizing On Incorporation of Data Mining, Statistical Analysis, And Machine Learning In Advance Analytics, Growing Demand for Real-Time Data Analytics Solutions and Increasing Adoption in Small and Medium Enterprises
Market Growth Drivers:
Increasing Demand for Advanced Analytics Solution to Counter Big Data Challenges, Enable Defining Customer Trends More-Accurately and Development in IoT Networks
Challenges:
Lack of Effective Strategy Regarding Advance Analytics Application among Enterprises and Data Security and Privacy Concerns Associated to Advanced Analytics
Restraints:
Technical Complexity Involved With Advanced Analytics Tools and Lack of Skilled Professionals to Adopt New Technology
Opportunities:
Increasing Adoption of Salesforce Advanced Analytics Tools in Organizations and Rising Demand for Advanced Analytics for Improved Business Processes
Market Leaders and their Expansionary Development Strategies
7th March 2019, TIBCO Software Inc. integration, analytics and event-processing software providing acquire Snappydata, a high-performance in-memory data platform. This acquisition will enhance the data management platform for real-time insights, such as anomaly detection, predictive maintenance, and others.
7th March 2019, Quantzig advisory firm specializing in leveraging analytics for strategic decision-making solution provider announced the completion of their new customer churn analysis engagement for a payment gateway services provider. This will help to understand the root cause behind customer churn and plan appropriate strategies to retain customers.
Key Target Audience
Technology Investors, Research/Consultancy firms, Government Bodies, Advanced analytics solution vendors, Third-party vendors, Consulting service providers, Technology providers, System integrators, Cloud service providers and Big data vendors
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.