Advanced analytics solutions are used to implement improvements and changes in the regular business practices. This is a broad category of enquiry focusing on future behaviors, events and such other forecasts for the enterprises. These forecasts allow the companies to predict the effect of potential changes in the nature of their customer demands and business. This awareness and business intelligence provides additional support to plan innovative business strategies. The global advanced analytics market is driven by various factors including lowering costs and progress in the emerging markets. The global market is set to grow at an exponential growth rate, which is a great sign for the existing as well as potential investors in this industry.
Segmentation in Advanced Analytics Industry
The global advanced analytics market is segmented on the basis of the applications these services find across different industrial verticals. The industry is also segmented on the basis of the geographic regions, which include North America, Latin America, Europe, Middle East and Africa and Asia Pacific. Following are the details of these applications across various business verticals:
- Telecom and IT: Cell site optimization, targeting offer and campaign management, network dynamics, revenue assurance, customer profitability analysis, social network analysis and congestion control
- BFSI: Customer profitability, regulatory reforms, fraud detection, credit risk analysis, operational efficiency, budgeting and planning, fraud management, risk management, process optimization, etc.
- Government and Defense: Scenario planning, defense health, fraud detection, fraud management, and defense health
- Healthcare: Financial performance and financial monitoring, predictive modeling, fraud management, and fraud detection
- Transportation: Supply chain planning, inventory optimization, sales and operational planning, and quality lifecycle management
- Customer Goods and Retail: Planning and organization, price optimization, merchandize planning, customer insight, size optimization, etc.
Drivers and Future Prospects
The major driving factors for the global advanced analytics market include growing demand for these solutions across emerging technologies, availability of the solutions over cloud platforms, emergence of the niche players, provision of vertical specific solutions and technological advancements in the analytical services. Growth in the economic portfolio and industrial sector across the emerging markets is also a vital factor creating strong growth prospects for this industry. Rising demand from banking and financial services and growing use of cloud services for information sharing are also vital factors helping the exponential progress rate of the industry.
According to the latest market research reports, the global advanced analytics market is set to grow at an impressive CAGR of over 33% from 2014 to 2019, in order to reach past $29.53 billion by the end of the year 2019. In 2014, the market was worth $7.4 billion. Easy availability of these services and growing customer loyalty will also influence growth in demand as far as the forecasting period is concerned.