Advanced analytics: Key market research findings
- The Americas dominate the market geographically
- Increasing adoption of data analytics spurs market growth
- Key vendors – IBM, KNIME, RapidMiner, SAP, and SAS Institute
Technavio’s market research analysts predict the global market for advanced analytics to grow at a CAGR of more than 22% between 2016 and 2020. The growth of this market can be accredited to the increased acceptance of data analytics. Data analytics help to eliminate the major work involved in understanding customers and data tracking processes. It helps attract new customers and analyze the historical data patterns to serve the existing customers and retain them. During 2015, the global advanced analytics market was dominated by the Americas with a market share of more than 54%.
The new market research report from Technavio presents a breakdown and analysis of the advanced analytics segments based on the end-user.
“A rise in the adoption of BYOD policy is an ongoing trend in the global market currently. BYOD policies allow employees to access organizational data and resources without being tied to a single location. With their increasing popularity, mobile devices have become the primary devices for data access among employees in an organization. Also, many SMEs are increasingly adopting BYOD policies to improve their productivity and efficiency,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.
The BFSI sector is one of the key adopters of mobile analytics solutions. These solutions help financial institutions automate different processes such as account opening, analysis of large volumes of financial data, and lending or receiving money. Furthermore, the BFSI sector has to ensure data security to protect sensitive customer and corporate data. The sector also has to comply with government regulations and hence the security of business data is of utmost importance to this sector.
The key vendors in the market include IBM, KNIME, RapidMiner, SAP, and SAS Institute. The market is currently witnessing the entry of many pure-play enterprise mobility solution providers that are competing with the large open-source enterprise mobility solution providers. As a result, the market is getting fragmented, which is leading to the proliferation of a large number of vendors.
A more detailed analysis is available in the Technavio report, Global Advanced Analytics Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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