Analytics is the new buzz word on the global digital platform. Be it in the retail business, financial sector, the healthcare industry, or something as far-fetched as the sports industry. Sports analytics for instance has emerged as a critical tool with which trainers, athletes, as well as sports lovers can get an in-depth analysis on the intricacies involved in a professional sporting event.
And of all the sports, it seems baseball is the one to bring analytics to the popular limelight. Today, every major league team has a dedicated analytics department which diligently works towards providing a sharper edge to the game strategy. Sports analytics enables decision-making process by providing inputs on where to place the defensive players, whether to line-up a player or bench him up, and other such crucial inputs. Be it the Houston Astros, or the Minnesota Twins, all have employed sports analytics to add a new dimension to their game.
Another major development in the world of analytics has been the coming together of B6A and Veritone to deliver distinctive video analytics backed with AI insights. High incidence of terrorist attacks, security breaches, and other anti-social activities have driven the demand for better surveillance. Veritone, one of the leaders in AI and cognitive solutions, along with B6A have collaborated to integrate their platforms to deliver enhanced insights and solutions using video analytics.
The week ends on a positive note, with the global social media analytics market giving signs of significant growth in the forthcoming five years. Social media analytics involves the process of collating vast amounts of unstructured data and deriving meaningful business insights. These insights help the manufacturers in increasing sales, improving R&D, and formulating strategies for product differentiation. It also promotes brand loyalty and helps manufacturers develop their existing products and add new additions to their product line. Industry experts at Technavio predict the market to grow at a double digit CAGR by 2021.
Business news that matters. Watch this space for more weekly roundup from various global markets and specialist business verticals. Technavio is a renowned market research company that caters to a global audience of enterprising businesses and can be readily reached here.