Sarasota, FL, Oct. 06, 2016 (GLOBE NEWSWIRE) -- Zion Research has published a new report titled “Advanced Analytics Market (Statistical Analysis, Big Data Analytics, Customer Analytics, Social Analytics, Visual Analytics, Risk Analytics, Business Analytics and Predictive Modeling) for Banking and Financial Services, Telecom and IT, Healthcare, Government and Defense, Transportation and Logistics and Consumer Goods and Retails Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. According to the report, global demand for advanced analytics market was valued at around USD 10.70 billion in 2015 and is expected to reach approximately USD 60.44 billion in 2021, growing at a CAGR of slightly above 33% between 2016 and 2021.
At present, as the volume of data constantly grows and evolves, traditional analytics and methods are not efficient to adapt with this great amount of structured and non-structured data. Advanced analytics capabilities let organization incorporate forward-looking techniques like data mining, Big Data analytics, predictive analytics, and location intelligence to extract valuable information from their data to help in business decision making.
Browse through 13 Market Tables and 28 Figures spread over 110 Pages and in-depth TOC on “Global Advanced Analytics Market: By Type, Application, Techniques, Size, Share, Growth, Segment and Forecast 2015-2021”.
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Increasing demand to counter big data challenges paired with emerging technologies along with business intelligence and analytics are the most prominent factors expected to boost the demand for advanced analytics in coming years. Small and medium-sized companies are coming with updated solution and services to optimize the efficiency of businesses with lower cost as compared to established players. In addition, cost reductions from cloud deployment models, benefits of advanced analytics over traditional analytics, increasing need to address vertical specific challenges are the some of the contributing factors to the growth of advanced analytics in coming years. On the other hand, technical misspecification's regarding advanced analytics is expected to pose a challenge to market growth.Nonetheless, adoption by niche industries is likely to open new doors for the advanced analytics demand.
Big Data analytics, risk analytics, and predictive analytics are some of the prominent type segment of the advanced analytics market in 2015. The growth of these segments is mainly attributed to the ability of advanced analytics to address vertical specific challenges.
Browse the full "Advanced Analytics Market (Statistical Analysis, Big Data Analytics, Customer Analytics, Social Analytics, Visual Analytics, Risk Analytics, Business Analytics and Predictive Modeling) for Banking and Financial Services, Telecom and IT, Healthcare, Government and Defense, Transportation and Logistics and Consumer Goods and Retails Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021" report at https://www.zionmarketresearch.com/report/advanced-analytics-market
Banking and financial services, telecom and IT and healthcare were the leading application segment in 2015. The growth of banking and financial service segment is mainly driven by rising use of advanced analytics to mitigate frauds, optimize processes and to handle risks.Consumer goods and retails application segment is expected to experience significant growth owing to demand price optimization and demand for critical customer insight.
In terms of revenue, North America held the largest share of the global advanced analytics market and is set to continue to dominate the world marketplace within the coming years.U.S. held the largest market share in North America. The major factors driving the growth of the market are the exponential rise of structured and unstructured data and increased demand for decision making.
Europe is another leading regional market and is expected to witness noteworthy growth in the near future. The market growth is mainly due to the rising demand for advanced analytics from healthcare and transportation and logistics application sectors.Emerging technologies coupled with significant cost reductions in cloud deployment models are some of the major contributing factors to the growth of advanced analytics market in Europe.
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Asia Pacific is expected to be the fastest-growing region for advanced analytics market. This growth is mainly attributed to the booming service sector in countries like China and India. Rising demand from small and midsized companies and increasing demand from banking and financial service sectors for fraud detection and management is driving the adoption of analytics solutions. Further, a good call from consumer goods and retails application sectors due to the huge amount of data generated is expected to surge the market growth in this region.
The developing economies in Latin America also have a potential market for the growth of the advanced analytics market. Demand for big data analytics and business analytics are the key growth factors expected to contribute to the growth of the advanced analytics market in Latin America. Brazil is expected to be the key contributing countries for the growth of the market.
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The Middle East and Africa is expected to be one of the fastest growing regional markets for advanced analytics in the coming years. Saudi Arabia is expected to be the most lucrative market for advanced analytics in the Middle East.
Some of the key players in the advanced analytics areOracle Corporation, Statsoft, Angoss, Microsoft Corporation, Sap, SAS, Fico,Knime, and IBM Corporation amongst others.
The report segment of global advanced analytics market is as follows:
Global Advanced Analytics Market: Type Segment Analysis
- Statistical Analysis
- Big Data Analytics
- Customer Analytics
- Social Analytics
- Visual Analytics
- Risk Analytics
- Business Analytics
- Predictive Modeling
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Global Advanced Analytics Market: Application Segment Analysis
- Banking and Financial Services
- Telecom and IT
- Government and Defense
- Transportation and Logistics
- Consumer Goods and Retails
Global Advanced Analytics Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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