Worldwide Advanced Analytics Markets to 2024: Focus on BFSI, Retail & Consumer Goods, Healthcare, IT & Telecommunication, Transportation & Logistics, Government & Defense, and Other End-use Industries

DUBLIN, July 17, 2019 /PRNewswire/ -- The "Advanced Analytics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to's offering.

The advanced analytics market is expected to register a CAGR of over 20% over the forecast period (2019-2024) owing to increased adoption of such solutions to address diverse business needs.

The adoption has been augmented by the presence of data generation and collection IT and other critical infrastructure. Digitization drive in the past three decades in the industry has also been able to create an ecosystem that promotes the business to adopt these advanced solutions for improved business insights.

Key Highlights

    --  Advanced analytics solutions are becoming more widespread as enterprises
        continue to create new data at a rapid rate. For instance, the amount of
        data generated worldwide is increasing hugely. According to Seagate
        Technology PLC, the volume of data created worldwide is expected to
        increase to 47 zettabytes and 163 zettabytes in 2020 and 2025,
        respectively, from 12 zettabytes in 2015.
    --  Moreover, with the increasing popularity of online shopping and growing
        social network penetration, the demand for advanced analytics is
        anticipated to rise substantially over the forecast period. For
        instance, according to We Are Social, ss of January 2019, the social
        network penetration in China and the United States accounted for 71% and
        70% respectively.
    --  The data from increasing social penetration contains hidden patterns
        that traditional analytics tools are unable to find. If implemented in
        the correct form, advanced analytics solutions can help the businesses
        to unlock critical hidden information, which can then be used by the
        organizations to customize organizations offering to their consumer.
    --  Furthermore, an increase in the adoption of advanced analytics solutions
        owing to the low price is expected to boost the market's growth
        positively. Furthermore, increasing demand to counter bigdata challenges
        are impacting the market's growth positively.

Major Market Trends

Need to Mitigate Fraud & Risk Management Prompts Paced Adoption in BFSI

    --  Banking and financial sector companies are using advanced analytics
        technology to mitigate frauds, optimize processes followed by the bank,
        and to manage risks.
    --  According to Accenture's 2018 Compliance Risk Study, 89% of the
        respondents indicated a rise in compliance investments over the next two
        years, with a focus on technology. Advanced analytics helps banks sort
        through unstructured data to analyze global and local regulatory
        compliance which may depend upon the region of operation.
    --  Similarly, according to the Grant Thornton survey, 85% of respondents
        believed that their bank's data and risk information management
        initiatives need additional efficiencies to realize its full potential.
        Further, 82% had also indicated the same for their institution's risk
        analytics and measurements. However, with the adoption of the advanced
        analytics solution, this scenario is changing with banking players
        adopting a more performance-oriented risk management approach. This
        realignment has led banks to invest more in such solutions to generate
        actionable information that can guide critical business choices
        impacting profitability. Identifying and mitigating risk before it
        happens or the impact intensifies is a major factor driving the adoption
        in this sector.
    --  Moreover, according to the Coalition Against Insurance Fraud Study,
        traditional anti-fraud technology tools are giving way to advanced
        analytics as insurance fraud rises. Majority of insurers have expanded
        their range of anti-fraud tools and their ability to detect and
        investigate the fraud. Many players are entering the field with new
        products and services, which is expected to boost the market's growth
        positively. AI technology evolution has further enabled the market
        capabilities in offering better real-time insights.

North America is Expected to Hold a Significant Share

    --  North America is expected to hold the highest market share, with the
        United States leading the market. The dominance of the region is due to
        its increasing adoption of advanced technologies, presence of supporting
        infrastructure and drive for early technological adoption owing to
        competition from other businesses operating in low-cost regions.
    --  Moreover, the region has a strong foothold of advanced analytics
        solution providers, which is anticipated to drive the market in the
        region. Some of the vendors of the region are SAS Institute Inc., Oracle
        Corporation, Microsoft Corporation, and IBM Corporation, among others.
    --  SAS is one of the major company in the region. The company's advanced
        analytics platform is used by various organization. For instance, Volvo
        Trucks North America further strengthened its portfolio of
        uptime-boosting services by improving remote diagnostics with an
        advanced analytics platform from SAS Institute Inc.
    --  The increasing demand from enterprises to gain insights into the data
        available to them and to identify the trends of various industries will
        result in this region's high market revenue generating capacity during
        the forecast period.
    --  Moreover, the significant rise in adoption of social media in the region
        has also contributed to the growth of the advanced analytics market.
        Furthermore, the presence of well-established infrastructure that
        supports the faster implementation of advanced technologies made this
        region a key market for the growth of advanced analytics.

Competitive Landscape

The advanced analytics market is relatively a consolidated market as the major vendors account for a significant share of the market, especially in the enterprise level adoption. Their presence in the different level of data handling value chain augments their position in the market.

The large companies dominate this market owing to their ability to offer innovative and high-quality services to end users on a different scale and with customization that suits their specific needs.

The emergence of the niche players offering vertical-specific solutions, having new innovative solution that brings AI capabilities, cloud services to small and medium level business has been continuously changing the dynamics of the market prompting the major vendors to provide industry-specific solutions and bringing in new capabilities and updates to stay ahead in the market.

Recent Developments

    --  May 2019 - SAS Institute Inc. announced updates to its data analytics
        platform, highlighted by enhancements to its machine learning (MI),
        computer vision, and natural language processing capabilities. These SAS
        Analytics developments are part of the company's recently announced USD
        1 billion investment in AI to drive the technology on a global scale.
    --  February 2019 - IBM Corporation announced a new portfolio of Internet of
        Things (IoT) solutions that team AI and advanced analytics to help
        asset-intensive organizations, such as the Metropolitan Atlanta Rapid
        Transit Authority (MARTA), to improve maintenance strategies. The
        solution is designed to help organizations to lower costs and reduce the
        risk of failure from physical assets such as vehicles, manufacturing
        robots, turbines, mining equipment, elevators, and electrical

Key Topics Covered

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study



4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Need to Prevent Fraudulent Activities
4.3.2 Increasing Demand to Counter Big Data Challenges
4.3.3 Technological Developments of Advanced Analytics Solutions
4.4 Market Restraints
4.4.1 Lack of Data Integration and Connectivity
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry

5.1 By Type
5.1.1 Statistical Analysis
5.1.2 Text Analytics
5.1.3 Risk Analytics
5.1.4 Predictive Analytics
5.1.5 Other Types
5.2 By End-user Industry
5.2.1 BFSI
5.2.2 Retail and Consumer Goods
5.2.3 Healthcare
5.2.4 IT & Telecommunication
5.2.5 Transportation & Logistics
5.2.6 Government & Defense
5.2.7 Other End-user Industries
5.3 Geography
5.3.1 North America US Canada
5.3.2 Europe Germany UK France Rest of Europe
5.3.3 Asia-Pacific China Japan India Rest of Asia-Pacific
5.3.4 Latin America
5.3.5 Middle East & Africa

6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 SAS Institute Inc.
6.1.3 Oracle Corporation
6.1.4 SAP SE
6.1.5 Microsoft Corporation
6.1.6 KNIME AG
6.1.7 RapidMiner Inc.
6.1.8 Alteryx Inc.
6.1.9 Avanade Inc.
6.1.10 Fair Isaac Corporation (FICO)
6.1.11 StatSoft Inc. (TIBCO Software Inc.)
6.1.12 Angoss Software Corporation (Altair Engineering Inc.)



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