Future Market Insights (FMI) has published a new report, which is titled, “Advanced Analytics Market: APEJ to Remain Most Lucrative Market for Advanced Analytics: Global Industry Analysis (2012 – 2016) & Opportunity Assessment (2017 – 2022).” According to the report, the global advanced analytics market is anticipated to expand at a 5.5% CAGR from 2017 to 2022 and reach a market value of US$13,500 mn by 2022. The growing need to address diverse business requirements is one of the key factors fueling the adoption of advanced analytics.
Businesses are increasingly focusing on expanding their reach so as to gain higher market shares on account of the increasing competition and for this they require intelligence which may help them for predicting future scenarios and preparing them for the future. Businesses also require intelligence to identify opportunities that lie ahead, anticipating the problems that they might encounter in the future, as well as improve the processes. For all these problems, advanced analytics emerge as an effective solution.
The adoption of advanced analytics has also risen on account of a number of niche players who have entered the market and are providing advanced analytics solutions at a relatively lower cost. Moreover, many small and medium sized industries are also offering advanced solutions and updated services so as to optimize businesses at low cost. This is fueling the adoption rates of advanced analytics solutions across businesses and organizations. Businesses are benefiting from incorporating advanced analytics solutions such as Big Data Analytics, data mining, and location intelligence, which enable them to extract valuable information and make smart business decisions.
The perception that advanced analytics can be an expensive technique for adoption is common among many enterprises. However, this perception is soon changing and enterprises are realizing the various benefits of adopting advanced analytics so as to develop market strategies and make customer oriented moves which will bring success to their business.
By end use, the advanced analytics solution is witnessing fastest sales from the retail and consumer goods industry. By 2022, this segment is expected to cross US$3000 mn by revenue. The BFSI industry segment will exhibit a low CAGR throughout the forecast period whereas the government and healthcare industry segment will expand at a high CAGR through 2022. In terms of revenue however, BFSI will remain one of the most lucrative segments in the market.
On the basis of solution, it is estimated that both visual analytics and big data analytics will witness parallel expansion in terms of sales. The report further states that one third of the total share of the market in 2017 has been contributed by the revenues received from Big Data Analytics and business analytics segments. Surprisingly, in terms of sales, these two segments will exhibit the lowest CAGR between 2017 and 2022 whereas the predictive analytics segment will register the highest CAGR in terms of sales and will become popular as an attractive solution for advanced analytics. The risk analytics segment could also witness rapid expansion by 2022.
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