Global Advanced Analytics Market 2017-2021
About Advanced Analytics
Advanced analytics usually provides answers to the questions related to the future and is proactive. For instance, it can be used to find/predict what might happen to the output if a certain factor is tweaked in a currently running system. It focuses on predicting and correlating actions. Advanced analytics include predictive analytics, data mining, text mining, simulation, statistical analysis, big data analytics, and descriptive modeling. Advanced analytics uses big data. It uses both structured and unstructured data. Useful data generation is automated. Advanced analytics is mainly used by consultants, data scientists, business analysts, and business users to predict problems and outcomes.
Technavio’s analysts forecast the global advanced analytics market to grow at a CAGR of 9.39% during the period 2017-2021 .
Covered in this report
The report covers the present scenario and the growth prospects of the global advanced analytics market for 2017-2021 . To calculate the market size, the report considers the revenue generated from software and services. The software license revenue includes both perpetual and periodic licenses or subscriptions.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Advanced Analytics Market 2017-2021
Technavio recognizes the following companies as the key players in the global advanced analytics market: IBM, KNIME, and SAS Institute.
Other Prominent Vendors in the market are: Accretive Technologies, ANGOSS SOFTWARE, Ayasdi, Cloudera, Dell, FICO, INSURITY, Micro Focus, Microsoft, Oracle, Pegasystems, JSC PROGNOZ, RapidMiner, Salesforce, TABLEAU SOFTWARE, Teradata, TIBCO Software, and Workday.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Movement of big data to the cloud. Three major factors propelling the growth of big data in the cloud are the increase in data, the growth of cloud, and the rising demand for advanced analytics. The cloud technology is becoming the mainstream (as of mid-2017) and will play a major role in managing the projects powered by analytics. Since a huge amount of data from several sources continues to build, end-user companies are relying on the cloud technology, which is scalable and agile in extracting data. Cloud platforms have high adaptability, which makes them a more flexible platform for the deployment of various types of analytics tools. The connectivity option in the cloud makes analytics accessible and increases the ease of sharing data and applications.”
According to the report, one of the major drivers for this market is Growing enterprise data. Enterprise data is generated from various sources, including enterprise applications, web-based search, social networks, and cloud-based applications. The data coming from embedded systems and metadata are some of the fastest-growing data segments. Organizations require advanced analytics and solutions to keep track of the huge volumes of big data generated and to use them effectively. It is not possible to analyze such large volumes of data manually. Hence, advanced analytics helps enterprises optimize their business decisions and innovate new business models, products, and services offerings.
Further, the report states that one of the major factors hindering the growth of this market is Challenges associated with big data and cloud. The movement of big data toward the cloud is a major trend in the global advanced analytics market and is discussed in the trends section of the report. However, the movement of big data toward the cloud poses certain challenges to the growth of the global advanced analytics market. One of the major challenges is the shifting of huge volumes data over a long distance. Shifting through the Internet is nearly impossible due to inadequate bandwidths. Very few companies, such as Amazon, have come up with certain solutions to move huge volumes of data using external storage devices. For moving data to Google Cloud Platform, Alphabet has released an appliance called Google Transfer Appliance with 100 terabyte (TB) and 480 TB raw storage. The company claims that the 480 TB device can store and ship 1 petabyte (PB) of data with the help of compression techniques.
IBM, KNIME, SAS Institute, Accretive Technologies, ANGOSS SOFTWARE, Ayasdi, Cloudera, Dell, FICO, INSURITY, Micro Focus, Microsoft, Oracle, Pegasystems, JSC PROGNOZ, RapidMiner, Salesforce, TABLEAU SOFTWARE, Teradata, TIBCO Software, and Workday.
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