The advanced analytics market is expected to witness considerable growth over the next few years owing to increased adoption of these solutions to address diverse business needs. Emerging technologies along with business intelligence and analytics are expected to favorably impact advanced analytics market growth. Owing to intense competition, businesses are in the race to gain new market share as well as retain customers. They need business intelligence that predicts future scenarios, identify opportunities, anticipate problems and improve processes. Advanced analytics helps meet all the aforementioned business requirements through analysis of structured and unstructured data, which is expected to positively impact market growth over the forecast period. In addition to structured data, the use of unstructured or informal information input is a new trend, and is expected to fuel advanced analytics market growth over the forecast period. Advanced analytics spans across predictive analytics, text analytics, and customer analytics decision support & optimization applications. Further, it helps achieve cost effectiveness, significant revenue growth and can be used across every industry and business area.
Increased adoption of advanced analytics solutions owing to low price is expected to drive the market considerably. A few market players such as Knime, Angoss and StatSoft (a subsidiary of Dell) offer these solutions at a low price as compared to big players such as SAP and SAS. Emergence of such niche market players is also expected to drive the advanced analytics market over the next six years. The solutions are used increasingly across the banking and financial sectors to optimize processes, mitigate frauds and manage risks. The healthcare industry uses advanced analytics to improve clinical performance. Further, these solutions are used across the retail sector as they provide an insight into consumer buying behavior and also help in merchandise planning. Key market players include SAP, Oracle, Microsoft and IBM.
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