According to Technavio’s research analysis, the increased usage of predictive modeling will be one of the major factors that will have a positive impact on the growth of the advanced analytics market till 2021. Predictive modeling techniques are increasingly used by several companies to accelerate the decision-making process. User-friendly predictive analytics tools are provided independently or as a built-in feature of big data solutions. Moreover, most of the big data vendors offer services with the predictive modeling feature. Some of the popular predictive modeling suppliers such as IBM, are looking at further developing and enhancing their present features in predictive modeling tools. Features such as interactive visualization and automation results in faster methods for developing, ascertaining, and analyzing predictive models. The rise in the utilization of predictive analytics tools will subsequently fuel the demand for advanced analytics, driving market growth. Our market research analysts predict that this market will grow at a CAGR of more than 9% by 2021.
The increasing number of mergers and acquisitions is one of the key trends that will gain traction in the advanced analytics market during the coming years. With the rising market consolidation, several large enterprise computing vendors will focus on acquiring smaller companies to acquire innovative big data technologies. Larger vendors target smaller companies to enhance their business portfolio and they are trying to improve their capabilities to offer a comprehensive big data solution.
Competitive landscape and key vendors
The competition in the advanced analytics market will intensify in the coming years owing to a rise in technological innovations and M&A activities. According to the advanced analytics market growth and scope analysis, the key players in the market are continuously focusing on innovating and upgrading their products. To sustain in this competitive market, the vendors have the need to include differentiating features to their products and services through clear and unique value propositions.
The leading vendors in the market are -
The 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.
Segmentation by end-user and analysis of the advanced analytics market
During 2016, the BFSI end-user segment accounted for the major shares of the advanced analytics market. The increasing use of advanced analytics in areas such as risk management, customer intelligence, data modeling, neural network scoring, social media management, and customer analysis will contribute to the growth of this industry segment in the coming years.
Geographical segmentation and analysis of the advanced analytics market
This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the advanced analytics market throughout the forecast period. The increasing popularity of big data and the Internet of things and the utilization of predictive analytics among industries, will drive the advanced analytics market share in this region.
Key questions answered in the report include
What will the advanced analytics market size and growth rate be in 2021?
What are the key factors driving the global advanced analytics market?
What are the key market trends impacting the growth of the global advanced analytics market?
What are the challenges to market growth?
Who are the key vendors in the global advanced analytics market?
What are the market opportunities and threats faced by the vendors in the global advanced analytics market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global advanced analytics market?