Advanced Analytics Mkt at a 26 pc clip 2016 onwards

|January 19, 2016 0
Global BFSI sector demand for analytics solutions is predicted to reach $ 23.8 Billion by 2022, from $ 5.1 Billion in 2016, a projected CAGR of 22.6 pc

BANGALORE, INDIA: Advanced analytics is being predicted to be the top most investment priority for CIOs in the upcoming years. The adoption and usage of advanced analytics solutions will have a major impact on executive decision-making as a result of inferences drawn from the enterprise data silos. As per the study, North America is the leading region in the usage of advanced analytics solutions, followed by Asia-Pacific and Europe.

Riding on the back of this wide adoption of advanced analytics solutions across various sectors, the Advanced Analytics market is expected to grow at CAGR of 26.8 per cent for the period of 2016-22 as per Infoholic Research LLP (an ICT market research and consulting organization)’s study titled “Advanced Analytics: Benchmarking the Enterprise Market Growth-
Vendor and End-User Landscape.”

Analyzing the market by industry vertical, the major share of Advanced Analytics solution offtake is seen from IT & Telecoms (32 per cent), followed by Healthcare and BFSI (21 per cent each).

Just the global BFSI sector demand for analytics solutions is predicted to reach $ 23.8 Billion by 2022, from $ 5.1 Billion in 2016, a projected CAGR of 22.6 per cent.

K R Sreenivaasan, Founder Director at Infoholic Research said, “The unique geographical region no longer matters in the global market landscape. Even proprietary technologies can be reengineered. What remains is to maximize business through leveraging data and insights. Businesses need answers to what will happen in the future and Advanced Analytics solutions can provide those insights. This seems to reflect in 72.4 per cent of global enterprise users’ displaying a belief in the adoption of Predictive Analytics. By end 2016 the Predictive Analytics market will alone be close to $3 billion.”

Gaurav Vishal, Lead Author and Senior Analyst at Infoholic Research said, “In the coming years, there will a number of players in the field of Advanced Analytics solutions, bringing in lots of innovation and new challenges. Most of these niche companies will likely be acquired by prominent ones. As per Infoholic Research analysis, the technology or solutions to watch for will be Microsoft’s Cortana Analytics and IBM’s Watson Analytics.”

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