Advanced Analytics Market Trends

Growth Drivers

• Growing Digitization and Increased Digital Data Production – On account of the increasing digitization and digital data production, the market is expected to expand more in the upcoming years. With increased digital penetration of consumers, high amounts of data are produced which need to be processed. Advanced analytics and data mining tools help in processing this huge amount of data and optimize the process of decision making thus helping business sectors. It is predicted that global digital spending reach USD 4 Trillion.
• Surge in Demand for Data Analytics Solutions and Optimization – Consumer data has become harder and trickier to analyze. Many businesses employ data analytics solutions to cater to consumer data and create user profiles. These user profiles help in accessing user preferences, and information which is used to create targeted advertising and marketing efforts thereby optimizing the enterprises. Advanced analytics tools such as predicting analysis and data mining are used to gain business insights. It is predicted that the business analytics and advanced analytics market size is USD 18 Billion by 2024.
• Advent of Machine Learning and Artificial Intelligence for Elevated Customer Experiences – Advanced analytics helps understand data better and extract crucial information that can help curate customer insights accordingly. With AI and ML advanced analytics, companies’ business goals could be readily achieved. It has also enhanced companies’ ability to gather information and their further analysis. For instance, Fukoku Mutual Life Insurance has adopted AI to calculate their payouts. This help analyzes any compliance-related changes along with monitoring data quality.
• Proliferation of the Internet and Rising Use of Advanced Technologies – It is expected that with rising globalization and economic growth the demand for advanced analytics solutions increases. The increasing touchpoints and the need for collecting data in order to understand consumer behavior are also projected to boost market size. patients with chronic illnesses and disabilities, including spinal cord injuries, experience bowel incontinence more severely, which is anticipated to drive advanced analytics market. It is expected that by 2024, advanced analytic tools such as data mining and predictive analysis reach an estimated USD 16 Billion.

Challenges

• Lack of advanced analytics knowledge among the workforce- The increasing concern amongst individuals and businesses associated with the use of advanced analytics and solutions is one of the major factors predicted to slow down the market growth. With the massive adoption of advanced technology, the workforce and enterprises are finding it difficult to implement and use.
• Inability to quantify Return on Investments (RoI)
• High procurement costs