Boston, MA -- (ReleaseWire) -- 05/12/2014 -- Advanced Analytics Market by Big Data Analytics, Social Analytics, Visual Analytics, Customer Analytics, Risk Analytics, Business Analytics, Statistical Analysis, Predictive Modeling - Global Advancement, Worldwide Market Forecast & Analysis 2014 - 2019
Advanced analytics is the analysis of all kind of data using sophisticated quantitative methods such as statistics, predictive, and descriptive data mining, visualization and optimization for forecasting and providing insights to the future trends. The use of advanced analytics is on the rise as companies intend to have a competitive edge over its competitors In order to forecast the future trends efficiently. This in turn would help the companies take better decisions. Advanced analytics helps organizations in forecasting and providing insights into the forecast trends. There is a demand for predictive analytics and data mining solutions in the industry. Advanced analytics addresses the pain points faced by the industries and gives specific solutions for all the problems faced by that particular industry.
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Advanced analytics market comprises applications by verticals for banking and financial services, telecom and IT, healthcare, government and defense, transportation and logistics, and consumer goods and retail. In 2014, the banking and financial services will account for the highest market share and this would be the same in 2019.
The Y-o-Y growth rates for the banking and financial services will be on the higher side throughout the forecast period. Few high growth markets and its segments include:
- Telecom and IT: Customer profitability and revenue assurance
- Healthcare: predictive modeling, and financial performance and monitoring.
- Government and Defense: Fraud detection and management, and scenario planning
- Consumer Goods and Retail: inventory optimization and price optimization
- Transportation and Logistics: Inventory optimization and supply chain planning
MarketsandMarkets expects that the banking and financial services vertical will account for the largest market share throughout the forecast period. However, there are few revenue pockets, which include the industries of Telecom and IT, healthcare, government and defense, consumer goods and retail and transportation and logistics which will witness significant growth during this forecast period. Majority of the challenges in this market are due to the technical misspecifications that exist. Interoperability is one of the major challenges for the industry.
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