Advances in Paperless Data Archiving Drive the Demand in the Advanced Analytics Market

April 29, 2019 Anant Sharma Technology 0

Advanced analytics makes use of a number of analysis methods including predictive, statistical, and descriptive methods of data mining, for the purpose of visualization and optimization data for end use operations. This allows for detailed analysis by integrating and interrelating different kinds of data in terms of quantitative methods.

Rapid and widespread proliferation of the internet, computers, and mobile data have resulted in the generation of massive amounts of data on a global scale, which has made most traditional methods of advanced analytics largely inefficient and obsolete.

Further, the recent advances in technology including predictive analysis and data mining are generating a significant requirement for development and adoption of advanced analytics tools and systems, for optimizing big data and business intelligence. This can be attributed to the superior capabilities of such systems in efficiently handling vast amounts of unstructured and structured data sets.

Some of the other major influential factors that are expected to affect developments in the advanced analytics market include:

  1. Banking, financial services and insurance (BFSI) is anticipated to continue as the most lucrative sector for advanced analytics service providers in terms of total revenue. This can be attributed to the high use of advanced analytics for key objectives such as minimizing finance risks, preventing fraud, and optimizing operational processes.
  2. Of descriptive, statistical and predictive analytics, the latter is expected to witness a higher rate of growth, accounting for almost one quarter of the total sales in the advanced analytics market. This can be accounted for by the capability of predictive analytics to address challenges that are specific to unique verticals.
  3. Small and medium sized enterprises are displaying greater interest in new advanced analytics services and products to meet the objectives of optimizing efficiency and minimizing operational costs are also anticipated to increase the scope of adoption for advanced analytics.
  4. The worldwide market for advanced analytics is largely consolidated in nature, with most major players outpacing regionals with innovative services of a high standard for a growing variety of end-use clients.

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About Anant Sharma 14 Articles
Anant is keenly interested technology trends and their impact on global economics. Anant is an energetic, innate self-motivated, and ambitious person who always ardent to learn new things, having more than 4 years of experience in the field of market research, consulting and advisory of Telecom and Information Technology sector. Anant is a professional with the good understanding of performance management metrics in business functions with the ability to scrutinize and analyze business problems, and integrate and use the unstructured data source to develop innovative solutions. Anant is having strong knowledge about Cloud Computing, Enterprise Mobility, Telecom, and Data Center and he loves to analyze CAPEX and OPEX optimization, merger & acquisition, and macroeconomics trends that has happened and about to happen in technology and telecom ecosystem. When Anant is not busy in untangling the business conundrums, he is surely relaxing with mythological fictions.