Global Analytics Market 2019-2023 | Emergence of AI to Boost the Market

A new market research study by Technavio on the global analytics market projects the market to grow at a CAGR of close to 15% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers, and emerging market trends. It also includes detailed insights and forecasts for all the market 

Need to analyze large volumes of unstructured data

An enormous amount of data is generated from numerous sources such as the Internet, mobile devices, and social media. With the increasing volume, variety, and velocity of data, organizations are finding it challenging to analyze and manage large databases efficiently. Hence, analytics software is increasingly being adopted to derive meaningful insights from the data available. The analytics market thus helps in efficient monitoring and managing of physical assets and leads to more effective decision-making in real-time. Therefore, the ability to transform unstructured and semi-structured data into structured and meaningful data drive the global analytics market during the forecast period.

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Emergence of AI in analytics

Al technology automates the features of various business analytics solutions, such as data modeling and reporting systems. Leading providers of analytical tools are also seen investing in advanced technologies such as cognitive computing, machine learning, and facial recognition using Al. Al-based facial recognition can help monitor consumer behavior using behavioral analysis. It also allows the BFSI industry to detect fraud in policy claim and crime/theft detection in banks. Therefore, with such advantages, the emergence of AI in analytics is expected to boost market growth over the next few years.

According to a senior analyst at Technavio, “Advanced analytics tools provide companies with a better understanding of the data generated through various sources. These insights also help companies deal with a wide range of areas that have significant potential to enhance operational success. Using these insights, companies can create customer-driven marketing strategies to optimize advertisement-generated interactions.”

Threat from open-source business analytics vendors

The presence of many open-source analytics solution providers is one of the significant challenges in the global analytics market. The analytics solutions offered by open-source analytics vendors have similar capabilities to that of on-premise or on-demand analytics solutions. Also, with the adoption of open-source platforms, the cost of acquiring analytics capabilities has reduced significantly. This will have a negative impact on the market share of analytics vendors. However, customized solutions and increased data protection regulations will reduce the use of open-source solutions, which will augment the growth of the market over the forecast period.