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.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report, including the market size and forecast, drivers, challenges, trends, and more.

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.
Location: London, UK

Comments

Post a Comment

Popular posts from this blog

Flexible Packaging Market – Top Insights On Forecast and Analysis 2020-2024

Image
The  flexible packaging market  size has the potential to grow by USD 59.22 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. Flexible Packaging Market Market Competitive Analysis The flexible packaging market is fragmented. Market vendors are involved in price wars to expand their customer base, which further intensifies the competition. Amcor Plc, Berry Global Group Inc., and CCL Industries Inc. are some of the major market participants. Although the growing popularity of flexible bioplastic packaging will offer immense growth opportunities, increasing focus on reducing the use of plastic packaging will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Download the free sample report @...
Read more

Liquid Silicone Rubber Market – Latest Insights on Forecast and Analysis 2020-2024

Image
The liquid silicone rubber market size has the potential to grow by USD 715.78 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. Market Competitive Analysis The market is concentrated, and the vendors in this marketspace mainly compete based on factors such as the cost of production, innovation in products, price, operational cost, R&D cost, and product quality. Focusing on increasing their product portfolio, liquid silicone rubber suppliers are increasingly investing in R&D activities. CHT Group, Elkem ASA, and KC Co. Ltd. are some of the major market participants. Although the rising demand for lightweight materials in the automotive industry will offer immense growth opportunities, the fluctuation in raw material prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth pro...
Read more

Scented Candles Market – Top Insights on The Latest Trends

Image
The  scented candles market  size has the potential to grow by USD 1816.06 mn during 2020-2024 Market Competitive Analysis The market is fragmented. Bolsius International BV, Diptyque SAS, Godrej Consumer Products Ltd., NEST Fragrances, Newell Brands Inc., Reckitt Benckiser Group Plc, S.C. Johnson & Son Inc., ScentAir Technologies LLC, The Bridgewater Candle Co., and The Procter & Gamble Co. are some of the major market participants. Factors such as increasing investment in household interiors, growing home décor market, and diversified product portfolio of key vendors will offer immense growth opportunities. However, stiff competition from the unorganized sector, emission of toxic fumes, and criticality of inventory management and product sourcing may impede market growth. To make the most of the opportunities, vendors should focus on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing ...
Read more