Published Date : Aug 22, 2016
Albany, NY, Aug 22, 2016: Offerings in the global advanced analytics market are evolving rapidly to meet the consistently changing trends in businesses that seek to extensively use data analytics for accurate decision making. In today’s competitive era, companies are demanding advanced analytics and relevant services that enable them to use various types and large volumes of data to understand the changing trends in the market. The demand for advanced analytics is increasing from various industries, which is expected to benefit the global market. These are the findings of a new report recently added to the repository of MarketResearchReports.biz.
The report, titled ‘Global Advanced Analytics Market 2016-2020,’ states that the global advanced analytics market is predicted to exhibit a CAGR of 22.12% during the period between 2016 and 2020. The rising need to prevent fraudulent activities and the growing adoption of SaaS-based predictive analytics are two of the key factors responsible for the growth of the global advanced market. However, the market will be challenged by the lack of feasible data integration and connectivity options.
The adoption of big data is increasing in many industries, which has created the need to prevent fraudulent activities. This has increased the demand for advanced analytics across the globe. The rising need to develop competitive strategies will also increase the demand for advanced analytics, predict the analysts. However, the global market is expected to be challenged by the lack of expertise in advanced analytics, data security issues, and difficulty in identifying valid information.
Despite the effect of these restraints, the global advanced analytics market is expected to grow considerably in the coming years owing to changing trends such as the emergence of social media advanced analytics, the rising focus on business intelligence (BI), and the rising demand for mobile analytics.
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Financial service providers are using the technology of advanced analytics to combat external and internal fraud. Many sports organizations are using advanced analytics to manage the database of athletes and sports professionals safely. Manufacturing industries, auto companies, food and beverage companies, and organizations operating in the healthcare sector are also increasingly using various technologies of advanced analytics.
For a better competitive reports, the global advanced analytics market is regionally divided into the Americas, EMEA, and APAC. Key companies operating in the market are taking consistent efforts to improve the quality of their advanced analytics products and services. This is a key strategy for market leaders, who need to come up with new products to sustain their dominance.
IBM, KNIME, Oracle, RapidMiner, SAP, SAS Institute, Accretive Technologies, Angoss Software, Dell, FICO, HP, Information Builders, Microsoft, Microstrategy, Megaputer Intelligence, Oracle, Pegasystems, Pitney Bowes, Prognoz, and Revolution Analytics are some of the prominent players operating in the global market for advanced analytics. Thanks to the technical advancements in recent years, key companies have been able to introduce new advanced analytics platforms and services to meet the changing needs of customers.
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