According to market research firm Infoholic Research LLP global advanced analytics market is expected to reach US$ 80 billion, growing at a CAGR of 26.8% over 2016-2022.
Infoholic Research predicts advanced analytics to be the #1 investment priority for CIOs in the upcoming years. The adoption and usage of advanced analytics solutions will have a major impact on executive decision-making as a result of inferences drawn from the enterprise data silos. As per the study, North America is the leading region in the usage of advanced analytics solutions, followed by Asia-Pacific and Europe. Riding on the back of this wide adoption of advanced analytics solutions across various sectors, the Advanced Analytics market is expected to grow at CAGR of 26.8% for the period of 2016-22.
Analyzing the market by industry vertical, the major share of Advanced Analytics solution offtake is seen from IT & Telecoms (32%), followed by Healthcare and BFSI (21% each). Growth across the verticals has led to the overall growth of the Advanced Analytics market. Just the global BFSI sector demand for analytics solutions is predicted to reach US$ 23.8 Billion by 2022, from US$ 5.1 Billion in 2016, a projected CAGR of 22.6%.
K R Sreenivaasan, Founder Director, Infoholic Research, said, “The unique geographical region no longer matters in the global market landscape. Even proprietary technologies can be reengineered. What remains is to maximize business through leveraging data and insights. Businesses need answers to what will happen in the future and Advanced Analytics solutions can provide those insights. This seems to reflect in 72.4% of global enterprise users’ displaying a belief in the adoption of Predictive Analytics. By end 2016 the Predictive Analytics market will alone be close to $3 billion.”
As per the Infoholic Research proprietary ‘Four Wall Analysis’ model, Tableau is placed on the top rung, followed by SAS and Microsoft. The Four Wall Analysis model is based on analyzing the performance of various market players on four key parameters – Business Strategy, Market Growth, Innovation, and End-user survey results. The inference drawn from this analysis throws up the relative rating of players under three categories – Emergers, Climbers and Dominions.