Online retail companies are inundated with data as a result of the rise of social networking. Traditional analytics methods are unable to detect hidden patterns in this data. Advanced analytics market tools assist in the unlocking of this hidden information, which can subsequently be used by enterprises to provide vital insights into customers' thinking and to help them personalise their offerings to their clients. The need to handle vertical-specific difficulties, as well as big data challenges, are driving the expansion of the advanced analytics market. The advanced analytics market is being held back by technical misspecifications. Taking use of your current consumer base is a good idea. One of the issues that the advanced analytics sector faces is that technical errors can occur during upgrades. The advanced analytics market is examined, with market size and volume data provided by country, banking and financial services, telecom and IT services, healthcare, government and defence, transportation and logistics, consumer goods and retail, and so on, as said previously.
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Key Driving Factors: Demand for social media is growing.
The market for advanced analytics is being driven by the growing use and demand for social media. With the widespread use of social media, a big database is developed, allowing businesses to better understand consumer preferences and plan their business strategy. As a result, the use of advanced analytics in database administration is expected to accelerate market expansion.
Driving Factors: Adoption of technology for advanced applications
Industry adoption of IoT and automation technologies has fueled the Advanced Analytics market. The Internet of Things (IoT) refers to objects that are equipped with sensors, software, electronics, and network connectivity, allowing them to collect and exchange data. Industry benefits from advanced analytics with IoT integration in predictive or preventive failure analysis, contributing considerably to market growth
This report offers the major market player’s profiles, such as Altair Engineering, Inc., Fair Isaac Corporation, IBM Corporation, KNIME, Microsoft Corporation, Oracle Corporation, RapidMiner, Inc., SAP SE, SAS Institute Inc., and Trianz among others.
Based on End User: The growing requirement to minimise fraud and risk management in BFSI contributes in 20 21to the segment's largest market share. Advanced analytics assist banks to sort data from certain regions to decide on credit risk management, capital planning, etc. in an insightful way. In addition it will contribute to market expansion to replacing existing instruments to combat fraud with state-of-the art analytics as a result of escalating fraud. Additionally, there is an analysis to contribute to the increase of advanced analytical used by the IT & Telecom industry in the considerable rise in the unorganised data generated by the streaming of media subscription services activities.
The Advanced Analytics Market report has been categorized as below
By Banking and Financial Services
Credit Risk Analysis
Fraud Detection and management
Budgeting and Planning
By Applications Telecom and IT Services
Targeting offer and campaign management
Cell Site Optimization
Customer Profitability Analysis
Congestion Control and Social Network Analysis
Financial Performance and Monitoring
Fraud Detection and Management
By Government and Defense
Fraud detection and management
By Transportation and Logistics
Supply Chain Planning
Sales and Operational Planning
Quality Lifecycle Management
By Consumer Goods and Retail
Planning and Organization
Rest of World
Published Date : July-2021