Industry report

An insight into the advanced analytics market

| Author / Editor: Ahlam Rais / Ahlam Rais

The banking, financial services and insurance sectors are expected to hold the largest share of the advanced analytics market owing to the increased demand to mitigate frauds, optimise processes and to handle risks.
The banking, financial services and insurance sectors are expected to hold the largest share of the advanced analytics market owing to the increased demand to mitigate frauds, optimise processes and to handle risks. (Source: Deposit Photos)

North America is leading the global advanced analytics market but the Asia Pacific region is becoming the fastest growing market in the world. Businesses across the globe have now become aware of the massive benefits they could achieve by making use of their data in order to improve their business decisions.

Under advanced analytics, one can undertake informed business decisions by gaining a deeper insight into the market with the assistance of big data. This has lead advanced analytics to become one of the most important strategies for businesses to flourish and become profitable in the long run.

According to a report by Market Research Future, the growing demand for big data analytics is set to drive the growth of advanced analytics market. Much has been talked about the benefits of advanced analytics but in which sectors does it prove to be the most advantageous?

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Sectors under the spotlight

The report adds that the banking, financial services and insurance sectors are expected to hold the largest share of the market owing to the increased demand to mitigate frauds, optimise processes and to handle risks. In addition to this, the IT and telecommunication sector is expected to grow at the highest rate during 2017–2023 owing to the increasing adoption of advanced analytics solutions to receive better insights about the market.

Global advanced analytics market

In terms of geographical locations, the North America region more specifically the USA and Canada leads the global advanced analytics market. The primary reason behind this is the increasing number of technological developments along with growing adoption of artificial intelligence in the region. Apart from this, the sturdy and developed infrastructure in the region enables faster implementation of advanced technologies. Another aspect to be considered is the growing ‘social media’ segment in this part of the globe.

Following the North America region are Europe and the Asia-Pacific region. While the North American region is expected to hold major share, the Asia Pacific region is forecasted to grow at the fastest rate during the timeline.

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The rise of Asia Pacific

The rising growth of the Asia-Pacific region can further be seconded by an Analytics Insight report. There are several industries which will make a colossal investment in big data and analytics. Some of them include the federal government, banking, telecommunications, discrete manufacturing and professional services. These five industries have spent around 8.3 billion dollars on big data and analytics in 2018 and will become the largest spender in 2021 with a total investment of 12.6 billion dollars mentions the report.

It is not suprising that China dominates the Asia-Pacific market with a spending of 5.5 billion dollars in 2018. The report adds that in China, big data and analytics related purchases will be mainly driven by telecommunications and banking industries (14.6 %) followed by professional services (11.9 %) in 2018. Australia will be the second largest contributor accounting for 18.2 % of the revenues followed by Indonesia (19.7 %), Philippines (19 %) and Thailand (18.2 %).

Advanced analytics is the future and the world is catching up with it to stay ahead in their respective businesses.

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