Cloud models are helping in reducing cost extensively, boosting adoption, and this in turn is giving rise to a heightened demand for advanced analytics.
[EUPRwire, Mon Oct 15 2018]
The global advanced analytics market is prognosticated to showcase a robust potential for growth with the rising need to avoid fraudulent activities and surging adoption of big data. TMR Research expects the market growth to be strengthened by the increasing emphasis on business intelligence and elevating demand for mobile analytics solutions. According to a report authored by the market research company, titled â€śAdvanced Analytics Market â€" Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 â€" 2025,â€ť all of these factors could significantly augur well for improving the demand for advanced analytics in the coming years.
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Despite the substantial driving factors mentioned above, the world market for advanced analytics is prophesied to encounter a few challenges. These could be the absence of data integration and connectivity and issues associated with data security. Furthermore, the growth of the market could be hindered by the shortage of expert professionals in the industry, especially in the emerging nations. However, the demand for advanced analytics is foreseen to be favored by the increase in the adoption of software-as-a-service (SaaS)-based predictive analytics. As a result, vendors could take this opportunity to reinstate their business plans and secure a commanding position in the market.
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Between 2017 and 2025, developed markets for advanced analytics such as North America are predicted to set the tone for a snowballing growth in the industry. As per the geographical analysis offered in the report, the key shares achieved by these regional markets could be a result of their extensive growth backed by the presence of a large count of financial organizations. One of the important factors projected to fuel the growth of international advanced analytics market in the two regions is the swelling implementation of software solutions and services in a diverse range of businesses. Emerging geographies such as Asia Pacific could also showcase a decent growth rate while riding on the enormously expanding banking market and the developing economy of the region.
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Players operating in the worldwide advanced analytics market could find reliable growth prospects birthing from the rise in social networking and increasing popularity of online shopping. Usage of various methods such as visualization, optimization, descriptive and predictive data mining, and statistics has been forecasted to birth potential opportunities in the market. In order to focus on improving their presence across the market, players could take to high-quality services and innovations. This is expected to help them survive the competition in the market. Key players such as Infor, Kxen, Microsoft, Pitney Bowes Software, and Terdata could make their presence known in the market.
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