Market Overview

The advanced analytics market is expected to register a CAGR of over 20% over the forecast period (2020-2025), owing to the increased adoption of such solutions to address diverse business needs. The adoption has been augmented by the presence of data generation and collection, and IT and other critical infrastructure. Digitization drive in the past three decades in the industry was also able to create an ecosystem that promotes the business to adopt these advanced solutions for improved business insights.

• Advanced analytics solutions are becoming more widespread, as enterprises continue to create new data at a rapid rate. For instance, the amount of data generated worldwide is increasing immensely. According to Seagate Technology PLC, the volume of data created worldwide is expected to increase to 47 zettabytes and 163 zettabytes in 2020 and 2025, respectively, from 12 zettabytes in 2015.
• Moreover, with the increasing popularity of online shopping and rising social network penetration, the demand for advanced analytics is anticipated to rise substantially over the forecast period. For instance, according to We Are Social, as of January 2019, the social network penetration in China and the United States accounted for 71% and 70%, respectively.
• Data generated, owing to the increasing social penetration, contains hidden patterns that traditional analytics tools are unable to find. If implemented in the correct form, advanced analytics solutions can help businesses unlock critical hidden information, which can then be used by the organizations to customize their offering to their consumers.
• Furthermore, an increase in the adoption of advanced analytics solutions, owing to the low price, is expected to boost the market's growth positively. Furthermore, the increasing demand to counter Big Data challenges is impacting the market's growth positively.

The advanced analytics market is expected to register a CAGR of over 20% over the forecast period (2019-2024), owing to the increased adoption of such solutions to address diverse business needs. The adoption has been augmented by the presence of data generation and collection, and IT and other critical infrastructure. Digitization drive in the past three decades in the industry was also able to create an ecosystem that promotes the business to adopt these advanced solutions for improved business insights.

• Advanced analytics solutions are becoming more widespread, as enterprises continue to create new data at a rapid rate. For instance, the amount of data generated worldwide is increasing immensely. According to Seagate Technology PLC, the volume of data created worldwide is expected to increase to 47 zettabytes and 163 zettabytes in 2020 and 2025, respectively, from 12 zettabytes in 2015.
• Moreover, with the increasing popularity of online shopping and rising social network penetration, the demand for advanced analytics is anticipated to rise substantially over the forecast period. For instance, according to We Are Social, as of January 2019, the social network penetration in China and the United States accounted for 71% and 70%, respectively.
• Data generated, owing to the increasing social penetration, contains hidden patterns that traditional analytics tools are unable to find. If implemented in the correct form, advanced analytics solutions can help businesses unlock critical hidden information, which can then be used by the organizations to customize their offering to their consumers.
• Furthermore, an increase in the adoption of advanced analytics solutions, owing to the low price, is expected to boost the market's growth positively. Furthermore, the increasing demand to counter Big Data challenges is impacting the market's growth positively.