HOME › Research Insight › ANALYTICS-"Was, is, and will be?"
ANALYTICS-"Was, is, and will be?"
Analytics is one of the most talked words nowadays in every industry. Be it a part of government, energy & utilities, transportation, retail, BFSI, manufacturing or other industries, at every point we are seeing an ANALYTICS- inclination towards analytics for better resource optimization, customer retention, and profitability. Business analytics software adoption is a global, cross- industry phenomenon represented by organizations of all sizes. Analytics market is taking a shift from organized data analysis to un-organized data impending from different sources including digital devices, network "Was, infrastructure, social network, customers data and so on.
Analytics software market is a combination of legacy is, and software tools and multiple applications with the capability to analyze, manage, monitor, organize, access and deliver both structured and unstructured data. Industries are getting a shift from structured data to un-structured data will and that is resulting in paradigm shift from business intelligence tools and applications to performance management applications, to business analytics adoption.
Analytics market is really reaching to new statures since last 3-4 years. New applications and tools such as predictive analytics, speech analytics, workforce analytics, content analytics text analytics and so on are being added to the analytics arena. Despite the negative global macroeconomic conditions in 2009 and its after effects, analytics market is steadily growing and grabbing the noticeable share of the global IT spending. Analytics market is growing at a much faster pace than the global software and overall ICT market. Global analytics market is expected to grow at a compound annual growth rate (CAGR) of nearly 10% for the next 5 years. In comparison to this software market is growing at a CAGR of 3.7% and ICT market is growing at a CAGR of 2.8% for the same time span. At present the market size for analytics is $37 billion and it is expected to reach $58 billion by the end of 2018.
Analytics market is seeing a noticeable shift towards cloud-based solutions since last 2-3 years. Although cloud-based solutions are available for years but now analytics vendors prefer the solutions based on cloud and SMBs also prefer the same. Cloud based analytics solutions are expected to grow at a CAGR of nearly 25%. Cloud based analytics solutions market is expected to grow from $5.3 billion in 2013 to $16.5 billion by the end of 2018. By far reasons to adopt the cloud solutions are to limit the front load capital, increase scalability, focus on core competency, and pay-per-use concept.
The budding demand for analytics solutions is also divulging the earlier minor issues such as skilled IT professional, data scientists, and analytical staff which was actually not so exposed for all the stakeholders. Growing focus on big data and inevitable need for analytical solutions to take the competitive advantage can be sighted as both challenge and opportunity for most of the organizations.
I wonder when I think of market agility and the factor such as innovation, custom solutions and industry focused approach possess the level of importance to make a competitive headway.
Cloud Analytics Market [Cloud BI, Cloud Business Intelligence] - Text, Web, Speech, Machine, Video, Predictive Analytics: Global Advancements, Delivery Models, Market Trends, Enterprise Roadmap, Market Forecasts & Analysis (2013 - 2018)
North - Dominion Plaza,
17304 Preston Road,
Suite 800, Dallas, TX 75252