Advanced Analytics Market

New Revenue Pockets In Advanced Analytics Market

The Banking and Financial Services vertical will account for the largest market share during the forecast period 2014-2019. Advanced analytics directly addresses the problems faced by the industries and these results in the end users asking for advanced analytics solution. The banking sector is driven by capital, and is always at high risk. Advanced analytics helps banks to mitigate these risks by providing optimum solutions to minimize the risks faced.

The regulatory reforms are one of the pain points for banks as new regulations are continuously introduced which have to be complied with. Dodd Frank Bill in U.S. clearly shows the need for advanced analytics solutions in the regulatory reform category. The banking sector being capital driven is prone to fraudulent activities. Advanced analytics solutions are used by the banking sector to prevent and manage these fraudulent activities.

However, there are the other revenue pockets which include Telecom and IT Telecom and IT, healthcare, government and defense, transportation and logistics and consumer goods and retail sectors.

Advanced analytics has contributed to the Telecom and IT vertical to a greater extent. Some of the applications are listed below:

  • Customer Profitability Analysis: Telecom as a service is used by a large number of people. Out of this significant customer base, the company has to identify the profitable customers; which is a tedious task. Advanced analytics help operators to find the profitable customers by segmenting the customers on the basis of usage and products.
  • Revenue assurance: Telecom sector is facing fierce competition and with the decline in ARPU, it has become imperative for the telecom companies to decrease the existing leakages sector has multiple processes which occur simultaneously. Advanced analytics help the companies to exactly pin point the process where the leakage exists.
  • Cell Site Optimization: The information received from cell sites is in silos. This information received from these networks is neither consistent nor reliable. With the advent of 4G, the network is supposed to be self-optimized. This means the cells would automate ways to communicate with each other Advanced analytics can help in cell to increase customer experience by how consumer experience varies with what type of service the consumer uses and help to recognize the customer usage pattern throughout the day.

The Healthcare vertical uses advanced analytics for predictive modeling, financial performance and monitoring, fraud detection and management and other applications. Predictive modeling examines patientís historical data which can then be used to form predictive model for patient. False claims are a major problem in the healthcare industry. Fraud detection and management uses advanced analytics allows organizations to detect emerging fraud patterns before adjusting a claim.

Advanced analytics is used in the Government and Defense sector for fraud detection and management, defense health, and scenario planning. Fraud detection and management is one of the prime concerns for the government and defense sector. Fraud can lead to enormous loss of information which is a major concern for this industry. Advanced analytics helps to mitigate this risk by identifying fraudulent patterns on real-time basis. Advanced analytics involves running of complex scenarios quickly to select the best courses of action. Advanced analytics helps to identify the best course of action using advanced analytics techniques. Companies such as SAS and SAP provide solutions in this category.

Related Reports:

Advanced Analytics Market by Big Data Analytics, Social Analytics, Visual Analytics, Customer Analytics, Risk Analytics, Business Analytics, Statistical Analysis, Predictive Modeling - Global Advancement, Worldwide Market Forecast & Analysis 2014 - 2019

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