Increased acceptance of data analytics driving market growth

Increased adoption of data analytics across the globe is spurring growth, with the worldwide market for advanced analytics forecast to grow more than 22% between now and 2020.

According to new data from research firm Technavio, the increased acceptance of data analytics across industries is behind the growth.

Data analytics help to eliminate the major work involved in understanding customers and data tracking processes. According to Amrita Choudhury, lead analyst ICT at Technavio Research, it can help attract new customers and analyse the historical data patterns to serve existing customers and retain them.

The research from Technavio breakdowns several segments of the advanced analytics sector based on the end-user.

"A rise in the adoption of BYOD policy is an ongoing trend in the global market currently," Choudhury says.

"BYOD policies allow employees to access organisational data and resources without being tied to a single location," he explains.

"With their increasing popularity, mobile devices have become the primary devices for data access among employees in an organisation," he adds.

"Also, many SMEs are increasingly adopting BYOD policies to improve their productivity and efficiency," says Choudhury.

According to Choudhury, the BFSI sector is one of the key adopters of mobile analytics solutions.

"These solutions help financial institutions automate different processes such as account opening, analysis of large volumes of financial data, and lending or receiving money," he explains.

"Furthermore, the BFSI sector has to ensure data security to protect sensitive customer and corporate data. The sector also has to comply with government regulations and hence the security of business data is of utmost importance to this sector," Choudhury says.

According to the research, key vendors in the market include IBM, KNIME, RapidMiner, SAP, and SAS Institute.

Choudhury says the market is currently witnessing the entry of many pure-play enterprise mobility solution providers that are competing with the large open source enterprise mobility solution providers.

"As a result, the market is getting fragmented, which is leading to the proliferation of a large number of vendors," he explains.

During 2015, the market was dominated by the Americas with a market share of more than 54%.