Business analytics is growing and adapting to new technology, better analysis tools and larger amounts of data; advanced analytics has become more prevalent in recent years and will likely continue on this upward trajectory of growth. The latest report from RnRMarketResearch.com predicted that the advanced analytics market will expand at a compound annual growth rate of 33 percent during the next five years, Midsize Insider reported.
While advanced analytics can prove useful in nearly any setting, some industries may benefit more from the ability to manipulate and extract information from collected data. Banking and financial services were found to be the front runners in terms of putting advanced analytics to use in 2014, and they will remain the key sectors in which these analysis tools will be used through 2019. The report also highlighted industries including health care, government and defense, consumer goods and retail, telecom and IT, and transportation and logistics as major players when it comes to analyzing data. Each of these markets is predicted to see a rise in the use of advanced analytics, but they are not all using the tools for the same purpose.
Telecom and IT companies are likely using advanced analytics to improve customer profitability and revenue assurance, the study authors indicated. The government can put analytics to work on scenario planning as well as for fraud detection and management. Inventory optimization will be made easier for retail and consumer goods companies, as well as those involved in transportation and logistics. When it comes to health care, advanced analytics have the potential to aid in predictive modeling, which could potentially help prevent widespread illness like the flu.
Growth out of necessity
Many businesses are finding that advanced analytics not only helps them gain better insight into operations, but it can also improve the way the company is run and allow it to remain competitive. Analyzing data can assist companies in finding and eliminating weaknesses, gain a better understanding of various aspects of a business, and develop solutions for problems that may arise. For this reason, predictive analytics is in high demand across all industries, along with data mining solutions. To get the best outcomes and predict the effect of big decisions in a company, it is essential to have as much of the right information as possible.