Advanced analytics market will be worth $29.53 billion by 2019, says research firm

The new report published by MarketsandMarkets forecasts that the advanced analytics market will grow from $7.04 billion in 2014 to $29.53 billion in 2019.

The report is entitled, 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.

MarketsandMarkets forecasts the advanced analytics market to grow from $7.04 billion in 2014 to $29.53 billion in 2019 at a Compound Annual Growth Rate (CAGR) of 33.2% during the forecast period 2014-2019.

The report includes 72 market data tables and 14 figures spread through 189 pages as well as an in-depth table of contents, says MarketsandMarkets.

For further information about the report, click here.

The report covers all the major sub segments in the advanced analytics market and provides the quantitative (market size and market growth) and qualitative (trends, analysis, and insights) for these segments. This comprehensive coverage of the advanced analytics market provides important inputs, such as drivers, restraints, and opportunities in this market; profiles the major players in this market, maps the competitive landscape, and provides the overall perspective on the advanced analytics market in the various verticals and regions.

Advanced analytics is analysis of all kinds of data using sophisticated quantitative methods, such as statistics, predictive and descriptive data mining, visualization and optimization for forecasting and having insights into future trends. The use of advanced analytics is on the increase as companies want to have a competitive edge over competitors and be able to forecast the future trends in a better way, which would help companies in making better decisions.

MarketsandMarkets has segmented the advanced analytics market verticals by their applications. Banking and financial services is segmented as regulatory reform, customer profitability, operational efficiency, risk management, credit risk analysis, fraud detection and management, budgeting and planning and process optimization.

The Government and defense vertical is segmented by applications as fraud detection and management, defense health, and scenario planning.

The telecom and IT vertical is segmented by applications as targeting offer and campaign management,  cell site optimization, revenue assurance, customer profitability analysis, network dynamics congestion control, churn prediction and social network analysis.

The healthcare sector is segmented by applications as predictive modeling, financial performance and monitoring and fraud detection and management.

Transportation and Logistics sector is segmented by applications as inventory optimization, supply chain planning, sales and operational planning, and quality lifecycle management.

Consumer goods and retail is segmented by applications as price optimization, customer insight, planning and organization, merchandize planning, and size optimization.