Advanced and Augmented Analytics: Market Insights, Trends, and Growth Opportunities

How are Market dynamics shaping Advanced Analytics?

Advanced analytics - a market segment constituting a multitude of statistical methods like forecasting, data mining, multivariate statistics etc., is constantly redefining itself with the maturing technological landscape. Organizations are heavily investing in advanced analytics to gain a sharp competitive edge in today's intense business environment. Market dynamics such as increasing data volumes, growth in the e-commerce sector, and heightened demand for real-time analytics are primarily driving the uptake of these technologies.

What are the prevailing trends in Advanced Analytics?

The proliferation of AI and Machine Learning technologies forms a significant trend in the realm of advanced analytics. They offer sophisticated capabilities to cleanse, prepare, and blend data, and decipher complex patterns, enabling businesses to make strategic decisions with precision. Augmented analytics, an offshoot of this trend, extends this ambit by automating insights using machine learning and natural language processing, allowing ease-of-access to non-technical business users.

What are the future growth opportunities in Advanced Analytics?

While the current trends hint at the consolidation of AI, ML, and augmented analytics, future growth opportunities appear in integrating these technologies into various industry-specific applications. These include healthcare for predictive diagnosis, retail for personalized marketing, and manufacturing for process optimization, to name a few. The adoption of cloud-based advanced analytics is another key growth area, given its cost-effectiveness and scalability.