The advanced analytics market will nearly double in size between 2017 and 2020, according to global analytics and advisory firm Quantzig, with self-service data analytics software topping their list of trends to watch this year.
The analytics firm credits the market’s rapid growth to the transformation from business intelligence to advanced analytics techniques, noting that analytics platforms and advanced analytics accounted for nearly 25 per cent of the overall global business intelligence market as of 2015.
Quantzig’s report lists 10 trends that will continue to shape the industry this year:
1. Self-service data analytics software will enable more small businesses to access and analyse their own data, reacting to customer trends in near-real time.
2. Online and offline data integration will enable organisations to gain a consolidated, multi-faceted view of their businesses and customers by combining data from the cloud, on-premises and legacy systems.
3. Predictive data analytics will enable organisations to predict what their customers could need in the future despite historic behaviour. Quantzig expects a compound annual growth rate of 25 per cent between 2015 and 2020.
4. Prescriptive data analytics will enable organisations to analyse the outcomes of multiple decisions prior to executing them to determine the best course of action in advance, saving time, expense and potentially even embarrassment.
5. Internet of Things will continue to evolve as consumers become increasingly connected, enabling organisations to use this enormous source of data to customise individual customer interactions.
6. The cloud will continue to gain importance and Quantzig predicts many more businesses will move to the cloud in 2017, based on the reliability and strengths experienced by initial cloud users.
7. Embedded analytics within business software and apps will increasingly provide organisations with faster access to data analytics by eliminating the need for an external data analytics agency.
8. Data monetization, which enables organisations to generate revenue from trading or selling data, will emerge as a major business opportunity for organisations focused on packaging or disseminating data.
9. Streaming analytics, which enables organisations to obtain live, real-time data analytics to make immediate changes and watch the effects live, will change the way businesses operate.
10. Data visualisation tools and machine learning will enable organisations to analyse far more unstructured data in 2017 than they possibly could have in 2016.