Descriptive Analytics market is expected to outperform in the analytics market by 2022
With its recently published study “Descriptive Analytics: Market Trends & Forecast – 2016–2022”, Infoholic predicts that globally, descriptive analytics market will continue to witness growth due to organization’s requirement of descriptive analytics to get valuable key insights from large volumes of raw data (historical data). It helps to take better decision and handle numerous data from multiple data sources from outside and inside the organizations. The increasing volume of data, better decision making, adoption of digital technologies and demand for analytics tools from the industry sector will drive the descriptive analytics market growth. The Descriptive Analytics market is expected to grow at a CAGR of 18.2% during the forecast period 2016–2022.
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The BFSI industry is expected to outperform for this market growth followed by Retail & Consumer Goods industry. In BFSI industry, customer analytics and risk analytics together are contributing more than 45% of the market share for Descriptive Analytics market growth followed by financial analytics and sales & marketing analytics.
As per the study, North America is set to be the leading region followed by Western Europe during the forecast period 2016–2022. The increasing spending activities on big data, cloud technology, social media and mobility technologies are expected to drive the market growth. In addition to this, Asia Pacific and Middle East & Africa regions are set to be the emerging markets for Descriptive Analytics in the upcoming years.
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“Effective utilization of descriptive analytics can result in achieving profitable ROI because the results given by descriptive analytics are always correct compared to predictive and prescriptive analytics. Descriptive analytics helps in understanding organization’s current status via customers, locations, time, on-going performance, products & services, collaborations/partners, marketing events, etc. Technically, organizations should take extra care on proper deployment of descriptive analytics – as it is the heart and backbone of operations.” – Tariq Ahmed Shaik, Research Operations
“Today, drastically growing data volume in every industry has led the demand for analytics techniques. In every industry, before predicting the future business, there is a need of analytics tool to analyse the historical data to understand the past, where the descriptive analytics plays a key role in terms of obtaining key insights to make better decisions. The Descriptive Analytics market is expected to contribute a major market share for the analytics market growth.” – Bhavya H, Research Analyst.
Key insights of the report
- Global Descriptive Analytics market is analyzed industry wise and region wise
- Industry segment includes BFSI, Retail & Consumer Goods, Telecom, Energy & Utilities, and Healthcare
- Each vertical consists of five to six major analytics types: customer analytics, risk analytics, sales & marketing analytics, workforce analytics, etc.
- In-depth analysis of the application types in each and every analytics types
- Industry outlook: market trends and drivers, restrains and opportunities
- The regions covered are North America, Western Europe, Central Eastern Europe, Asia Pacific, Latin America and Middle East & Africa.
Ms. Sunanda Ganguli
Infoholic Research LLP