As per a research published by UK-based competitive intelligence and market research platform Markets and Markets, the global market for advanced analytics is expected to grow significantly in the coming years. The report states that the market is likely to reach a value of over $89 billion by 2026, growing at a CAGR of 21.6%. There are several factors driving the growth of the advanced analytics market. One of the main drivers is the increasing adoption of data-driven decision-making by organizations across various industries. Advanced analytics techniques, such as machine learning, artificial intelligence, and predictive analytics, enable organizations to extract insights from large and complex data sets, which can be used to improve business operations, reduce costs, and increase efficiency.
Karunya Sampath, Co-founder & CEO, Payoda Technologies elaborates on the key market drivers of advanced analytics “The advent of ML/AI has led to personalized Customer Experiences on the basis of adoption of Big Data and other technologies. Today and in the future, to elevate business value, organizations will look to invest in data and analytics platforms, trust-based data sharing, and synthetic data for AI development. They will primarily work at converting insights to actions via business applications that are influenced by three or more analytics solutions. The future belongs to embedding AI in enterprise applications in areas such as contract management, digital commerce, human resources (HR), and enterprise resource planning (ERP) helps to attain measurable gains in business value.”
Increased consumerization of analytics technology and the need for communities are changing the analytics, business intelligence (BI) and data science landscape, accelerated by movement to the cloud.The advent of instruments like UPI has successfully brought small and medium businesses into the banking ecosystem. It has made more businesses capable of establishing their creditworthiness through payments directly into their current account.
Another factor contributing to the growth of the advanced analytics market is the increasing availability of data from various sources, such as social media, the Internet of Things (IoT), and mobile devices. “Identifying the sections of society, their geographic distribution, etc still involves a lot of field-level information gathering which is manual, time-consuming, expensive, and error-prone. Advanced analytics through digital channels can play a big role in identifying the distribution of the target beneficiary segment, especially for government schemes. We can now correlate data from different sources, identify anomalies, refine data, apply sophisticated data models and arrive at the most accurate set of beneficiaries for a given Government program,” said Balaji Jagannathan, Co-founder & Director, Paycorp.io.
He also believes that it is a daunting task to gauge the creditworthiness of small and medium businesses. It involves understanding the nature of the segment the businesses is in, the geographic influence on the risk levels of such business, the spend patterns of these businesses, and more. Analytics can play a significant role in identifying patterns of behaviour of such MSME businesses which can then be utilized to gauge the creditworthiness and risk score of individual SMEs with a fair degree of accuracy.
Amit Kumar Gandhi, CEO and founder of NovelVox, a company that provides solutions to the CX industry, shares his insight, “Real-time analytics is the necessary prerequisite for any organization hoping to excel at customer engagement. While companies of all stripes have been investing heavily in technologies to understand their customers better, most of them miss out on the opportunity that lies in front of them due to legacy IT systems and entrenched structures & processes. It is no longer sufficient to just collect customer information in your CRM software without working out a way to make sense of that data.”
“By leveraging the potential of AI and ML-driven tools like chatbots and omnichannel networks, contact centers can benefit immensely, owing to their ability to generate, aggregate, and analyze vast swathes of data. Leveraging advanced analytics, it is possible to predict customers’ sentiments even when they are interacting through a non-voice channel, enabling contact centers to deliver more connected and meaningful conversations. Similarly, there are technologies that enable brands to uncover callers’ behavioural patterns, service preferences, and more to seamlessly extract & showcase more-meaningful actionable insights to agents. In short, adopting the right analytical tools can pave the way for all-around customer engagement and ensure long-term customer loyalty,” said Gandhi.
“The healthcare industry is expected to be a major contributor to the growth of the advanced analytics market, due to the increasing adoption of electronic health records and the need to manage and analyze large amounts of healthcare data. The financial services industry is also expected to be a significant contributor, as financial institutions look to leverage advanced analytics to improve risk management and compliance,” said Karunya Sampath, Co-founder & CEO, Payoda Technologies. She feels this data can be used to gain a deeper understanding of customers and markets, and to develop targeted marketing campaigns and personalized products and services. And slowly, advanced analytics will be a part of every realm of human existence.
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