Data analytics encompasses three data types – descriptive, predictive and prescriptive. Descriptive analytics deciphers raw data and converts it into an interpretable form. It uses data mining techniques to get insight from historic data. These insights help in critical decision making in an organization. Descriptive statistics involves summarization of samples and observations in the form of visual or quantitative representation. These summaries may form the basis of more extensive statistical analysis.
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Over the past few years, there has been a drastic increase in the volume of data due to increasing adoption of digital technology, big data boom, and application of advanced technologies across all industries. The enterprises are aggressively moving towards adoption of analytical techniques to analyse structured and unstructured data to gather valuable insights that help in better decision making. Descriptive analytics provides valuable information about the past business failure or success. These insights help businesses to make better plans and ensure future success. The descriptive analytics tools are being widely adopted in all the industry sectors and are the primary elements in analytics tree.
The Descriptive Analytics Market is expected to grow at a CAGR of 18.2% during the forecast period 2016–2022.
The increasing spending on advanced technologies, digital technologies, Internet of Things (IoT) are few major growth drivers in the descriptive analytics market.
Segmentation by Verticals
BFSI, Retail & Consumer Goods, Healthcare, Telecom, Energy & Utilities and Others are the key industry verticals in this market.
BFSI and Retail together accounted for almost 42 percent of the market in 2016. The Healthcare industry is poised to be the emerging vertical within the next 6-7 years. Customer analytics and Risk analytics will witness higher growth compared to Financial Analytics and Sales and Marketing Analytics.
North America, Latin America, Western Europe, Central Eastern Europe, Asia Pacific, and Latin America are the key geographies. North America is the leading region for descriptive analytics market followed by Western Europe.
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The study gives an opportunity to the key players to improve their current business approach by providing strategic intelligence about competition in the market.
The report includes a detailed competitive benchmarking of the leading industry players based on metrics such as business units, geographic revenue, recent developments, business focus, business strategy and SWOT analysis.
The key players covered in the report are IBM, Oracle, Dell, Accenture, TCS, Infosys, SAP, Microsoft, etc.
The study analyses one of the most widely adopted analytical tool. Bringing out the complete key insights of the market, the report provides business opportunities for players to understand the adoption rate of descriptive analytics types across various industry sectors and regions, latest trends, current and future market scenarios and emerging technologies related to descriptive analytics market. The report provides details about the adoption rate of the various types of analytical tools, major market trends, drivers, restraints and opportunities in each industry vertical and the market trends that support descriptive analytics adoption within each industry. This information helps the stakeholders to understand the current and future market scenario to focus or expand/invest in specific verticals. It helps the stakeholders to expand their geographic reach by providing information about the key business opportunities and trends in various geographies relevant to the descriptive analytics.
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The report can also be tailored as per the specific information need of the users. The customization of the report is available based on of countries, vendor profiles, analytics types and vertical wise.