Analytics Market Prophesied to Grow at a Faster Pace by 2024

02/mag/2020 16:31:25 Ethan Smith Contatta l'autore

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The global market for advanced analytics should grow from $248.0 billion in 2019 to $281.0 billion by 2024 at a compound annual growth rate (CAGR) of 2.6% for the period of 2019-2024.

Report Scope:

The scope of the report includes, a general outlook of the analytics industry, with the scope limited to reports published by BCC Research during the year 2016, 2017 and 2018. This report covers only advanced analytics, artificial intelligence, and cognitive computing technologies. The advanced analytics market covers the following solutions: software tools, integrated hardware appliances, and services. The advanced analytics market comprises applications for the following industries: banking and financial services, telecommunications and IT, healthcare, government and defense, transportation and logistics, and consumer goods and retail.

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The AI market covers machine learning, deep learning, and expert systems as these are direct derivatives of analytics. Cognitive computing market in this report covers machine learning and expert systems. Technology coverage in this report includes only those technologies that are a derivative of analytics.

Estimated values used are based on manufacturers’ total revenues. Projected and forecasted revenue values are in constant U.S. dollars, unadjusted for inflation. The scope is limited to the recent studies published by BCC Research and is thus not exhaustive.

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Report Includes:

- 26 data tables
- A brief outlook of the global advanced analytics market
- Analyses of the global market trends with data from 2018, estimates of 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Characterization and quantification of the market potential for advanced analytics comprising artificial intelligence and cognitive computing, by major computing techniques, solutions, industry applications
- Assessment of key trends related to technology, industry, and regional factors that shape and influence the overall analytics industry
- Discussion of opportunities and innovation-driven analytics market highlights, as well as the major regions involved in such developments
- Company profiles of major global players within the analytics industry, including Amazon Inc., BigML Inc., Cisco, Deloitte and Microsoft Corp.

Summary

Artificial Intelligence is one of the fastest growing areas of computer science, with a wide range of applications. Artificial intelligence refers to the ability of a computer to think and learn like a human. The applications of artificial intelligence have already pervaded many industries, bringing potential benefits that have been predicted to double the annual economic growth rate in several developed economies in the future. A majority of the currently used AI applications are built around so-called “weak” AI agents, which exhibit cognitive abilities in some areas. Artificial intelligence applications ranging from chatbots to autonomous cars are transforming many industries and societies by bringing benefits such as increased efficiency, new products and a reduction in repetitive tasks.

According to BCC Research estimates, the global artificial intelligence market was valued at REDACTED billion in 2018. The global artificial intelligence market is forecast to reach REDACTED billion by 2024, growing at acompound annual growth rate (CAGR) of REDACTED. The growth of the artificial intelligence market is beingdriven largely by factors such as increasing computing power, the increasing availability of big data forlearning, and the development of smarter and better algorithms. However, the market for artificialintelligence is being restrained by factors such as a lack of skilled labor and data privacy issues amongconsumers. The rapid increase in the amount of data collected by healthcare facilities helps them address important health challenges.

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