Press Releases

Analytics Market to See 2.6% Annual Growth Through 2024

Industry Boosted by Increasing Computer Power

July 08, 2019

WELLESLEY, Mass., July 08, 2019–Increasing computer power and the development of smarter and better algorithms are two factors driving growth of the global analytics market, according to a report by BCC Research, “Analytics Market: A Global Outlook.”

The market expects to see a compound annual growth rate (CAGR) of 2.6% through 2024, when it could be worth $281 billion.

Major players in the market include Google Deepmind AI Solution(GOOGL), Hewlett Packard Enterprise Co.(HPE), Oracle Corp.(ORCL) and Microsoft Cognitive Services(MSFT).

Research Highlights

  • Advanced analytics services as a segment of the market for advanced analytics should grow from $129.1 billion in 2019 to $147.7 billion by 2024 at a CAGR of 2.7%.
  • The advanced analytics software tools segment should grow from $100.5 billion in 2019 to $116.2 billion by 2024 at a CAGR of 2.9%.
  • The global artificial intelligence market is forecast to reach $27 billion by 2024, growing at a compound annual growth rate (CAGR) of 48.2%.

Read the full report here: https://www.bccresearch.com/market-research/information-technology/analytics-markets-research-report.html

“Major factors driving the growth of this technology are core advances in AI, including developments in machine learning, reasoning and perception that are made possible by advances in multiple areas of computer science,” write BCC Research analysts. “Dramatic increases in computing power and cloud storage have increased opportunities to collect, store and share large amounts of data. Great strides have also occurred in probabilistic modelling, in which computing systems consider uncertainties and determine the best solution or recommendation.”

Artificial Intelligence Applications

A successful, business-practical Al application does not necessarily have to go so far as to duplicate the human brain. Rather, in today’s industrial and commercial applications there exists a strong need for machines and applications that can “think,” not in the sense that they can beat you in a game of chess or engage you in a phone conversation, but which can, for example, automate otherwise routine processes or help to scan millions of record sets in a government database to identify potential terrorists via biometric facial recognition.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Analytics Markets: A Global Outlook( IFT183A )
Publish Date:     

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