LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global digital intelligence platform market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global digital intelligence platform market will grow at a CAGR of approximately 17% during the forecast period. The exponential increase in data is a major factor driving the market’s growth.
The sources such as the Internet, mobile devices, and social media generate an enormous amount of data. With the increase in the volume, variety, and velocity of data, organizations are facing challenges to analyze and manage large databases. Furthermore, veracity, the fourth component of big data management systems, eliminates the amount of irrelevant data as it is a source of additional costs for organizations. Irrelevant data that is generated from various sources provide incorrect information and predictions about consumer behavior, consumer buying patterns, and other such information that is essential for making key decisions.
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In this report, Technavio highlights the emergence of advanced intelligence tools as one of the key emerging trends driving the global digital intelligence platform market:
Emergence of advanced intelligence tools
The emergence of advanced analytics solutions is a new trend being witnessed in the global digital intelligence platforms market. Advanced analytics assists companies in understanding the data generated through various sources better and to use this understanding to gain insights into consumer behavior. These insights aid companies in dealing with a wide range of areas that have substantial potential to improve operational success. They also provide companies with a better understanding of why users behave in a certain manner. Using these insights, companies can create customer-driven marketing strategies by optimizing advertisement-generated interactions.
“The adoption of predictive analytical tools is also increasing steadily across enterprises. Predictive analytics is the process of analyzing large data sets using advanced mathematics and statistical tools to forecast future scenarios. Predictive analytics is evolving as an important analytical tool in the management of many operations in organizations for the identification and alignment of several projects and applications. Predictive analytics helps organizations to plan and execute their projects using analytical modeling rather than the traditional manual calculations and spreadsheets,” says a senior analyst at Technavio for research on IT security.
Analytical tools eliminate the errors, which often occur in matrices and spreadsheets in manual calculations. The key is to use the predictive portfolio analysis technique to select the right and best projects with the highest level of accuracy. Predictive analytics tools support changing business dynamics such as consumer demand, market strategy changes, and disruptions in the business cycle. Their use permits companies to generate all the possible business scenarios and provides insights about the future of any project. As digital intelligence platforms allow the effective implementation of predictive analytical tools, their adoption is increasing significantly.
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Global digital intelligence platform market segmentation
This market research report segments the global digital intelligence platform market into the following end-users (BFSI, retail, and telecom) and key regions (the Americas, APAC, and EMEA).
In 2017, the Americas led the global digital intelligence platform market with a share of over 44% as the region is one of the first adopters of advanced technology. Moreover, many market vendors are based in this region. However, the market share of the Americas is expected to decrease slightly during the forecast period.
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