Smart grid analytics market is anticipated to grow at a significant CAGR of 13.4% during the forecast period (2024-2031). The market growth is attributed to the growing demand for innovative analytics programs to improve smart grid systems' energy distribution. The increasing application of data analytics and machine learning to smart grid analytics aims to increase customer satisfaction with decreased downtime and optimize grid efficiency. Additionally, the increased demand for renewable energy sources, a growing acceptance of smart grid technologies, and government attempts to update the electrical infrastructure are other contributors to the global market growth.
Transportation systems and analytics market is anticipated to grow at a CAGR of 10.1% during the forecast period (2023-2030). Transportation systems and analytics are used for transportation services, to optimize transportation routes, and to predict equipment failures. The growing adoption of improved traffic management and congestion planning is the key factor supporting the growth of the market globally.
Advanced analytics market is anticipated to grow at a significant CAGR of 21.8% during the forecast period. The major factor that drives the advanced analytics market is the increasing demand to counter big data. Big data has captured the attention of businesses and consumers. It has not only become an essential subject in technology and media, but has also made its way into numerous compliances, internal audits, and fraud risk management-related discussions. As an integral part of business operations in every industry, big data has affected the acquisition of advanced analytics globally.
Augmented analytics market is anticipated to grow at a significant CAGR of 26.8% during the forecast period (2024-2031). Augmented analytics is popular owing to larger data, the use of AI and ML, the increasing acceptance of data-driven decision-making strategies, automation, cloud-integrated business intelligence, and applications that include health care, finance, retail, and manufacturing. It helps in analyzing data, optimizing customer behavior, and gaining a competitive advantage.
The global predictive analytics market is anticipated to grow at a significant CAGR of around 21.3% during the forecast period. The emergence of modern technologies such as IoT and AI is the key factor that drives the global predictive analytics market. IoT environment is increasing the adoption of predictive analytics, as it facilitates predictive maintenance leading to enhanced energy efficiency and higher levels of production uptime. In addition, numerous industries are demanding a solution that can predict when their machines are going to get damaged.
Network Analytics is a collective process and application to manage and analyze the network data, in order to enhance the performance, reliability, visibility, and security of the network. These are considered as corrective actions for the various issues identified in the network and to improve the operations.
The global Wi-Fi analytics market is expected to grow at a significant CAGR during the forecast period (2021-2027). The most essential cause of Wi-Fi excellence is that it does not require an application to be loaded on customers' cellphones for gathering behavioral data, customer profiles, or trigger proximity-based marketing messages depending on their in-store position.
The Global Mobile Backend as a Service baas market is expected to grow at a CAGR of 65% during the forecast period. Mobile backend as a service (MBaaS), also known as backend as a service (BaaS), is a model for providing web and mobile app developers with a way to connect their apps to backend cloud storage and APIs exposed by backend applications, as well as features like push notifications, user management, and integration with social networking services.
The global gesture recognition market is expected to grow at a significant CAGR during the forecast period. The Gesture Recognition System (GRS) integrates imaging and computer technologies to read a specific gesture language by using specified mathematical algorithms.
The global insurance analytics market is projected to grow at a CAGR of around 12% during the forecast period. Insurance analytics provide services and tools that can be used to process and analyze data to generate insights, which are helpful in decision making.
The US in-application advertising market is anticipated to grow at a CAGR of 15.6% during the forecast period. High penetration of smartphones and considerably high average time spent on smartphones all across the US is the major factor for the growth of the market in the country. In 2019, smartphone penetration in the US has reached around 80.0%.
The in-application advertising market is anticipated to grow at a CAGR of 17.8% during the forecast period. In-application advertising had experienced tremendous growth in recent years owing to the large e-commerce market which itself is experiencing significant growth. In order to sell their product through online mode of channel, the companies are opting for in-application advertisement.
The global embedded analytics market is projected to grow at a considerable CAGR of around 10% during the forecast period (2020-2026). The high adoption of embedded analytics owing to its offered advantages is a key factor driving its global market. Embedded analytics is the integration of business intelligence tools and capabilities within business process applications including enterprise resource planning (ERP), marketing automation, and customer relationship management (CRM) among others.
The global market for energy and utilities analytics is projected to have considerable CAGR of 16.5% during the forecast period. The major factors that propels the energy and utilities analytics market include growing deployment of smart meters across the globe coupled with growing analytics solution in energy and utilities sectors.
The global gesture recognition market is estimated to grow at a significant CAGR of over 20% during the forecast period. The market growth is attributed to the low cost of gesture enabling software and the growing demand for this technology in e-passport programs.
The major source of economic stabilization in Middle East countries is oil production and export. However, in recent years countries are working to diversify their economy portfolio. The recent pandemic is causing turbulence to the economies of the Middle East region. A sudden drop in domestic and external demand for goods and products especially crude oil, downfall in the crude oil prices, halts in the production due to labor shortage are some of the major impacts observed in the region.
Location analytics market is anticipated to grow at a considerable CAGR of 19.5% during the forecast period. Location analytics uses data from network devices to help extract insights about end-user productivity and efficiency. It collects environmental, contextual, and behavioral data from smart building infrastructure and IoT (Internet of Things) devices to create visualizations.
The global risk analytics market is estimated to grow at a CAGR of 14.1% during the forecast period. Risk analysis has become an important tool in recent times as the number of companies opting for risky investments has increased. Hence, the study of compliances, feasibility, and risk analysis on various hierarchy levels in an organization have become extremely important.
The global facial recognition market is anticipated to grow at the CAGR of around 14.2% during 2019-2025. The growing use of web-based services is generating demand for multi-factor authentication, owing to increased cyber-attacks, terror attacks, and identity theft.
The global emotion analytics market is anticipated to grow at the CAGR of 12.4% during 2019-2025. The growing significance of real-time emotion analytics to enhance customer satisfaction is a major factor that drives the growth of the global emotion analytics market
The global HR Analytics market is expected to witness a CAGR of 10.4% during the forecast period (2019-2025). Companies are continuously adopting HR analytics to increase their overall efficiency. Along with their basic function such as hiring and maintain payroll, the software is successful in providing insights which contribute to a company’s growth. They provide outcomes regarding revenue generation, minimizing expenses, mitigating risks, and executing strategic plans.
The global high-performance data analytics market is expected to grow at a rate of 21.6% during the forecast period. The market growth is attributed to the rise in the ability of powerful high-performance computing systems for processing data at higher resolutions and the proliferation of open-source frameworks such as Hadoop for big data analytics. In addition, various enterprises have started to rely on big data analytics for greater insights into the behavior and business requirements of their customers, which further drives the growth of the global high-performance data analytics industry.
The global anomaly detection market is anticipated to grow at a significant CAGR of 15.8% during the forecast period. Increasing fraud detection in online transactions is expected to boost the growth of the global anomaly detection market. Moreover, there is increasing penetration of connected devices in various industries including BFSI, IT & telecom, healthcare, government and defense, and others which tend to further drive the growth of the anomaly detection industry. These industries generate and deal with important data regularly, which makes these industries vulnerable to getting exposed to serious thefts, fraud, and hacking.
Retail analytics is a crucial tool that delivers insights associated
with the customers, sales, inventory, and other essential aspects which
is useful in merchants’ decision-making process regarding the marketing
and procurement. There are several online and offline retailers that are
adopting retail analytics solution to make better-informed decisions.
Rising adoption of retail analytics platform by offline retailers is a
crucial factor contributing to the growth of the market.