A recent report has indicated a bright future for global mobile analytics.
Released by Technavio, the study revealed the global mobile analytics market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of more than 21% between 2016 and 2020.
So what are the reasons behind it?
The study affirms a significant driver is the rapid adoption of cloud computing and mobile analytics technologies by organisations to reduce their costs, manage enterprise IT infrastructure efficiently and concentrate on their core activities. Owing to its configuration flexibility, integrated security and stringent access mechanisms, mobile analytics has become a crucial core platform for many enterprise applications.
Some of the key findings about the mobile analytics market included:
“Several organisations are investing in business intelligence (BI) and analytics to improve their decision-making capabilities,” says Amrita Choudbury, ICT lead analyst at Technavio Research. “They are focusing to integrate analytics solutions with mobile platforms to enhance their comprehension strategies. BI solutions with analytics are capable of handling a large amount of unstructured data to help identify and analyse the business patterns. In most cases, BI applications collate data from data warehouses, analyse the data, and provide a decision support system.”
The Banking, Financial Services and Insurance (BFSI) sector is the primary adopter of mobile analytics solutions, which help these financial institutions to automate their processes such as account opening, analysis of large volumes of data and lending or receiving money. Also, these analytical solutions ensure data security and protect sensitive customer and corporate data. With growing compliance to government regulations, the security of business data is of utmost importance to this sector, which is augmenting the use of mobile analytics.
The market is becoming increasingly competitive amongst the existing vendors and new entrants. Consequently, the industry has been witnessing consolidation with bigger players acquiring or merging with smaller players.
As they say though, competition breeds innovation, which is potentially another driver toward the industry’s rosy future.