The global market for advanced analytics will grow at a compound annual growth rate (CAGR) of 22% between 2016 and 2020, according to Technavio Research.

The growth of the market is due in large part to the increased acceptance of data analytics, which helps eliminate the work involved in understanding customers and data tracking processes, the firm says. It helps attract new customers and analyze the historical data patterns to serve existing customers and retain them.

During 2015, the global advanced analytics market was dominated by the Americas, with a market share of more than 54%.

“A rise in the adoption of BYOD [bring your own device] policy is an ongoing trend in the global market currently,” said Amrita Choudhury, lead analyst, ICT at Technavio Research.

“BYOD policies allow employees to access organizational data and resources without being tied to a single location,” Choudhury said. “With their increasing popularity, mobile devices have become the primary devices for data access among employees in an organization.”

Also, many organizations are increasingly adopting BYOD policies to improve their productivity and efficiency. The banking, financial services and insurance sector is one of the key adopters of mobile analytics solutions, the firm says.

Advanced analytics tools can help financial institutions automate different processes such as account opening, analysis of large volumes of financial data, and lending or receiving money.

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