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.

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