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There are three types of data analytics: descriptive, predictive, and prescriptive. Descriptive analysis (descriptive statistics), as the name suggests, “describes” or summarizes raw data and makes it interpretable to humans. Descriptive analytics describes the past. It uses data aggression and data mining techniques to get an insight into the past and tries to answer the question, “What has happened?” These insights help the business make better plans and succeed in the future. Descriptive statistics summarizes the sample and the observations that have been made. Such summaries can be either quantitative or visual. Quantitative summaries are in the form of summary statistics and visual summaries are in the form of graphs to provide more simplicity. These summaries may either form part of a more extensive statistical analysis, which is the basis of the initial description of the data, or they may be sufficient in and of themselves for a particular investigation. Many types of data can be summarized with the help of descriptive analytics. For example, investors and brokers perform analytical and empirical analysis on their investments, which helps them in making better investment decisions in the future. Descriptive analysis can also be called post-mortem analysis. It is used for almost all management reporting, such as marketing, sales, finance, and operations. To have competitive edge, companies use advanced analytics, which also supports them in forecasting future trends. The forecasting allows companies to make optimized decisions, thus increasing their profitability.

Over the years, the increasing adoption of big data has been leading to rising volumes of data generated and advancements in digital technology, which is driving the descriptive analytics market. Moreover, other major factors driving the growth of descriptive analytics market are the rising need for analytics and the increasing return on investments (ROI). However, huge investment costs are restraining the growth of the descriptive analytics market. Also, the lack of data connectivity and integration are factors expected to hinder the growth of the market. Enterprises are adopting analytics techniques to analyze structured and unstructured data, which enables them to make better decisions, leading to the creation of more opportunities for the descriptive analytics market in the coming years.  Also the growth of e-commerce is also an opportunity for the e-commerce market.

The global descriptive analytics market is segmented on the basis of verticals and regions. In terms of verticals, the market can be segmented into banking, financial services, and insurance (BFSI), telecom, retail & consumer goods, health care, and energy & utilities. The market segments on the basis of geographical regions are North America, Europe, Latin America, Asia Pacific, and Middle-East and Africa (MEA). North America is expected to lead the descriptive analytics market, followed by Western Europe, due to the growing spending on the Internet of Things (IoT) and advanced technologies in these regions. 

Industry participants leading the descriptive analytics market with the most significant developments are IBM Corporation, Oracle Corporation, Dell Inc., Accenture Plc., TCS Ltd., Infosys Ltd., SAP SE, KNIME.COM AG, Pegasystems Inc., and Microsoft Corporation, among others. 

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market  
     

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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