Analytics

For other uses, see Analytics (disambiguation).
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Analytics is the systematic computational analysis of data or statistics.[1] It is used for the discovery, interpretation, and communication of meaningful patterns in data, which also falls under and directly relates to the umbrella term, data science.[2] Analytics also entails applying data patterns toward effective decision-making. It can be valuable in areas rich with recorded information; analytics relies on the simultaneous application of statistics, computer programming, and operations research to quantify performance.

Organizations may apply analytics to business data to describe, predict, and improve business performance. Specifically, areas within analytics include descriptive analytics, diagnostic analytics, predictive analytics, prescriptive analytics, and cognitive analytics.[3] Analytics may apply to a variety of fields such as marketing, management, finance, online systems, information security, and software services. Since analytics can require extensive computation (see big data), the algorithms and software used for analytics harness the most current methods in computer science, statistics, and mathematics.[4] According to International Data Corporation, global spending on big data and business analytics (BDA) solutions is estimated to reach $215.7 billion in 2021.[5][6] As per Gartner, the overall analytic platforms software market grew by $25.5 billion in 2020.[7]

  1. ^ "Oxford definition of analytics". Archived from the original on August 10, 2020.
  2. ^ Agarwal, Ritu; Dhar, Vasant (September 25, 2014). "Editorial —Big Data, Data Science, and Analytics: The Opportunity and Challenge for IS Research". Information Systems Research. 25 (3): 443–448. doi:10.1287/isre.2014.0546. ISSN 1047-7047.
  3. ^ "Cognitive Analytics - combining Artificial Intelligence (AI) and Data Analytics". www.ulster.ac.uk. March 8, 2017. Archived from the original on January 10, 2022. Retrieved January 7, 2022.
  4. ^ Kohavi, Rothleder and Simoudis (2002). "Emerging Trends in Business Analytics". Communications of the ACM. 45 (8): 45–48. CiteSeerX 10.1.1.13.3005. doi:10.1145/545151.545177. S2CID 15938729.
  5. ^ "Global Spending on Big Data and Analytics Solutions Will Reach $215.7 Billion in 2021, According to a New IDC Spending Guide". Archived from the original on July 23, 2022. Retrieved July 24, 2022.
  6. ^ "Big data and business analytics revenue 2022". Archived from the original on July 20, 2022. Retrieved July 24, 2022.
  7. ^ "Market Share: Data and Analytics Software, Worldwide, 2020". Archived from the original on October 3, 2022. Retrieved July 24, 2022.