With the potential of removing legacy IT silos and freeing up valuable data to gain greater insights into their operations, enterprises continue to invest heavily in analytics. Providing powerful analytics tools to business analysts who can get to work immediately on complex challenges instead of having to wait for ITs’ often over-committed resources is also driving analytics market growth. The better a business unit or division gets at understanding their own business, the faster they change their future.
Analytics Are Streamlining Industry Value Chains
Across every area of an enterprise, from supply chains, quality, manufacturing, marketing, services and pricing, analytics are making an impact daily. IDC forecast that the advanced and predictive analytics software market will grow from $2.2B in 2013 to $3.4B in 2018, attaining a 9.9% compound annual growth rate (CAGR). Wikibon’s excellent analysis of the Big Data market projects a $28.5B market in 2014, growing to $50.1B in 2015. For additional forecasts please see my post Roundup Of Analytics, Big Data & Business Intelligence Forecasts And Market Estimates, 2014.
Admit It: Analytics Startups Are the Sexiest Of All
The field of analytics is proliferating with entirely new approaches to solve very challenging, difficult problems, removing the barriers that held business analysts and the divisions they work for from accomplishing more.
That’s what makes analytics startups the sexiest of all. With the insights these companies are capable of delivering you can completely change your approach to marketing, selling, service, supply chains, pricing, service and over time reach an entirely new level of performance. There are many excellent startups in this arena and I’ve been tracking many of them out of personal interest for years.
Tracking Analytics Startups
Having seen just how much pain there is in enterprises trying to get the data they need to better manage their business units, divisions and departments, I’ve tracked many of the analytics startups mentioned in the list below. Using manually-based methods to track their funding rounds and momentum in the market proved incomplete.
To gain a greater insight into analytics startups I signed up for a free first month trial of Mattermark (opt in). Mattermark uses a combination of artificial intelligence and data quality analysis to provide insights into over 500,000 companies, over 125,000 with employee data, and over 90,000 funding events. It’s a fascinating company that has created many new metrics for tracking momentum of startups on specific metrics and key performance indicators (KPIs) including their own Mattermark score. This score is not meant to provide guidance on which startup to invest in. Rather it’s a measure of momentum across the metrics and KPIs that Mattermark measures. Their service is easy to use, powerful in the insight it delivers, and produced the following list of 100 enterprise analytics startups, ranked by total funding in the table below. You can download the table here in Microsoft Excel format as well.
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(Cross-posted @ A Passion for Research)