Editing Analytics (section)

{{Short description|Discovery, interpretation, and communication of meaningful patterns in data}}
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'''Analytics''' is the systematic computational analysis of data or [[statistics]].<ref>{{Cite web|title=Oxford definition of analytics|url=https://www.lexico.com/en/definition/analytics|archive-url=https://web.archive.org/web/20200810063114/https://www.lexico.com/en/definition/analytics|url-status=dead|archive-date=August 10, 2020}}</ref> 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]].<ref>{{Cite journal |last1=Agarwal |first1=Ritu |last2=Dhar |first2=Vasant |date=2014-09-25 |title=Editorial —Big Data, Data Science, and Analytics: The Opportunity and Challenge for IS Research |url=https://pubsonline.informs.org/doi/10.1287/isre.2014.0546 |journal=Information Systems Research |language=en |volume=25 |issue=3 |pages=443–448 |doi=10.1287/isre.2014.0546 |issn=1047-7047|url-access=subscription }}</ref> 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.<ref>{{Cite web|title=Cognitive Analytics - combining Artificial Intelligence (AI) and Data Analytics|url=https://www.ulster.ac.uk/cognitive-analytics-research/cognitive-analytics|access-date=2022-01-07|website=www.ulster.ac.uk|date=March 8, 2017|language=en-GB|archive-date=January 10, 2022|archive-url=https://web.archive.org/web/20220110151505/https://www.ulster.ac.uk/cognitive-analytics-research/cognitive-analytics|url-status=live}}</ref> 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.<ref>{{cite journal|last=Kohavi, Rothleder and Simoudis|year=2002|title=Emerging Trends in Business Analytics|journal=Communications of the ACM|volume=45|issue=8|pages=45–48|citeseerx=10.1.1.13.3005|doi=10.1145/545151.545177|s2cid=15938729}}</ref> According to [[International Data Corporation]], global spending on big data and business analytics (BDA) solutions is estimated to reach $215.7 billion in 2021.<ref>{{cite web | url=https://www.idc.com/getdoc.jsp?containerId=prUS48165721 | title=Global Spending on Big Data and Analytics Solutions Will Reach $215.7 Billion in 2021, According to a New IDC Spending Guide | access-date=July 24, 2022 | archive-date=July 23, 2022 | archive-url=https://web.archive.org/web/20220723034825/https://www.idc.com/getdoc.jsp?containerId=prUS48165721 | url-status=live }}</ref><ref>{{cite web | url=https://www.statista.com/statistics/551501/worldwide-big-data-business-analytics-revenue/ | title=Big data and business analytics revenue 2022 | access-date=July 24, 2022 | archive-date=July 20, 2022 | archive-url=https://web.archive.org/web/20220720234346/https://www.statista.com/statistics/551501/worldwide-big-data-business-analytics-revenue/ | url-status=live }}</ref> As per [[Gartner]], the overall analytic platforms software market grew by $25.5 billion in 2020.<ref>{{cite web | url=https://www.gartner.com/en/documents/4001844 | title=Market Share: Data and Analytics Software, Worldwide, 2020 | access-date=July 24, 2022 | archive-date=October 3, 2022 | archive-url=https://web.archive.org/web/20221003072519/https://www.gartner.com/en/documents/4001844 | url-status=live }}</ref>