Advanced Analytics Market Overview
Advanced Analytics Market Share was valued at USD 35.2 Billion in 2022. The Advanced Analytics market is projected to grow from USD 44.1 Billion in 2023 to USD 180.5 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.3% during the forecast period (2023 – 2030)
Advanced Analytics refers to the use of sophisticated techniques and tools, typically beyond traditional business intelligence (BI) methods, to examine data or content. Advanced Analytics employs predictive modeling, data mining, machine learning, statistical methods, and process automation to uncover insights and relationships within data. Additionally, advanced analytics leverages industry-specific models and algorithms to generate predictions about future events as well as identifying opportunities to optimize business operations. Advanced analytics is important because it can offer organizations a competitive edge by providing insights to make more informed decisions, optimize operations, and produce meaningful results.
Advanced Analytics Market Drivers and Restraints
Owing to the growing advent of cloud-based technology and the rising acceptance of artificial intelligence, the global advanced analytics market is expected to see a rapid growth during the forecast period. In addition, the growing demand for advanced analytics solutions across different end-users drives the growth of the global advanced analytics market. Growing enterprise data is one of the key factors driving the growth of the global advanced market in analytics. These days, the growing volume of enterprise-managed data opens the doors to advanced analytics techniques and drives business growth. Demand growth is also due to the growing emphasis on business organizations on digital media marketing and rising companies ‘adoption of advanced analytics tools to gain deeper demand insights.
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Advanced Analytics Market Segmental Analysis
The global advanced analytics market is analyzed by type and application. Based on the type, the advanced analytics market is segmented into statistical analysis, big data analytics, customer analytics, risk analytics, social analytics, visual analytics, business analytics, and predictive modeling. Risk analytics, Big data analytics, and predictive analytics are the main subsectors that are expected to expand in the forecast period at a significant pace. Increasing the business adoption of advanced analytics is driving the growth of the advanced analytics market.
Whereas based on the application, the advanced analytics market is segmented into BFSI, government & defense, I.T. & telecommunication, healthcare, transportation & logistics, consumer goods & retail, and others. The BFSI is projected to hold the largest market share due to the increased demand to reduce fraud, automate processes and manage risks whereas the I.T. & Telecommunication sub-segment is expected to rise at the highest pace over the review period due to the growing adoption of advanced analytics solutions to obtain better business insights. Indeed, one major factor driving the growth of advanced analytics market is the increasing trend of predictive analytics.
Advanced Analytics Market Regional Analysis
The geographical overview of the global advanced analytics market has been analyzed in four major regions, including Europe, North America, the Asia Pacific, and the rest of the world.
The North America market is expected to see substantial growth during the forecast period and hold the largest share of the world economy. Furthermore, growing social media adoption is another major factor driving the growth of the region’s advanced analytics industry. Due to the presence of existing key players such as SAS Institute, Oracle Corporation, IBM Corporation, Statsoft and Microsoft Corporation in this region, the U.S. and Canada are expected to drive the development of the advanced analytics market in North America area. In addition, the increasing technological advancements and the increasing acceptance of artificial intelligence in the region. In addition, the region has a well-established infrastructure that allows for faster implementation of advanced technologies. The market is expected to show tremendous growth in the future because of the region’s prosperous and well-established economies. In addition, North America also has a well-established network that allows for greater mobile penetration and eventually provides better connectivity.
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In the global advanced analytics market, Asia Pacific is expected to see a relatively faster adoption at the fastest CAGR over the review period as compared to other regions due to increased employment of artificial intelligence and advanced analytics solutions in order to comprehend customer behavior across different countries in the region.
Advanced Analytics Market Competitive Analysis
The major market players operating in the global market as identified by MRFR are
- SAS Institute (U.S.)
- SAP SE (Germany)
- IBM Corporation (U.S.)
- Oracle Corporation (U.S.)
- KNIME AG (Switzerland)
- Statsoft
- Angoss Software Corporation (Canada)
- Microsoft Corporation (U.S.)
- Fico (U.S.) among others.
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