USD 34.6 billion
Report ID: SQMIG45C2033 | Region: Global | Published Date: February, 2024 | Pages: 197 | Tables: 120 | Figures: 77
Advanced Analytics Market size was valued at USD 34.6 billion in 2021 and is poised to grow from USD 41.85 billion in 2022 to USD 189.56 billion by 2030, at a CAGR of 21.1% during the forecast period (2023-2030).
The growth of the global advanced analytics market is the rise in use of computer learning and artificial intelligence (AI) to provide personalized consumer experiences, coupled with the rise in popularity of online shopping. Besides this, the expanding adoption of social networking platforms is another key factor fueling this market's expansion. The amount of data collected by companies throughout the world has increased exponentially in recent years. In order to make better, timely, and fact-based decisions, many firms get insights from the collected data. For data management and strategic decision-making, this has particularly translated into an increase in demand for sophisticated analytics solutions.
Furthermore, developments in the big data space have aided in enhancing the evaluation skills of data science experts. Enterprises can improve key company processes, goals, and operations by utilizing big data analytics. By transforming information into intelligence, organizations may meet stakeholder requests, manage the amount of data, manage risks, enhance process controls, and increase administrative performance.
The market is anticipated to expand as a result of the increasing use of advanced analytics tools for applications including predicting and forecasting electricity consumption, the trade market, and traffic trend predictions. Utilizing advanced analytics in demand forecasting can support businesses in making profitable decisions. Governmental organizations and other sectors, including banking, manufacturing, and business services, have recently made significant investments in big data analytics.
For instance, to make their data sets informative and maintain their competitiveness in the market, international banks are optimizing information, such as the data collected through social media feeds, client transactions, and service inquiries, to create based on data Business-Intelligence (BI) models and implement developed predictive analytics. The industry is being driven by developments in location-based services and the ongoing integration of advanced analytics into geographic information systems (GIS).
Numerous healthcare institutions are heavily utilizing cutting-edge analytical methods to obtain clinically significant results through the exploratory mining of patient Electronic Health Records (EHRs). By reducing costs, this could help to improve patient care outcomes including patient health and patient safety. Additionally, healthcare data mining is using AI-integrated data analytics technologies to create individualized treatment regimens. For instance, in 2021 IBM announced a cooperation with Palantir Technologies, a big data analytics software company, to give institutions, researchers, and healthcare providers consistent datasets for analysis and the generation of results for their operations and patients.
US Advanced Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 34.6 billion
Largest Segment
On-premise
Fastest Growth
On-premise
Growth Rate
21.1% CAGR
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The global advanced analytics market is segmented based on type, deployment, enterprise size, end-use, and region. In terms of type, the market is segmented into big data analytics, business analytics, customer analytics, risk analytics, and statistical analysis. By deployment, the market is segmented into on-premise, and cloud. Based on enterprise size, the market is segmented into large enterprises, and small & medium enterprises (SMEs). By end-use, the market is classified into BFSI, government, healthcare, IT & telecom, military & defense, and others. Regionwise, the global advanced analytics market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Advanced Analytics Market Analysis by Type
Big data analytics accounted for more than 35% of the market in 2022 and is projected to continue dominance during the forecast period. The growth of social media platforms and the emergence of online businesses that produce huge volumes of data can be attributed to the segment's expansion. SaaS-based big data analytics have also simplified automation installation and enabled the building of potent analytical models utilizing a self-service paradigm. The rising demand for big data analytics solutions has pushed big data service providers to boost their investments in cloud technologies in order to gain a competitive edge.
The consumer analytics market is expected to have a spectacular CAGR of 20.1% due to the increased demand for improved lead management, customer retention, and customer experience management. Customer analytics are widely used in the retail industry to develop personalized communications and marketing strategies.
The segment has grown as a result of consumers' increasing need for an omnichannel experience in the retail industry. Several social media platforms, like Facebook and YouTube, have been effectively used by major businesses like Amazon and Walmart. The market is anticipated to grow as more retail companies concentrate on offering their customers omnichannel options.
Advanced Analytics Market Analysis by Deployment
The on-premise market share was greater than 45%. On-premise solutions allow organizations more flexibility and control over how they customize their IT infrastructure, while also reducing their dependency on the internet and protecting important company data from theft and fraud. It is projected that these advantages will persuade major organizations to choose on-premise deployment.
Furthermore, due to increased concerns about frauds such as new account fraud and account takeovers, organizations in the BFSI industry prefer the on-premise solution. On-premise firms are less vulnerable to these scams, which bodes well for the segment's growth.
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North America represented a significant market share of more than 45% of the globally advanced analytics market. This is due to the availability of supporting infrastructure for the application of cutting-edge analytics, as well as a surge in the usage of advanced technologies like AI and machine learning.
Asia Pacific market is anticipated to grow at a large CAGR of 23.5% over the forecast period. The region's increased usage of big data analytics solutions and tools is driving the regional market's rise. Furthermore, some companies in the region are investing heavily in consumer analytics in order to improve corporate efficiency and production. In addition, regional travel companies including China Ways LLC, TNT Korean Travel, and Trafalgar are integrating analytical tools for applications like tracking buses, train schedules, problems, and traffic management.
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Advanced Analytics Market Drivers
Growing Demand for Data-driven Insights
Advanced Analytics Market Restraints
Lack of Skilled Personnel
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A few huge players dominate the market. However, in recent years, the advent of niche competitors offering solutions tailored to the industry has altered market dynamics. Companies can be observed pursuing mergers, acquisitions, and alliances in order to improve their products and obtain a market advantage. Companies are developing new products and improving existing ones in order to get new clients and expand their market share. RapidMiner, Inc., for example, announced an agreement with Hivecell, an Edge-as-a-Service firm, in 2021. The cooperation aims to enable users to quickly construct and run models with data that streams from the edge.
Advanced Analytics Market Top Player’s Company Profiles
Advanced Analytics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global advanced analytics market analysis, we found that the rise in popularity of online shopping, and the expanding adoption of social networking platforms are the key factors fueling the market's expansion. The amount of data collected by companies throughout the world has increased exponentially in recent years. In order to make better, timely, and fact-based decisions, many firms get insights from the collected data. For data management and strategic decision-making, this has particularly translated into an increase in demand for sophisticated analytics solutions.
Report Metric | Details |
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Market size value in 2021 | USD 34.6 billion |
Market size value in 2030 | USD 189.56 billion |
Growth Rate | 21.1% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Advanced Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Advanced Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Advanced Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Product ID: SQMIG45C2033