Global Advanced Analytics Market Research 2024, Forecast To 2033
14 Feb, 2024
The advanced analytics market has experienced exponential growth, escalating from $39.71 billion in 2023 to $48.31 billion in 2024, marked by a substantial compound annual growth rate (CAGR) of 21.6%. This growth is attributed to the demand for real-time insights, industry-specific applications, predictive analytics focus, regulatory compliance, and the pursuit of cost optimization. Future projections indicate continued momentum, with the market set to reach $110.6 billion in 2028, boasting a CAGR of 23.0%. Factors driving this growth include the surge in unstructured data, emphasis on prescriptive analytics, a focus on data governance, personalized analytics solutions, and continuous training of analytics models. Key trends encompass augmented analytics, real-time analytics, predictive and prescriptive analytics, cross-functional analytics platforms, and blockchain integration for enhanced data security.
Global Advanced Analytics Market Key Driver
The increased use of analytical solutions is set to drive advanced analytics market growth. Analytical solutions find application across various industries, aiding in demand forecasting and behavior analytics. According to the UK's Department for Digital, Culture, Media and Sport, AI solutions for data management and analysis are increasingly prevalent. The rising demand for analytical solutions contributes to the growth of the advanced analytics market.
Get A Free Sample Of The Global Advanced Analytics Market ReportGlobal Advanced Analytics Market Segments
The advanced analytics market covered in this report is segmented –
1) By Type: Big Data Analytics, Predictive Analytics
2) By Component: Solution, Services
3) By Deployment Mode: Cloud, On-Premises
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
5) By Vertical: Banking Finance Services And Insurance (BFSI), IT And Telecom, Retail And Consumer Goods, Healthcare And Life Sciences, Transportation And Logistics, Government And Defence, Manufacturing, Media And Entertainment, Other Verticals
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the advanced analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Advanced Analytics Industry Players
SAS Institute Inc.; SAP SE; IBM Corporation; Oracle Corporation; Dell Technologies Inc.; Microsoft Corporation Inc.; RapidMiner Inc.;Altair Engineering Inc.; Fair Isaac Corporation; KNIME AG.; Statsoft Technolohgies Pvt Ltd; Teletrac Navman Ltd.; Procon Analytics LLC.; IMS Software Inc.; CloudMade Ltd.;TIBCO Software;MicroStrategy;RapidMiner;DataRobot;KNIME;Sisense;ThoughtSpot;Information Builders;Talend;GoodData;Splunk;Teradata;Pentaho; Yellowfin;Pyramid Analytics
Get The Full Global Advanced Analytics Market ReportAdvanced Analytics Market Overview
The advanced analytics refer to a data analysis methodology that uses predictive modeling, machine learning algorithms, deep learning, business process automation, and other statistical approaches to analyze corporate data from a variety of data sources. Advanced analytics makes use of data science, which includes mature methods of analysis, to forecast future trends and predict the possibility of prospective events. While basic business intelligence and analytics can provide a picture of the business, advanced analytics can estimate future patterns or outcomes for a more in-depth insight into the organization. Advanced analytics provides a broader set of capabilities to cope with difficulties that typical backward-looking BI cannot, allowing for more strategic decision-making in the future.
Advanced Analytics Global Market Report 2023 provides data on the global advanced analytics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The advanced analytics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.