CHICAGO, July 18, 2023 /PRNewswire/ -- The incorporation of AI, rising acceptance of predictive and prescriptive analytics, real-time analytics, and a focus on ethics and data protection are all factors that will help shape the future of the Advanced Analytics Market. In order to address the changing needs of organisations and shape the evolution of the market, cloud-based analytics and sector-specific solutions will be extremely important.
The Advanced Analytics Market is projected to grow from USD 64.3 billion in 2023 to USD 226.2 billion by 2028, at a compound annual growth rate (CAGR) of 28.6% during the forecast period, according to a new report by MarketsandMarkets™. The Advanced Analytics Market is expected to grow significantly during the forecast period, owing to various business drivers like the rising adoption of big data and other related technologies to leverage real-time data processing and the growing demand for cloud-based analytics solutions for better accessibility and cost-effectiveness.
Browse in-depth TOC on "Advanced Analytics Market"
230 - Tables
62 - Figures
300 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2017–2028 |
Base year considered | 2022 |
Forecast period | 2023–2028 |
Forecast units | USD (Billion) |
Segments covered | Offering, Type, Business Function, Vertical, and Region |
Geographies covered | North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America |
Companies covered | IBM (US), Oracle (US), Google (US), SAP (Germany), Microsoft (US), SAS Institute (US), KNIME (Switzerland), FICO (US), Altair (US), AWS (US), Salesforce (US), TIBCO Software (US), Alteryx (US), Teradata (US), Adobe (US), Absolutdata Analytics (US), Moody's Analytics (US), Qlik (US), Databricks (US), Dataiku (US), Kinetica (US), MathWorks (US), Anaconda (US), H2O.ai (US), Domino Data Lab (US), DataRobot (US), DataChat (US), Imply (US), Promethium (US), Siren (Ireland), Tellius (US), SOTA Solutions (Germany), and Vanti Analytics (Israel). |
By offering, services to register for the highest CAGR during the forecast period
The scope of the services segment comprises training and consulting, system integration and implementation, and support and maintenance. The services segment of the Advanced Analytics Market is growing rapidly. These services play a vital role in properly functioning advanced analytics solutions. Advanced analytics vendors require technical support and consulting services to deploy their solutions quickly and smoothly in the market.
By type, big data analytics to register for the highest market size during the forecast period
Big data analytics are frequently leveraged by financial services organizations looking to mine massive amounts of stock market data to identify and capitalize off previously unknown trends. Public health organizations are also increasingly leveraging huge amounts of population health data to develop better policies, treatment, and healthcare practices. Big data has changed and revolutionized the way businesses and organizations work. A lot of enterprises from different industries benefit from big data techniques and processing methods.
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By region, Asia Pacific to account for highest growth rate during forecast period
Asia Pacific is witnessing significant technological innovation in advanced analytics. Several Asian countries, such as Japan, China, and India, are leveraging information-intensive technologies, and advanced analytics is one of the leading technology trends. With new growth opportunities declining in conventional, strong markets such as North America and Europe, several vendors are showing an interest in Asia Pacific. China, Japan, and India are technology-driven countries and present major opportunities in terms of investments and revenues.
Top Key Companies in Advanced Analytics Market:
Some major players in the Advanced Analytics Market include IBM (US), Oracle (US), Google (US), SAP (Germany), Microsoft (US), SAS Institute (US), KNIME (Switzerland), FICO (US), Altair (US), AWS (US), Salesforce (US), TIBCO Software (US), Alteryx (US), Teradata (US), Adobe (US), Absolutdata Analytics (US), Moody's Analytics (US), Qlik (US), Databricks (US), Dataiku (US), Kinetica (US), MathWorks (US), Anaconda (US), H2O.ai (US), Domino Data Lab (US), DataRobot (US), DataChat (US), Imply (US), Promethium (US), Siren (Ireland), Tellius (US), SOTA Solutions (Germany), and Vanti Analytics (Israel).
Recent Developments:
- In June 2023, IBM Cognos Analytics accelerates data-driven decisions with AI-powered insights for everyone in the organization. The latest version extends its analytics capabilities in a single, secure environment integrated with IBM's data fabric architecture.
- In May 2023, SAP and IBM announced that IBM Watson technology will be embedded into SAP solutions to provide new AI-driven insights and automation.
- In May 2023, SAP and Google Cloud announced an extensive expansion of their partnership, introducing a comprehensive open data offering designed to simplify data landscapes and unleash the power of business data.
- In March 2023, Oracle has extended its collaboration with NVIDIA to include running strategic NVIDIA AI applications on the new Oracle Cloud Infrastructure (OCI) Supercluster.
- In March 2023, Google Cloud and Exabeam announced a partnership to help organizations detect and respond to security threats faster and more accurately.
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Advanced Analytics Market Advantages:
Organisations may extract valuable insights from massive and complicated databases using advanced analytics. Organisations may make better decisions based on data-driven insights by utilising tools like predictive analytics, machine learning, and data mining as opposed to depending on gut feeling or educated guesswork.
Businesses can obtain a market advantage by utilising the potential of advanced analytics. Organisations can predict market changes, improve operations, and create targeted strategies by identifying trends, patterns, and client preferences through extensive data analysis.
Organisations can improve operations and streamline procedures with the use of advanced analytics. Organisations can find bottlenecks, inefficiencies, and opportunities for improvement by analysing data on production, supply chains, and customer behaviour, which results in lower costs and more productivity.
Organisations can better understand their customers thanks to advanced analytics. Organisations may personalise marketing campaigns, enhance customer service, and create products that better satisfy customer demands by analysing customer data to determine purchase trends, preferences, and behaviours.
Organisations that use advanced analytics can effectively identify and reduce risks. Organisations can identify possible risks, such as fraud, security breaches, or market swings, by analysing past data, and then take preemptive steps to lessen their impact.
Innovative and profitable opportunities can be unlocked by using advanced analytics. Organisations can discover new product or service offerings, explore new markets, and create creative business models by analysing market trends, customer insights, and emerging technology.
Organisations may use advanced analytics to make quick choices and acquire real-time insights into their operations. Organisations can track important performance indicators, spot abnormalities, and react quickly to shifting market conditions by utilising technology like big data analytics and real-time data processing.
Organisations that use sophisticated analytics promote a culture of data-driven decision-making. It fosters a mindset of continuous improvement, encourages the use of data and evidence in decision-making processes, and makes it possible for organisations to adjust to quickly changing market conditions.
Report Objectives
- To define, describe, and predict the Advanced Analytics Market by offering (solutions and services), type, business function, verticals, and region
- To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
- To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Advanced Analytics Market
- To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
- To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To profile key players and comprehensively analyze their market rankings and core competencies
- To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Advanced Analytics Market
- To analyze the impact of recession across all the regions across the Advanced Analytics Market
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