Advanced Analytics Market Size Worth $59.1 Billion by 2027 | CAGR: 25.3%: Grand View Research, Inc.

Advanced Analytics Market Size Worth $59.1 Billion by 2027 | CAGR: 25.3%: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, March 23, 2020

SAN FRANCISCO, March 23, 2020 /PRNewswire/ -- The global advanced analytics market size is expected to reach USD 59.1 billion by 2027, registering a CAGR of 25.3% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The extensive usage of advanced analytics in database management tools is expected to be a key factor influencing market growth. Furthermore, in agriculture, the farmers are exploring the use of advanced analytical solutions to gain more insights into when to plant, how to optimize crop yields, and when to harvest. Besides, the growth of the IT sector in emerging economies such as Argentina, Brazil, Egypt, and Philippines has led to the rising demand for workflow optimization, which is anticipated to further fuel the need for advanced analytical solutions.

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Read 170 page research report with ToC on "Advanced Analytics Market Size, Share & Trends Analysis Report By Type, By Deployment (On-premise, Cloud), By Enterprise Size, By End Use (Government, Healthcare), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/advanced-analytics-market

Industries, including automotive, manufacturing, and pharmaceuticals, are heavily investing in the adoption of artificial intelligence for their process optimization. The use of big data analytics in process optimization enable manufacturers improve production process, increase supply chain efficiency, and identify variables affecting the production quality that bodes well for market growth. The growth of the market is driven by the increasing demand for predictive solutions and the availability of advanced analytical solutions over the cloud. For instance, Angoss Software Corporation; IBM Corporation; and SAS Institute, Inc.; offer their advanced analytics software over the cloud.

Technologies such as Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) are data immersive technologies and require high bandwidth for operations, resulting into generation of large amounts of data. Owing to the generation of huge unstructured data, advanced analytics is used to categorize, process, and display it into meaningful insights. Therefore, the rising usage of AR in industries and sectors, including healthcare, agriculture, and entertainment, is anticipated to drive the growth of the advanced analytics market. The extensive use of advanced analytical solutions in the protection and processing of the enormous amounts of data stored using cloud services such as Microsoft OneDrive and Google Drive is further anticipated to boost market growth. Data warehousing organizations harvest information from datasets that help users make better decisions, thereby exploiting the ability of advanced analytics in handling complex relational databases. These factors are anticipated to provide lucrative opportunities to the players operating in the market.

Grand View Research has segmented the global advanced analytics market based on type, deployment, enterprise size, end use, and region.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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