Advanced Analytics Market

According to Stratistics MRC, the Global Advanced Analytics Market is accounted for $49.02 billion in 2023 and is expected to reach $166.64 billion by 2030 growing at a CAGR of 19.1% during the forecast period. Advanced analytics refers to a collection of cutting-edge methods and tools for data analysis and interpretation that can be used to predict future outcomes or trends, gain useful insights, and make well-informed decisions. It includes a variety of more complex techniques for deriving meaning from data, going beyond traditional descriptive analytics. Many industries and fields use advanced analytics regularly to gain a competitive advantage, improve workflows, and resolve challenging issues.

According to a blog by Usabilla in June 2020, the top 100 organizations are 50% more likely to address customer empowerment as a key parameter for business growth. The blog also stated that 92% of leaders had employed advanced digital transformation strategies to enhance customer experience.

Market Dynamics:

Driver:

Increasing digital data production and digitization trends

Over the past few decades, there has been a sharp increase in the production of digital data. The increased use of digital devices, such as smartphones and computers, in everyday life by regular people is one of the main causes of this spike in the generation of digital data. The Internet of Things' (IoT) rising popularity and the data generated by numerous IoT devices have also contributed to the data boom. Additionally, the use of digital operations makes advanced analytics solutions possible. The adoption of digital transformation in retail and e-commerce businesses has decreased operating costs, positively affecting market growth.

Restraint:

Complexity and regulatory compliance

Complex algorithms and technologies are frequently used in advanced analytics. It can be difficult to integrate these solutions into an already-existing IT infrastructure and may call for intensive customization and integration work. Additionally, there are stringent regulatory requirements that govern the use of data and analytics in some sectors, including healthcare and finance. It can be challenging to balance these demands with the benefits that advanced analytics can provide.

Opportunity:

Rising use of advanced technologies

It is expected that with rising globalization and economic growth, the demand for advanced analytics solutions will increase. The increasing touchpoints and the need for collecting data in order to understand consumer behavior are also projected to boost market size. Patients with chronic illnesses and disabilities, including spinal cord injuries, experience bowel incontinence more severely, which is anticipated to drive the advanced analytics market.

Threat:

Data breaches and security problems

Data exchanges are a major concern for data-sensitive organizations in industry verticals like banking, financial services, and insurance (BFSI), which deals with individual data, and healthcare, which deals with centralized data and is more vulnerable to cyberattacks. To protect the security of customer information, these businesses must exercise extreme caution. Robust security measures are a priority because data breaches affect an organization's identity and security. The harm caused by the leak of sensitive information that is impeding the market in some nations is partially the responsibility of the relevant organizations.

Covid-19 Impact

The COVID-19 pandemic had a positive effect on the market for advanced analytics, which displayed positive growth during the time due to an increase in demand for analytics tools and services as companies sought to improve their online services and offerings. Additionally, the COVID-19 pandemic's rise in demand for work-from-home and remote working policies helped to spur the development of global data analytics and remote management solutions, thereby bolstering demand for the entire advanced analytics industry.

The big data analytics segment is expected to be the largest during the forecast period

It is anticipated that big data analytics will maintain its lead throughout the forecast period. The development of social media platforms and the appearance of online businesses that generate massive amounts of data are both responsible for the segment's growth. SaaS-based big data analytics have also made it easier to install automation and allowed for the self-service construction of effective analytical models. Additionally, big data service providers have increased their investments in cloud technologies in response to the growing demand for big data analytics solutions.

The On-premise segment is expected to have the highest CAGR during the forecast period

The On-premise segment is expected to experience rapid growth. With on-premise solutions, businesses can more easily customize their IT infrastructure, reduce their reliance on the internet, and safeguard sensitive company information from fraud and theft. These benefits are anticipated to influence major organizations to opt for on-premise deployment. Furthermore, businesses in the BFSI sector prefer the on-premise solution due to growing concerns about frauds like new account fraud and account takeovers. On-premise businesses are less susceptible to these frauds, which is encouraging for the sector's expansion.

Region with largest share:

The largest region for Advanced Analytics is anticipated to be North America during the forecast period due to its advanced technology, developed business environment, and widespread adoption of data-driven strategies. A vibrant environment for the creation of cutting-edge analytics solutions is fostered by the concentration of technology behemoths, creative startups, and esteemed research institutions. Finance, healthcare, and retail are just a few of the sectors in the area that heavily rely on advanced analytics to streamline operations and extract knowledge from their data. Additionally, the region's focus on leveraging data assets and innovation hubs positions North America as a market-moving force.

Region with highest CAGR:

During the projected period, the Asia-Pacific advanced analytics market is anticipated to grow lucratively. This expansion is attributed to the region's expanding use of big data analytical tools and solutions. Additionally, businesses are expected to invest more in customer analytics in order to increase productivity and success over the course of the forecast period. Additionally, it is predicted that the presence of numerous travel agencies in the region will support the expansion of the advanced analytics market.

Key players in the market

Some of the key players profiled in the Advanced Analytics Market include Altair Engineering, Inc., Alteryx, Inc., Amazon Web Services Inc., Cloudera, Inc., Databricks, Inc., Fair Isaac Corporation (FICO), Google LLC, International Business Machines Corporation, Knime AG, MathWorks, Inc., Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, Qlik Technologies Inc., RapidMiner, Inc., SAP SE, SAS Institute Inc., Tableau Software, LLC, Talend Inc., Teradata Corporation, Tibco Software Inc. and Trianz.

Key Developments:

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 March 2023, Google Cloud and Exabeam announced a partnership to help organizations detect and respond to security threats faster and more accurately.

In March 2023, Computer Age Management Services Limited (CAMS), India’s largest registrar and transfer agent of mutual funds, signed a definitive agreement to acquire 55% stake in Mumbai-based AI and data science firm Think Analytics India Pvt Ltd (Think360 AI).

Types Covered:
• Text Analytics
• Statistical Analytics
• Risk Analytics
• Prescriptive Analytics
• Predictive Analytics
• Customer Analytics
• Business Analytics
• Big Data Analytics
• Other Types

Deployment Modes Covered:
• Cloud
• On-premises

Offerings Covered:
• Solutions
• Services

Business Functions Covered:
• Human Resources
• Finance & Accounting
• Operations & Supply Chain
• Sales & Marketing
• Other Business Functions

Applications Covered:
• Automotive & Transportation
• Banking, Financial Services and Insurance (BFSI)
• Healthcare & Life Sciences
• Information Technology Enabled Services
• Manufacturing
• Media & Entertainment
• Military & Defense
• Retail & Consumer Goods
• Telecom
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances