Advanced Analytics Market By Type (Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statically Analysis, Others), Deployment Model (Cloud Based and On-Premises), and Verticcal (BFSI, Manufacturing, Healthcare, Government, Consumer Goods, Transportation and Logistics, and Others), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 - 2032
The Advanced Analytics Market size was worth around USD 38.12 billion in 2022 and is predicted to grow around USD 209.48 billion by 2032 with a compound annual growth rate of roughly 18.58% between 2023 and 2032.
The amount of data produced by companies globally has increased exponentially in recent years. The gathered data provides insights that help various businesses make better decisions, fact-based choices, and timely analysis. The demand for advanced analytics tools for data management and strategic decision-making has increased as a result in particular.
To increase the functionality of traditional business intelligence (BI) tools, advanced analytics solutions use process automation, predictive modeling, machine learning, and statistical techniques. Using data science algorithms and advanced analytical methodologies, advanced analytics solutions can predict future trends and calculate the probability of the events that will occur in the future.
During COVID-19, there was an increase in the demand for work-from-home and remote working policies. This helped to fuel the development of global data analytics and remote management solutions, which in turn fueled demand for the entire advanced analytics industry. However, difficulties with data protection and sharing posed by third-party advanced analytics platforms may impair the forecast for the market for advanced analytics. The integration of advanced tools like machine learning and data analytics with advanced analytics solution suites, on the other hand, is anticipated to extant lucrative possibilities for the growth of the advanced analytics industry during the forecast period.
- Based on type, the big data analytics segment held the largest market share in 2022
- Based on the deployment model, the on-premises segment dominated the market in 2022
- Based on vertical, the BFSI segment generated the highest revenue in 2022
- On the basis of region, North America accounted largest market share in 2022
Implementation of Machine Learning for Business Operations Increases Demand for Advanced Analytics
Nowadays, more sophisticated analytics tools that can manage large volumes of data and extract valuable insights are required as a result of the data industry's volatile growth. Due to their ability to handle large, unstructured data sets and their ability to help companies extract insights that would be challenging or impossible to find using conventional analytics techniques, AI and ML techniques have been crucial in addressing this need.
As a result, companies from a variety of industries are spending more money on advanced analytics tools that use AI and ML to improve operations, streamline workflows, and obtain a competitive edge. Businesses are utilizing AI and ML, for instance, to forecast equipment failures, study customer data and behavior, and improve supply chain operations.
Analyzing customer data to learn more about their wants and preferences is one way how advanced analytics can be applied to the development of new products. Businesses can find patterns and trends in consumer data to guide the design and creation of new products by utilizing advanced analytics techniques, like machine learning and predictive modeling. This can assist companies in creating goods that more closely match customer tastes and needs, which may ultimately result in higher sales and happier customers.
Better Decision-Making with the Help of Advanced Analytics Tools Bolstering Growth
The amount of data produced today is constantly changing and growing, and traditional analytics solutions are no longer effective at adjusting this enormous amount of structured and unstructured data. With the development of advanced analytics, businesses are now able to use powerful methods for obtaining important information from their data, location intelligence, including data mining, and big data analytics. This further aided these organizations in developing superior business decisions.
Due to the emergence of new business intelligence & analytics technologies, numerous businesses around the world are looking for advanced analytics solutions to address big data challenges. Also, numerous small and medium-sized businesses have developed modernized solutions and services for maximizing company efficiency at comparatively lower costs than the major players. The advanced analytics market is extremely consolidated globally, with a small number of large companies controlling a sizable portion of the market's revenue.
March 2023: A definitive agreement has been signed by India's biggest mutual fund registrar and transfer agent, Computer Age Management Services Limited (CAMS), to purchase the majority of the shares of Mumbai-based AI and data science company Think Analytics India Pvt. Ltd.
August 2022: SAS has partnered with SingleStore, in order to help companies, remove obstacles to maximize performance and scalability, data access, and discover important data-driven insights.
Based on type, the market is categorized into big data analytics, business analytics, customer analytics, risk analysis, statically analysis, and others. As per type, the advanced analytics market is dominated by the big data Analytics segment. The segment's expansion can be credited to the rising use of social media sites and the rise in virtual businesses that generate significant amounts of data. Additionally, the development of SaaS-based big data analytics has made automation implementation simpler and permitted the creation of sophisticated analytical models using a self-service model. Big data service providers have been encouraged to increase their investments in cloud technology in order to acquire a competitive edge by the rising demand for big data analytics solutions.
Due to the emergence of new business intelligence & analytics technologies, numerous businesses around the world are looking for advanced analytics solutions to address big data challenges that are expected to fuel market growth during the forecasted period.
On the basis of the deployment model, the market is categorized into cloud-based & on-premises. The on-premises segment dominates the market share during the forecast period. On-premise deployments give businesses more freedom and control over how to modify their IT arrangement, while also reducing their reliance on the internet and safeguarding sensitive company information from theft and fraud. It is anticipated that these advantages will persuade big organizations to choose on-premise deployment.
Additionally, businesses in the BFSI industry prefer the on-premise model due to increasing uncertainties about frauds like new account frauds and account takeovers. Businesses using the on-premise approach are more secure from these scams, which is expected to fuel the expansion of the on-premise deployment model.
By vertices, the market is categorized into BFSI, manufacturing, healthcare, government, consumer goods, transportation and logistics, and others. The BFSI segment is expected to witness substantial growth during the forecast period. The BFSI segment's expansion can be attributed to the ongoing use of advanced analytics for risk management, process optimization, and fraud detection. In addition, it is anticipated that the sector will grow as a result of the increased implementation of BI software, which enables continuous access to protected transactions, and client databases, and improves the client experience.
These solutions assist financial institutions in sorting unstructured data, ensuring regulatory compliance, and improving organizational efficiency and customer experiences. This is primarily due to the BFSI industry's widespread use of sophisticated analytics for managing risks, reducing fraud, and streamlining processes.
North America Dominated the Market Due to the Presence of Major Key Players
The North American region has emerged as the market leader, owing to its robust infrastructure that supports the integration of advanced analytics solutions, and a surge in the acceptance of advanced technologies, including AI and machine learning. Advanced analytic solutions and services are proving highly beneficial for organizations across various industries, as they assist in operationalizing data sets and extracting optimal value from them which is expected to boost the market growth during the forecasted period.
Numerous top technology firms with headquarters in North America are making significant investments in solutions for advanced analytics. To increase the precision and potency of analytics, new algorithms, tools, and systems must be created. Large amounts of data are produced by North American companies, and advanced analytics are being used more frequently to make sense of this data. This includes streamlining processes, spotting trends and patterns, and examining client information.
- IBM Corporation
- Dell Inc.
- Altair Engineering Inc.
- Altair Engineering Inc.
- KNIME AG.
- StatSoft Europe
- Teletrac Navman US Ltd
The global Advanced Analytics Market is segmented as follows:
- Big Data Analytics
- Business Analytics
- Customer Analytics
- Risk Analytics
- Statically Analysis
By Deployment Model
- Cloud Based
- Consumer Goods
- Transportation and Logistics
- North America
- The U.S.
- The UK
- Nordic countries
- Benelux Reunion
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Advanced Analytics Market By Type