The Worldwide Advanced Analytics Market size was valued at USD 36.67 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 23.46% from 2022 to 2030.
Advanced analytics is a methodology that analyses corporate data from diverse data sources utilizing predictive modeling, machine learning algorithms, deep learning, business process automation, and other statistical methods. Advanced analytics uses data science to forecast trends and the likelihood of future events, going beyond conventional business intelligence (BI) techniques. As a result, businesses can respond more rapidly and make decisions that are much more accurate. Advanced analytics tools, which data scientists frequently use, combine and extend prescriptive and predictive analytics while introducing more possibilities for enhanced visualization and predictive models.
Advanced analytics uses complex techniques and technologies that often go beyond traditional business intelligence (BI) to autonomously or semi-automatically analyze data or content to get deeper insights and generate forecasts or suggestions. Analytical methods including data/text mining, machine learning, pattern matching, prediction, visualization, sentiment analysis, network and cluster analysis, multivariate statistics, graph analysis, simulation, complex event processing, neural networks, etc., will be used.
Advanced analytics has revolutionized the way organizations harness the power of data to drive insights and make informed decisions. With advanced data analytics techniques and cutting-edge tools, businesses can now unlock valuable patterns and trends hidden within vast amounts of information. Geo-spatial analytics takes it a step further by incorporating location data, enabling businesses to understand the geographical context of their operations and customer base. In the healthcare sector, advanced analytics plays a crucial role in improving patient outcomes and operational efficiency. Advanced analytics platforms and tools provide healthcare professionals with the ability to analyze complex medical data, identify trends, and make data-driven decisions that enhance patient care. By leveraging advanced analysis techniques, organizations across industries can gain a competitive edge by extracting meaningful insights from their data and driving innovation.
Market Dynamics
Drivers:
Understanding the data and obtaining the necessary information to unlock customer insights requires advanced analytics. Emerging technologies like artificial intelligence (AI) and machine learning (ML), which have superior analytical capabilities, can aid businesses in achieving their objectives. With the support of the enormous power of the internet and digital technologies, organizations are concentrating more and more on the re-engineering of enterprises. The adoption of digital operations enables providers of advanced analytics solutions to identify fresh approaches to address emerging difficulties. Operating expenses have decreased due to the digital transformation of retail and eCommerce enterprises, which has benefited the growth of the advanced analytics market. Organizations are now better able to acquire information, analyze it, and make choices quickly with the least amount of human involvement, thanks to the development of AI and ML.
Organizations are also implementing AI tools to hasten investment choices. For instance, Fukoku Mutual Life Insurance uses AI to determine payouts. AI systems examine and recommend GRC-related modifications. As a result, they assist in maintaining the proper data collection and monitoring level to satisfy regulatory requirements. By evaluating the data received from various sources, providers have been able to comprehend client perceptions better, thanks to the advent and application of ML and AI. Businesses now prioritize providing a consistent customer experience across all channels and delivering offers in real-time by examining consumer purchasing trends.
Restraints:
RoI depends on acquired value, which is frequently connected to customer happiness and process improvements. Because gained value is difficult to quantify, sophisticated analytics may not be the management's top priority when budgets are set. The development of a business case is made more difficult by higher initial outlays; data processing costs include software, services, and license fees. The effectiveness of such sophisticated deployments also depends on continuing maintenance, improvements, and related managed and professional services.
When they realize how many resources are needed, many organizations suspend or postpone their speech processing programs. Expensive pricing models have constrained the use of sophisticated analytics by SMEs. Scaled-down versions of advanced analytics tools, flexible pricing, and cloud-based deployments are all steadily altering the situation.
Key players:
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Altair Engineering, Inc.
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Fair Isaac Corporation (FICO)
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International Business Machines Corporation
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KNIME
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Microsoft Corporation
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Oracle Corporation
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RapidMiner, Inc.
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SAP SE
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SAS Institute Inc.
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Trianz
Market Segmentation:
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Advanced Analytics Market, Type Outlook
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Big Data Analytics
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Business Analytics
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Customer Analytics
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Risk Analytics
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Statistical Analysis
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Others (Predictive Analytics, Text Analytics, and Prescriptive Analytics)
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Advanced Analytics Market, Deployment Outlook
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On-premise
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Cloud
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Advanced Analytics Market, Enterprise Size Outlook
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Large Enterprises
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Small & Medium Enterprises (SMEs)
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Advanced Analytics Market, End-use Outlook
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BFSI
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Government
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Healthcare
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IT & Telecom
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Military & Defense
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Others
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Advanced Analytics Market, Regional Outlook
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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Asia Pacific
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China
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India
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Japan
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Latin America
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Brazil
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Middle East & Africa
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Regional Analysis:
Given the increasing demand for businesses to operationalize and maximize the value of their data assets, advanced analytics solutions and services are very effective across most organizations and industries in North America. As a result, the adoption of advanced analytics within the European Advanced Analytics Market is progressing steadily.
During the projection period, APAC is exhibiting a significant increase in adopting advanced analytics solutions and services. Meanwhile, Latin America and MEA are gradually adopting advanced analytics due to its advantages for various sectors to obtain real-time user insights.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 23.46% |
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YoY growth (%) |
XX% |
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Regional analysis |
North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
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Forecast market growth |
USD 36.67 billion |
User
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Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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