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A31538 | Pages: 343 | Charts: 68 | Tables: 301 |
The global advanced analytics market size was valued at $29.5 billion in 2021, and is projected to reach $184.4 billion by 2031, growing at a CAGR of 20.2% from 2022 to 2031.
The rise in demand for work from home and remote working policies during the period of the COVID-19 pandemic aided in propelling the growth of global data analytics and remote management solutions, hence empowering the demand for the overall advanced analytics industry. However, data privacy and sharing challenges of third-party advanced analytics platforms can hamper the advanced analytics market forecast. On the contrary, the integration of advanced tools such as machine learning and data analytics with advanced analytics solutions suites is expected to offer remunerative opportunities for expansion of the advanced analytics industry during the forecast period.
Advanced analytics solutions extend the capabilities of typical business intelligence (BI) tools to evaluate data or business information using predictive modeling, statistical approaches, machine learning, and process automation techniques. Advanced analytics solutions can use data science algorithms and sophisticated analytical methodologies to forecast future trends and predict the likelihood of probable events.
The advanced analytics market is segmented on the basis of offering, deployment model, type, application, enterprise size, industry vertical, and region. On the basis of offering, the industry is divided into software and service. Depending on deployment mode, the market is classified into on premise and cloud. Based on type the industry is divided into predictive analytics, prescriptive analytics, data visualization, data mining, others. On the basis of application, the industry is segmented into supply chain, sales and marketing, finance, human resources (HR), and others. Based on enterprise size, the market is bifurcated into large enterprises and SMEs. The industry vertical covered in the study include BFSI, manufacturing, healthcare, government and defense, energy and utilities, transportation and logistics, retail and e-commerce, IT and telecom, media and entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the advanced analytics market analysis are Adobe, AWS, Absolutedata, Altair Engineering Inc, Databricks, Dataiko, IBM Corporation, KNIME, Microsoft Corporation, Moody's Analytics, Oracle Corporation, QlikTech International AB, All, Rapid Miner, SAS Institute, SAP SE, Salesforce, and Teradata. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
[INDUSTRYVERTICALGRAPH]
Depending on industry vertical, the BFSI segment dominated the advanced analytics market share in 2021, and is expected to continue this trend during the forecast period owing to the growing digital participation of BFSI sector companies, incentivizing major businesses of the sector to invest in effective advanced analytics solutions for their organization. However, the healthcare segment is expected to witness the highest growth in the upcoming years, owing to the growth in amount of patient data in healthcare sector businesses.
[REGIONGRAPH]
Region wise, the advanced analytics market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its high concentration of advanced analytics vendors such as Oracle Corporation, Microsoft Corporation, and IBM corporation, which is expected to drive the market for advanced analytics technology within the region during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rapid economic and technological developments in the region, which is expected to fuel the growth of advanced analytics market in the region in the coming few years.
The report focuses on growth prospects, restraints, and analysis of the global advanced analytics market trends. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global advanced analytics market share.
Consumer data can be trickier to analyze and harder to handle. Major business enterprises such as Amazon and FedEx, both of which have been using data analytics practices for more than a decade. Have developed specialized algorithms focused on the analyzing everyday needs of its customers, thanks to its army of in-house data scientists and analysts. Moreover, large corporations have access to a vast amount of data on their customers, which aids in the creation of user profiles of their customers. Such user profiles can compile various user preferences and information and uses it to target them with specific advertising and marketing campaigns, increasing the likelihood of a confirmed sale.
However, many smaller (and even large) businesses may not have access to a large team of data scientists and analysts at their disposal and may need to employ third-party data analytics and mining solutions to help them with their data mining needs as in-house solutions can be expensive. Furthermore, advanced analytics solutions can help organizations to help identify and focus on their most profitable revenue generator segment, which can immediately contribute positively toward the goals and needs of the company. Such factors are fueling the need for advanced analytics solutions in modern business enterprises.
In the past few decades, digital data production has grown exponentially, and it is not expected to slow down in the near future. Increased penetration of digital devices such as smartphones and computers in the daily life of average consumers, is one of the key factors responsible for this boom in digital data production. Additionally, the increasing popularity of the Internet of Things (IoT) and the data produced from various IoT devices have also been contributing to this data boom. High amounts of digital data production have made it difficult for data analysts to process this data and make sense of it.
Advanced analytics and data mining tools have to be employed to help process these huge amounts of data to help with identifying data trends of these huge amounts of data, which can optimize the process of decision-making in many business sectors. Moreover, with the adoption of big tools and analysis solutions becoming common in the modern business infrastructure, advanced analytics market growth is expected to increase even further in the coming few years.
The advanced analytics market has witnessed significant growth in the past few years due to the outbreak of the COVID-19 pandemic, the market witnessed a sudden increase in demand during the period. This was attributed to the fact that there was a sudden increase in demand for advanced technologies and data analytics solutions, as businesses were moving to capitalize on the increased online presence of their customers.
Furthermore, the rising number of COVID-19 cases influenced governments and local authorities to enforce strict measures such as social distancing and self-isolation policies to the closing of physical shops and businesses in order to help slow the spread of the COVID-19 cases, this caused a serious dip in the numbers of customers depending on traditional brick and mortar stores for their daily shopping needs. Additionally, in response to the COVID-19 pandemic, many businesses have used advanced analytics and AI technologies to manage immensely complex supply chains and engage customers online.
For instance, in September 2020, Google announced the support for COVID-19 AI and data analytics projects, Google.org is giving more than $8.5 million to 31 organizations around the globe to aid in COVID-19 response. Moreover, such trends accelerated the digital transformation of physical businesses during the period of the pandemic. This, in turn, caused the demand for advanced analytics solutions to raise during the period, as businesses depended upon advanced technologies for faster digital transformation.
Key Market Segments
Key Market Players