Global Advanced Analytics Market Research Forecast 2024 - 2033
7 May, 2024
The advanced analytics market has experienced exponential growth, escalating from $39.71 billion in 2023 to $48.31 billion in 2024, marked by a substantial compound annual growth rate (CAGR) of 21.6%. This growth is attributed to the demand for real-time insights, industry-specific applications, predictive analytics focus, regulatory compliance, and the pursuit of cost optimization. Future projections indicate continued momentum, with the market set to reach $110.6 billion in 2028, boasting a CAGR of 23.0%. Factors driving this growth include the surge in unstructured data, emphasis on prescriptive analytics, a focus on data governance, personalized analytics solutions, and continuous training of analytics models. Key trends encompass augmented analytics, real-time analytics, predictive and prescriptive analytics, cross-functional analytics platforms, and blockchain integration for enhanced data security.
Major Driver In The Advanced Analytics Market
The growing adoption of analytical solutions across various industries is poised to fuel the expansion of the advanced analytics market. Analytical solutions play a crucial role in tasks such as demand forecasting and behavior analytics across diverse sectors. According to the UK's Department for Digital, Culture, Media and Sport, there is a noticeable uptick in the prevalence of AI solutions for data management and analysis. This increasing demand for analytical solutions contributes significantly to the growth trajectory of the advanced analytics market.
Request A Free Sample Of The Global Advanced Analytics Market ReportAdvanced Analytics Market Competitive Landscape
SAS Institute Inc., SAP SE, IBM Corporation, Oracle Corporation, Dell Technologies Inc., Microsoft Corporation Inc., RapidMiner Inc.,Altair Engineering Inc., Fair Isaac Corporation, KNIME AG., Statsoft Technolohgies Pvt Ltd, Teletrac Navman Ltd., Procon Analytics LLC., IMS Software Inc., CloudMade Ltd.,TIBCO Software,MicroStrategy,RapidMiner,DataRobot,KNIME,Sisense,ThoughtSpot,Information Builders,Talend,GoodData,Splunk,Teradata,Pentaho, Yellowfin,Pyramid Analytics
Key Advanced Analytics Market Trend
In the advanced analytics market, technological advancement is a prominent trend driving growth. The introduction of new technologies or advancements in existing ones is facilitating rapid expansion and the delivery of enhanced products to customers. For instance, in August 2021, CROSSMARK, a sales and marketing services agency, launched Accelerator, a cutting-edge data analysis platform tailored for CPG (Consumer Packaged Goods) sales and marketing activities. This platform utilizes big data technology to amalgamate vast datasets within the CPG industry, coupled with advanced analytics capabilities, to provide intuitive visualizations crucial for informed decision-making and accelerated growth. Incorporating machine learning (AI) capabilities and integrating new data sources, the platform is designed for continuous evolution and improvement over time.
Get The Full Global Advanced Analytics Market ReportAdvanced Analytics Market Segmentation
The advanced analytics market covered in this report is segmented –
1) By Type: Big Data Analytics, Predictive Analytics
2) By Component: Solution, Services
3) By Deployment Mode: Cloud, On-Premises
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
5) By Vertical: Banking Finance Services And Insurance (BFSI), IT And Telecom, Retail And Consumer Goods, Healthcare And Life Sciences, Transportation And Logistics, Government And Defence, Manufacturing, Media And Entertainment, Other Verticals
By Geography:The regions covered in the advanced analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.North America was the largest region in the advanced analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Advanced Analytics Global Market Report 2024 furnishes information about the global advanced analytics market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.