Advanced Analytics Market Size, Share, Trends and Forecast 2032

Advanced Analytics Market Insights

According to Zion Market Research, the global Advanced Analytics Market was worth USD 62.87 Billion in 2023. The market is forecast to reach USD 315.27 Billion by 2032, growing at a compound annual growth rate (CAGR) of 19.62% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Advanced Analytics Market industry over the next decade.

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Advanced Analytics Market: Overview

Advanced analytics is a collective and combined term for a bunch of significant methods and tools that can bring up varying analytics with the available data. This can be utilized to predict market trends, and behaviors. This gives a heads-up for the business organizations owing to its ability to deliver advanced statistical solutions to any emergency event. It makes the maximum use of the given data that involves varying methods and tools to make the right prediction for the future trends and anticipate the probability of future events. In comparison to basic BI, advanced analytics is able to anticipate future trends for a better understanding of the business in the market.

Advanced analytics also offers to meet a large bunch of challenges that traditional BI cannot, enabling the most stable strategic decision-making for the future. Also, it provides businesses with a way to stabilize and develop more with the available data. With proper use of advanced analytics, successful organizations are able to build upon a solid plan to address the probability of future events, providing greater confidence and compassion for more repeatable business. It also helps to break down any complex business situation and deals with business problems that traditional rearview BI tools cannot.

The report covers forecast and analysis for the Advanced Analytics market on a global and regional level. The study provides historic data of 2015 along with a forecast from 2019 to 2026 based revenue (USD Billion). The study includes drivers and restraints for the Advanced Analytics market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the Advanced Analytics market on a global level.

COVID-19 Impact Analysis

The outbreak of Coronavirus has worked in favor of the global advanced analytics market. Due to the stringent lockdowns imposed by the local government, there has been a major digitalization shift and companies and business organizations are depending hugely on the use of smart technology. With the drastic shift of making, it all online, there is now a compelling need to develop advanced analytics to make e-commerce even more flourishing than it already is. The dependence on technology and owing to the changing market trends, it has become all the easier with advanced analytics. The business organizations are now alarmed about the uncertainty in the market, and with the introduction of advanced analytics, there is a heads-up on how to deal with an adverse situation and prepares the business for the worst of all situations.

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Advanced Analytics Market: Growth Factors

The drastic dependence on technology, the change in consumer behavior and patterns, the ongoing technological advancements in terms of decision-making strategies and the exceptional technology that helps save time, cost, and efforts during a dire business situation are all a few drivers for the growth of the global advanced analytics market.

Thankfully enough for the rapid urbanization all across the world, the use of advanced analytics in anticipating future trends can aid the organizations in making the most efficient choice of them all and working their profitability ratio. Not to forget government bodies, such as banking, professional services and manufacturing have been investing in big numbers in big data analytics that propels the growth of the market.

Advanced analytics is a collection of techniques used to model internal and external data to yield valuable insights that can drive business-improving operations. Advanced analytics helps to solve complex business problems and serves as a troubleshooting player in an organization. Dramatic changes in the technology have been shaped by big data challenges and emerging data analysis techniques.

The advanced analytics market is primarily driven by increasing demand to counter big data challenges paired with emerging technologies such as business intelligence and analytics. In additions, increasing the need to address vertical specific challenges, cost reductions in cloud deployment models and the emergence of small players with updated and innovative solutions and services at lower costs compared to established players are further flourishing the market. However, technical misspecifications are expected to have the adverse impact on advanced analytics market. Nonetheless, adoption by niche industries is likely to open new doors for the advanced analytics demand.

Advanced Analytics Market: Report Scope

Advanced Analytics Market: Segment Analysis

Based on the type, advanced analytics market is classified into risk analytics, social analytics, big data analytics, visual analytics, customer analytics, business analytics, predictive modeling and statistical analysis.The predictive analytics is expected to be the fastest growing type of advanced analytics.The growth of predictive analytics segment is mainly attributed to shifting from traditional business intelligence (BI) techniques to advanced analytics techniques and massive surge of structured and unstructured data.

Based on application, global advanced analytics market is bifurcated into banking and financial services, telecom and IT, healthcare, government and defense, transportation and logistics and consumer goods and retails. Increasing demand to counter big data challenges is expected to drive telecom & IT application segment significantly. Banking and financial services are expected to be the most attractive application segment in the coming years due to demand of advance analytics for risk management, fraud detection and management and budgeting and planning. Increasing use of advanced analytics to improve clinical performance is expected drive healthcare application segment in the forecast period.

Advanced Analytics Market: Regional Segment

In regional segmentation, the global coronavirus vaccines market is bifurcated into six key regions, namely, Europe, North America, Latin America, Asia Pacific, the Middle East, and Africa. It has been noted that North America is holding the dominance for the largest share of the market, whereas Asia Pacific is expected to grow exponentially, during the forecast period. Citing reasons such as technological advancements and compelling need to cater to vertical specific challenges, the North America region is observed to be most fruitful in the global advanced analytics market. 

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Key Market Players & Competitive Landscape

Some of the predominant players in the market are-

• Altair Engineering
• Fair Isaac Corporation
• IBM Corporation
• KNIME
• Microsoft Corporation
• Oracle Corporation
• RapidMiner, Inc.
• SAP SE
• SAS Institute Inc.
• Trianz.

The global Advanced Analytics market is segmented as follows:

By Product Type: 

• Big Data Analytics
• Business Analytics
• Customer Analytics
• Risk Analytics
• Statistical Analysis
• Others

By Enterprise Size:

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By End-user:

• BFSI
• Government
• Healthcare
• IT & Telecom
• Military & Defense
• Others

By Region:

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa