Advanced Analytics Market Size, Share, Trends, Growth 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.

Request Free Sample

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.

Request Free Sample

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.

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 Market: Report Scope

Product Type Segment Analysis Preview

On the basis of product type, the market can be divided into Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analysis, Others. However, it was noted that the big data analytics segment accounted for a significantly high share of the market owing to the drastic shift in the dependency on online offices and the ever-growing popularity of social media that is capable of delivering enormous amounts of data. At first, big data analytics was able to cater to only a single purpose for very many types of businesses. With the development of Software as a Service, big data analytics has been all the more convenient to be built in a self-service model. Moreover, with the increasing usage of big data analytics from the companies operating in the industrial sector has caused the segment to grow enormously.

Request Free Sample

Enterprise Segment Analysis Preview

The market has been further categorized into Large Enterprises, Small & Medium Enterprises (SMEs) on the basis of enterprise. The global advanced analytics market is anticipated to undergo significant growth in the large enterprise segment, due to the expanding customer analytics and business analytics for efficiently managing the vast databases of customers and assets. Due to the vast numbers of data availability, it has resulted in an increasing demand for solutions such as big data analytics and predictive analytics, which is a huge factor that can boost this segment in the market. 

End-User Segment Analysis Preview

On the end-user outlook, the global advanced analytics market is bifurcated into BFSI, Government, Healthcare, IT & Telecom, Military & Defense, Others. It was found that the BFSI segment held the largest share in the market, with reasons such as the rising need for optimization, eradicating the entire frauds, and the most efficient manner to handle risk. Advanced analytics is also in full aid for the banks to sort through unstructured data for analyzing global and regulatory compliance that depends on the region of operation. Furthermore, there is an increase in demand for credit risk management, efficient capital planning, and insurance risk management, emphasizing more on the substitution of traditional anti-fraud technology tools with advanced analytics.

Regional Segment Analysis Preview

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. 

Request Free Sample

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