The global advanced analytics market size is expected to reach USD 189.56 billion by 2030, expanding at a CAGR of 21.1% from 2022 to 2030, according to a new report published by Grand View Research, Inc. The market growth can be attributed to the increasing demand for advanced analytical solutions by companies across the retail, IT & telecom, and BFSI sectors, among others. These solutions help to process large volumes of data and determine fraudulent activities, thus ensuring data protection. For instance, IBM Cloud Pak for Security enables companies to identify hidden threats and make informed risk-based decisions.
Advanced Analytics Market Report Highlights
- The cloud segment accounted for the largest market share of over 50% in 2021 owing to increasing data connectivity through hybrid and multi-cloud environments and the growing trend of digitalization
- The big data analytics segment accounted for the largest market share of over 35% in 2021 owing to the growing adoption of IIoT and AI by various organizations to efficiently analyze information and make timely decisions
- The SMEs segment held a market share of over 35% in 2021 owing to funding provided by several governments to SMEs to encourage the adoption of advanced analytical solutions such as SaaS
- The IT & telecom segment accounted for over 20% market share in 2021 due to the increasing volume of data generated from mobile communication technologies, which is driving the demand for advanced solutions to predict and evaluate cell congestion
- Asia Pacific is likely to reach USD 45,494.9 million by 2030 owing to the high demand for predictive analysis and demand forecasting by the retail sector to deliver customized products and services, along with increasing fraud incidences in the BFSI industry
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Advanced Analytics is the autonomous or semi-autonomous scrutiny of data or content using sophisticated techniques and tools. It enables organizations to make data-driven decisions and gain deeper insights into market trends, customer preferences, key business activities, and determine what is likely to happen in the future. It uses predictive modeling, machine learning algorithms, deep learning, business process automation, visualization, simulation, and multivariate statistics. The main objective is to identify patterns and discover deeper insights that go beyond traditional BI. Analytics tools include Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analysis, and Others (Predictive Analytics, Text Analytics, and Prescriptive Analytics).
Industries such as manufacturing, automotive, and pharmaceuticals are rapidly adopting artificial intelligence, machine learning, and big data to optimize their business processes. These technologies enable manufacturers to improve their production process, increase supply chain efficiency, and identify variables affecting the production quality, which bodes well for market growth. Moreover, as the demand for predictive solutions is growing, key players such as SAS Institute, Inc. and International Business Machines Corp. are introducing cutting-edge solutions that can be offered on cloud.
Advanced analytical solutions are emerging as an essential tool for predicting and forecasting trading patterns, electricity consumption patterns, and rush-hour traffic conditions. As such, many government agencies are making significant investments in these solutions. For instance, the Australian Institute of Health and Welfare uses predictive analysis to access large datasets, such as national hospitals’ databases. The agency uses a projection model to forecast Australian healthcare expenditure by combining various factors, such as population growth, the volume of service per treated case, and excess health price inflation.
Advanced Analytics Market Insights By Demographics
North America held a major market share of the global market. This can be attributed to the presence of supporting infrastructure for the implementation of cutting-edge analytics and an increase in the adoption of advanced technologies, such as AI and machine learning. The Asia Pacific market is anticipated to exhibit a notable CAGR of 23.5% over the forecast period. The growth of the regional market is driven by the widespread adoption of big data analytics tools and solutions in the region. Moreover, travel companies in the region are adopting analytical solutions for applications such as tracking buses, train schedules, breakdowns, and traffic management.
Competitive Analysis By Major Players
The market is dominated by a few large players. However, the emergence of niche players offering industry-specific solutions has changed the market dynamics in recent years. Companies can be seen engaging in mergers, acquisitions, and partnerships to further upgrade their products and gain a competitive advantage in the market. Some prominent players in the global advanced analytics market include:
- Altair Engineering, Inc.
- Fair Isaac Corporation (FICO)
- International Business Machines Corporation
- KNIME
- Microsoft Corporation
- Oracle Corporation
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Advanced Analytics Market Segmentation
Grand View Research has segmented the global advanced analytics market based on type, deployment, enterprise size, end use, and region:
- Advanced Analytics Type Outlook (Revenue, USD Million, 2017 – 2030)
- Advanced Analytics Deployment Outlook (Revenue, USD Million, 2017 – 2030)
- Advanced Analytics Enterprise Size Outlook (Revenue, USD Million, 2017 – 2030)
- Advanced Analytics End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Advanced Analytics Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players in the Advanced Analytics Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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