In 2022, the worldwide advanced analytics market was valued at USD 20.6 billion, projected to attain USD 156.3 billion by 2032, with a compound annual growth rate (CAGR) of 22.5% during 2023-2032.
Advanced analytics is a term for the sophisticated statistical and mathematical techniques used to examine data and draw conclusions from it. Data mining, predictive modeling, and machine learning are all forms of advanced analytics.
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Key Trends
There are four key trends in Advanced Analytics technology:
1. The use of artificial intelligence (AI) and machine learning (ML) to automate the analysis of data.
2. The use of big data to drive the analysis.
3. The use of predictive analytics to identify future trends.
4. The use of prescriptive analytics to recommend actions.
Key Drivers
There are four key drivers of the advanced analytics market:
1. The increasing volume of data: With the proliferation of digital devices and the growth of the Internet of Things (IoT), organizations are now generating more data than ever before. This increase in data volume is driving organizations to adopt advanced analytics solutions to help them make sense of all this data.
2. The need for real-time insights: In today’s fast-paced business world, organizations need to be able to make decisions quickly.
3. The need for more personalized experiences: With the growth of digital channels, customers now expect a more personalized experience.
4. The need to improve operational efficiency: Advanced analytics solutions can help organizations improve their operational efficiency by identifying inefficiencies and areas for improvement.
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Key Players
The global advanced analytics market includes players such as Oracle, Altair, Microsoft, IBM, Adobe, Teradata, DataRobot, DataChat, Imply, Promethium, and others.
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