| Status : Published | Published On : Mar, 2024 | Report Code : VRICT5161 | Industry : ICT & Media | Available Format :
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Page : 300 |
Global Advanced Analytics Market – Analysis and Forecast (2025-2030)
Industry Insight by Component (Solutions and Services (Professional Services and Managed Services), by Business Function (Marketing and Sales, Finance, Human Resource, Operations, and Supply Chain), by Type (Big Data Analytics, Predictive Analytics, Customer Analytics, Statistical Analytics, Risk Analytics, Prescriptive Analytics, and Others), by Deployment Mode (Cloud and On-Premises), by Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), by Vertical (BFSI, IT and Telecom, Retail and Consumer Goods, Healthcare and Life Sciences, Transportation and Logistics, Government and Defense, Manufacturing, Media and Entertainment, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The global advanced analytics market is anticipated to grow from USD 35.3 billion in 2023 to USD 96.4 billion by 2030, registering a CAGR of 22.3% during 2025-2030.
Over the years, several industries across the globe have adopted analytics to analyze different verticals. This has helped them to develop a far more effective IT infrastructure. Moreover, it helps optimize data management and decision-making and formulate effective strategies.
As a result, large volumes of data are increasingly used, which is often unorganized. It includes everything from emails to surveillance data, which, in turn, has propelled the growth of the advanced analytics market.
The experts predict the future of the advanced analytics market by analyzing growth patterns, big data, different algorithms, and statistics using machine learning and artificial intelligence. They follow qualitative and quantitative techniques to determine trends and correlations.
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Data mining, machine learning, cohort analysis, cluster analysis, retention analysis, complex event analysis, predictive analysis, regression analysis, sentiment analysis, and time series analysis are all examples of advanced analytics techniques.
Market Segmentation
Insight by Component
Based on the component, the global advanced analytics market is divided into services and solutions. The services segment includes professional services, which include support, maintenance, implementation, consulting, training, system integration, and managed services.
The solutions segment, however, dominates due to the high demand for fully managed services.
Insight by Business Function
Based on the business function, the global advanced analytics market is divided into marketing and sales, HR, Finance, Supply chain, and operations. Out of these segments, the sales and marketing dominate segment dominates the market.
Insight by Type
Based on the type, the global advanced analytics market is divided into predictive analytics, prescriptive analytics, big data analytics, statistical analytics, customer analytics, and risk analytics. The market is typically dominated by the risk analytics segments due to the growing demand for advanced credit risk analytics that helps in underwriting decisions and also helps in revenue growth reducing risk costs. However, the customer analytics segment is also expected to grow significantly during the forecast period due to growing demand for customer retention, lead management, and customer experience management. The market growth is fueled due to the development and deployment of innovative technologies such as AI and ML and continual business process automation.
Insight by Deployment Mode
Based on the deployment mode, the global advanced analytics market is divided into on-premises and cloud, where the latter is expected to dominate due to its low cost. Cloud deployment will grow significantly at a higher rate during the forecast period due to the advantages it offers such as pay-per-use, low cost of installation and maintenance. A lot of major companies such as IBM Corporation, Microsoft, and others are adopting cloud-based advanced analytics solutions extensively which drives the growth of this segment.
Insight by Size of Organization
According to the size of the organization, the global advanced analytics market is divided into Small and Medium-sized Enterprises, which have a significantly high growth rate due to the excessive use of cloud-based solutions and several government initiatives, and Large Enterprises that dominate the market due to higher data governance, planning, and site intelligence.
Insight by Vertical
Based on the industry verticals, the global advanced analytics market is divided into IT, BFSI, retail, telecom, government, healthcare and life science, media, transportation, logistics, defense, manufacturing, and more. Out of all these segments, the healthcare and life sciences are expected to grow at a high CAGR during the forecast period because advanced analytics solutions offer several benefits such as better care plans, help in educating patients, improve patient care and outcomes, and reduce healthcare costs. The BFSI segment dominates the global advanced analytics market due to the rising number of fraudulent transactions, handling of data risks, and optimization of processes. Moreover, the technology helps the industry in sorting unstructured data, ensuring regulatory compliance, increasing operational efficiency, and improving customer experience.
Global Advanced Analytics Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 35.3 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 96.4 Billion |
|
Growth Rate |
22.3% |
|
Segments Covered in the Report |
By Component, By Business Function, By Type, By Deployment Mode, By Organizational Size, and By Vertical |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
The main factors for the widespread acceptance or implementation of advanced analytics across a diverse range of industries are machine learning, neural networks, data mining, and innovative technologies. This trend is followed across several industries over and above the IT sector. It includes energy, BFSI, and telecom.
Advanced analytics help in decision-making with precise processing and analysis of data. The primary growth driver is the large data volume generated daily. Innovative AI and ML help design applications and effective solutions for IoT and electricity. This is due to better knowledge of trading patterns and consumption. Eventually, it helps in accurate prediction.
It also helps in overcoming significant challenges related to the expansion of the market due to insufficient and incompetent infrastructure in developing countries.
Some other significant challenges resolved in the multifaceted data systems include insufficient workforce and expertise, lack of foolproof security, and unexpected technical problems. Proper use of advanced data analytics in real-time provides a lot of opportunities. It is further facilitated by the internet and other technologies integrated into it.
Growth Drivers
The growth of the global advanced analytics market is attributed to growing innovations in AI and machine learning to offer better and personalized consumer experiences. There is also a growing need to prevent fraudulent activities. Moreover, the growth of the global advanced analytics market is also attributed to the growing volume of organizational data, the number of small and medium-scale enterprises in developing countries, digital platforms, technological development in analytical tools, and the advent of cloud technology. Furthermore, the demand for advanced analytics is also growing due to the increasing prominence of online shopping, demand for countering big data challenges, social network penetration, use of advanced analytics to identify and predict patterns, and traffic conditions will also influence the growth of the global advanced analytics market. The growing demand for IoT-based predictive solutions will also help the market grow as it can collect and analyze data from different sensors such as motion sensors, temperature sensors, air quality sensors, and others.
Challenges
The complex data ecosystem causes data breaches and security vulnerabilities. Moreover, there is a lack of advanced analytical knowledge and standardization among people, technical misspecifications, and a proper IT infrastructure that hinders the growth of the global advanced analytics market. However, things are expected to change significantly in the forecast period.
Opportunities
The mounting demand for real-time analytical solutions, the proliferation of the internet, and the extensive use of connected and integrated technologies create more opportunities for businesses, facilitating the growth of the global advanced analytics market.
Geographic Overview
Based on the location overview, the infrastructure of North America seems to dominate the market share. However, better and more affordable solutions, R&D, partnerships, and collaborations with industry majors like Oracle and IBM have helped the countries in the Asia-Pacific region to put a strong foot forward.
Competitive Insight
The industry players are offering innovative software solutions that can be used over the cloud. Angoss Software Corporation, SAS Institute, Inc., and International Business Machines Corp., for example, are all providing advanced analytics software solutions primarily through the cloud. Moreover, the industry players are investing in R&D activities, enhancing their internal processes, making new product development, and enhancing their existing products so as to attain new customers and improve their market share. The players are entering into collaboration, M&A, and partnerships to develop technologically developed products and sustain themselves in a competitive market.
Working directly with enormous data volumes in the Oracle Database, Oracle Advanced Analytics enables data and business analysts to extract knowledge, find new insights, and make predictions. Oracle Advanced Analytics, a feature of Oracle Database Enterprise Edition, combines strong in-database algorithms with open-source R algorithms that are available via SQL and R languages, as well as a variety of GUI and IDE choices aimed at everyone from business users to data scientists. Oracle Advanced Analytics enables businesses to quickly design and deploy enterprise analytical applications that are highly scalable and easily interact with both business processes and business intelligence environments.
Altair empowers data-driven businesses by empowering teams to employ data analytics and artificial intelligence (AI) to acquire competitive advantages and drive next-level business results. Manufacturers can uncover ML-guided insights, explore novel solutions to challenging design issues using physics and AI-driven workflows and achieve higher product innovation through collaboration and design convergence using computer-aided engineering (CAE) augmented by AI. They expedite model creation with tools like AutoML and Explainable AI, providing transparency and automation so that more time can be spent analyzing and results can be verified. Their no-code method allows them to configure and tune models in whatever way consumers want, providing complete control over the process.
Some of the industry players in the global advanced analytics market include IBM, Oracle, SAS Institute Inc., SAP SE, FICO, Microsoft, Altair Engineering Inc., Amazon Web Services, Inc., Salesforce.com, inc., and RapidMiner, Inc.
Recent Developments by Key Players
SAP SE and Google Cloud expanded their partnership by introducing a comprehensive open data offering designed to simplify data landscapes and unleash the power of business data. New Offering Will Unite SAP with Google Cloud’s Data and Analytics Technology that shall help enterprise data more open and valuable and also advancing enterprise AI development.
FICO (the US-based data and analytics company) has launched its cloud-based platform in India. Indian banks like HDFC Bank, Axis Bank, and AU Small Finance Bank are among the early adopters which shall set to elevate customer satisfaction and drive innovation in the banking sector. Advanced decisioning and artificial intelligence capabilities for empowering local businesses, FICO platform is made use of.
The Advanced Analytics Market research includes a comprehensive market segmentation analysis as well as projections for the analysis period 2025-2030.
Segments Covered in the Report
- By Component
- Solutions
- Services
- Professional Services
- Managed Services
- By Business Function
- Marketing and Sales
- Finance
- Human Resource
- Operations
- Supply Chain
- By Type
- Big Data Analytics
- Predictive Analytics
- Customer Analytics
- Statistical Analytics
- Risk Analytics
- Prescriptive Analytics
- Others
- By Deployment Mode
- Cloud
- On-Premises
- By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
- By Vertical
- BFSI
- IT and Telecom
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Transportation and Logistics
- Government and Defense
- Manufacturing
- Media and Entertainment
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Advanced Analytics Market