Advanced Analytics Market by Component (Software, Service), Type (Big Data Analytics, Business Analytics, Customer Analytics, Statistical Analytics, Risk Analytics, and Others), Deployment Mode (On-premises, Cloud-based), Business Function (Supply Chain,

Advanced Analytics Market by Component (Software, Service), Type (Big Data Analytics, Business Analytics, Customer Analytics, Statistical Analytics, Risk Analytics, and Others), Deployment Mode (On-premises, Cloud-based), Business Function (Supply Chain, Sales and Marketing, Finance, Human Resource (HR), and Others), Enterprise Size (Large Enterprise, Small and Medium-sized Enterprise), Industrial Vertical (BFSI, Healthcare, Government, IT and Telecom, Military and Defense, and Others), and Region 2023-2028

Market Overview:

The global advanced analytics market size reached US$ 18.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 58.8 Billion by 2028, exhibiting a growth rate (CAGR) of 20.8% during 2023-2028. The widespread adoption of various analytical solutions across industries and the increasing need for artificial intelligence (AI) and machine learning (ML) in companies to achieve diverse business goals represent some of the key factors driving the market.

Advanced analytics represents data-driven autonomous or semi-autonomous systematic computational techniques explicitly designed to uncover deeper insights, identify patterns, perform data mining, predict outcomes and generate solid recommendations or solutions. It uses complex event processing, machine learning (ML), data virtualization, big data analytics, and sentiment analysis approaches. These solutions help identify patterns, process matches for unstructured data, detect the emotional tone behind texts, and examine semi-structured and structured correlations. Advanced analytics produces actionable information, including key business proceedings, empowers stakeholders to make better decisions, improves risk management, reveals potential problems, and notices new opportunities. This, in turn, assists organizations in improving agility and response time, providing better customer satisfaction, ensuring a greater return on investment (ROI), and optimizing business operations. As a result, advanced analytics is extensively used for analyzing corporate data, predictive modeling, providing capabilities to cope with difficulties, and automating business operations.

Advanced Analytics Market Trends:

The widespread adoption of various analytical solutions across industries represents a prime factor driving the market growth. This can be further attributed to the increasing need for artificial intelligence (AI) and machine learning (ML) in companies to achieve diverse business goals, gather information, and analyze unstructured and structured data. Additionally, the rising instances of fraudulent activities in the banking, financial services, and insurance (BFSI) sector and the increasing need for risk management solutions have facilitated the demand for advanced analytics with anti-fraud technology, which is acting as another growth-inducing factor. Moreover, the enforcement of the remote working and work-from-home (WFH) model during COVID-19 prompted companies to employ advanced analytics tools to engage with customers via digital channels is supporting the market growth. In line with this, the advent of artificial neural networks, geographical information systems (GIS) and business-intelligence (BI) models, and the integration of cloud computing and software-as-a-software (SaaS) are favoring the market growth. These technologies can predict electricity consumption, trade market, traffic, and trends to help organizations make better decisions. Furthermore, the extensive usage of advanced analytics with electronic health records (EHRs) to gain insights into patient conditions and design customized treatment plans from remote is propelling the market growth. Apart from this, rapid digitalization, significant enhancement in the information technology (IT) infrastructure, and ongoing strategic collaborations amongst key players are creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global advanced analytics market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on the component, type, deployment mode, business function, enterprise size and industry vertical.

Component Insights:

Software
Service

Professional Service
Managed Service
 



A detailed breakup and analysis of the advanced analytics market based on the component have also been provided in the report. This includes software and services (professional and managed services). According to the report, software accounted for the largest market share.

Type Insights:

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

The report has also provided a detailed breakup and analysis of the advanced analytics market based on the type. This includes big data, business, customer, statistical, risk analytics, and others. According to the report, big data analytics represented the largest segment.

Deployment Mode Insights:

On-premises
Cloud-based
 

A detailed breakup and analysis of the advanced analytics market based on the deployment mode have also been provided in the report. This includes on-premises and cloud-based. According to the report, on-premises accounted for the largest market share.

Business Function Insights:

Supply Chain
Sales and Marketing
Finance
Human Resource (HR)
Others
 

The report has also provided a detailed breakup and analysis of the advanced analytics market based on the business function. This includes supply chain, sales and marketing, finance, human resource (HR), and others. According to the report, supply chain represented the largest segment.

Enterprise Size Insights:

Large Enterprise
Small and Medium-sized Enterprise
 

A detailed breakup and analysis of the advanced analytics market based on the enterprise size has also been provided in the report. This includes large, and small and medium-sized enterprises. According to the report, large enterprises accounted for the largest market share.

Industrial Vertical Insights:

BFSI
Healthcare
Government
IT and Telecom
Military and Defense
Others
 

The report has also provided a detailed breakup and analysis of the advanced analytics market based on the industrial vertical. This includes BFSI, healthcare, government, IT and Telecom, military and defense, and others. According to the report, BFSI represented the largest segment.

Regional Insights:

North America

United States
Canada


Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others


Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others


Latin America

Brazil
Mexico
Others


Middle East and Africa
 

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for advanced analytics. Some of the factors driving the North America advanced analytics market included the advent of artificial intelligence (AI) and machine learning (ML), the rising usage of interconnected devices, and the increasing need to prevent online fraudulent activities.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global advanced analytics market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Absolutdata Technologies Inc. (Infogain Corporation), Adobe Inc., Altair Engineering Inc., Alteryx Inc., Amazon Web Services Inc. (Amazon.com Inc.), Fair Isaac Corporation (FICO), Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, Moody's Analytics Inc. (Moody's Corporation), SAS Institute Inc., TIBCO Software Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report:

How has the global advanced analytics market performed so far and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global advanced analytics market?
What are the key regional markets?
Which countries represent the most attractive advanced analytics markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the type?
What is the breakup of the market based on the deployment mode?
What is the breakup of the market based on the business function?
What is the breakup of the market based on the enterprise size?
What is the breakup of the market based on the industry vertical?
What is the competitive structure of the global advanced analytics market?
Who are the key players/companies in the global advanced analytics market?