Advanced Analytics Market by Offering (Solutions & Services), Business Function (Sales & Marketing, Operations & Supply Chain), Type (Big Data Analytics, Risk Analytics), Vertical (BFSI, Telecom) and Region - Global Forecast to 2028
The advanced analytics market is projected to grow from USD 64.3 billion in 2023 to USD 226.2 billion by 2028, at a compound annual growth rate (CAGR) of 28.6% during the forecast period. Market is anticipated to grow due to the rising adoption of big data and other related technologies, the advent of ML and AI to offer personalized customer experiences.
By offering, solutions segment to register for largest market size during forecast period
The solutions segment of the advanced analytics market is growing rapidly due to the the growing need for organizations to harness the power of data and gain competitive advantages. The advanced analytics solutions utilize various statistical, mathematical, and machine learning techniques to discover patterns, correlations, and trends in data. They often involve predictive modeling, data mining, text mining, natural language processing, and other advanced analytical techniques to gain insights and make accurate predictions. It caters to various industries, including healthcare, finance, retail, manufacturing, and more, where data-driven decision-making is crucial for success.
By vertical, healthcare and life sciences segment to register fastest growing CAGR during forecast period
The advanced analytics market is expected to grow significantly in the coming years, and the healthcare and life sciences vertical is expected to be one of the key drivers of this growth. Advanced analytics solutions help healthcare and life sciences organizations to efficiently manage how data of the patients is collected, treated, processed, and presented for the process of testing and simulation of new treatments, scenarios, and devices.
North America to witness fastest growing market size during the forecast period
North America is experiencing significant technological growth in the advanced analytics market, driven by various factors that are shaping the landscape of intelligent and connected devices. The region's advancements in solutions, research, and industry collaborations are propelling the growth of advanced analytics and fostering innovation across multiple sectors. North America benefits from robust infrastructure and widespread connectivity, providing a solid foundation for the expansion of advanced analytics.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the advanced analytics market.
§ By Company: Tier I: 38%, Tier II: 50%, and Tier III: 12%
§ By Designation: C-Level Executives: 35%, D-Level Executives: 40%, and Managers: 25%
§ By Region: North America: 40%, Asia Pacific: 20%, Europe: 30%, and Middle East and Africa- 5%, Latin America-5%
The report includes the study of key players offering advanced analytics solutions. It profiles major vendors in the advanced analytics market. The major players in the advanced analytics market include IBM (US), Oracle (US), Google (US), SAP (Germany), Microsoft (US), SAS Institute (US), KNIME (Switzerland), FICO (US), Altair (US), AWS (US), Salesforce (US), TIBCO Software (US), Alteryx (US), Teradata (US), Adobe (US), Absolutdata Analytics (US), Moody’s Analytics (US), Qlik (US), Databricks (US), Dataiku (US), Kinetica (US), MathWorks (US), Anaconda (US), H2O.ai (US), Domino Data Lab (US), DataRobot (US), DataChat (US), Imply (US), Promethium (US), Siren (Ireland), Tellius (US), SOTA Solutions (Germany), Vanti Analytics (Israel).
Research coverage
The research study for the advanced analytics market involved extensive secondary sources, directories, journals, and paid databases. Primary sources were mainly industry experts from the core and related industries, preferred advanced analytics providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information, and assess the market’s prospects.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall advanced analytics market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (the rising adoption of big data and other related technologies, the advent of ML and AI to offer personalized customer experiences, and the growing need to preclude fraudulent activities during the pandemic), restraints (inability to quantify RoI, concerns regarding data privacy and security due to the pandemic), opportunities (proliferation of internet coupled with rising usage of connected and integrated technologies, increasing demand for real-time analytical solutions to track and monitor covid-19 spread), and challenges (ownership and privacy of collected data, complex data ecosystem leading to data breaches and security issues and lack of advanced analytical knowledge among the workforces).
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the advanced analytics market
Market Development: Comprehensive information about lucrative markets – the report analyses the advanced analytics market across varied regions
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the advanced analytics market
Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like include IBM (US), Oracle (US), Google (US), SAP (Germany), Microsoft (US), SAS Institute (US), KNIME (Switzerland), FICO (US), Altair (US), AWS (US), Salesforce (US), among others in the advanced analytics market strategies. The report also helps stakeholders understand the pulse of the advanced analytics market and provides them information on key market drivers, restraints, challenges, and opportunities.