The Business Research Company’s report on the Advanced Analytics Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the advanced analytics industry?
Growing usage of analytical solutions is likely to propel the growth of the advanced analytics market. The analytical solutions are increasingly being used in various industries such as retail, agriculture, banking, and so on for demand forecasting, trade promotion optimization, and behavior analytics. Analytical solutions provide solutions to a problem that has already occurred. However, advanced analytics predicts future instances based on the trends of the past. Both of these are interrelated and when combined provide solutions and forecasts. For instance, in January 2022, according to the Department for Digital, Culture, Media and Sport (DCMS), a UK-based government department, AI solutions for data management and analysis are the most common, with 9% of UK organizations using them, followed by natural language processing and generation (8%), machine learning (7%), AI hardware (5%), and computer vision and image processing and generation (5%). Such rising demand and investments in analytical solutions are expected to drive the advanced analytics market growth.
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What is the estimated market size of the advanced analytics sector by 2029, based on current forecasts?
The advanced analytics market size has grown exponentially in recent years. It will grow from $47.33 billion in 2024 to $57.01 billion in 2025 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to demand for real-time insights, industry-specific applications, focus on predictive analytics, regulatory compliance requirements, demand for cost optimization.
The advanced analytics market size is expected to see exponential growth in the next few years. It will grow to $139.92 billion in 2029 at a compound annual growth rate (CAGR) of 25.2%. The growth in the forecast period can be attributed to exponential growth in unstructured data, focus on prescriptive analytics, emphasis on data governance, personalized analytics solutions, continuous training of analytics models. Major trends in the forecast period include augmented analytics for business users, real-time analytics and streaming data processing, predictive and prescriptive analytics for decision support, cross-functional analytics platforms, blockchain integration for data security.
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Who are the top players in the advanced analytics market?
Major companies operating in the advanced analytics market include SAS Institute Inc., SAP SE, IBM Corporation, Oracle Corporation, Dell Technologies Inc., Microsoft Corporation Inc., RapidMiner Inc.,Altair Engineering Inc., Fair Isaac Corporation, KNIME AG., Statsoft Technolohgies Pvt Ltd, Teletrac Navman Ltd., Procon Analytics LLC., IMS Software Inc., CloudMade Ltd.,TIBCO Software,MicroStrategy,RapidMiner,DataRobot, KNIME,Sisense, ThoughtSpot, Information Builders, Talend, GoodData, Splunk, Teradata, Pentaho, Yellowfin, Pyramid Analytics
What are the major trends in the advanced analytics market?
Technology advancement is a key trend gaining popularity in the advanced analytics market. Introducing new technologies or technological advancements will help the growth of the advanced analytics market rapidly and provide an enhanced product to the customers. For instance, in October 2024, Broadvoice, a US-based cloud-based communication company, launched Broadvoice Advanced Analytics. This offers businesses actionable insights through real-time data and trend analysis, helping them make strategic, data-driven decisions and anticipate potential issues before they escalate. The platform merges data from UCaaS and CCaaS to streamline operations, improve service delivery, and enhance both agent performance and overall customer experience by identifying gaps and optimizing processes.
Which geography holds the highest advanced analytics market share?
North America was the largest region in the advanced analytics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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How do different segments contribute to the overall expansion of the advanced analytics market?
The advanced analytics market covered in this report is segmented –
1) By Type: Big Data Analytics, Predictive Analytics
2) By Component: Solution, Services
3) By Deployment Mode: Cloud, On-Premises
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
5) By Vertical: Banking Finance Services And Insurance (BFSI), IT And Telecom, Retail And Consumer Goods, Healthcare And Life Sciences, Transportation And Logistics, Government And Defense, Manufacturing, Media And Entertainment, Other Verticals
Subsegments:
1) By Big Data Analytics: Descriptive Analytics, Diagnostic Analytics, Prescriptive Analytics, Real-Time Analytics
2) By Predictive Analytics: Machine Learning Models, Statistical Analysis, Time Series Analysis, Forecasting Tools
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How is the advanced analytics market defined?
The advanced analytics refer to a data analysis methodology that uses predictive modeling, machine learning algorithms, deep learning, business process automation, and other statistical approaches to analyze corporate data from a variety of data sources. Advanced analytics makes use of data science, which includes mature methods of analysis, to forecast future trends and predict the possibility of prospective events. While basic business intelligence and analytics can provide a picture of the business, advanced analytics can estimate future patterns or outcomes for a more in-depth insight into the organization. Advanced analytics provides a broader set of capabilities to cope with difficulties that typical backward-looking BI cannot, allowing for more strategic decision-making in the future.
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