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The Advanced Analytics market has changed a lot in recent years. This shows how important making choices based on data is for many businesses nowadays. As companies try to beat their rivals, they want fancy data-solving tools very much. This has changed how the market looks in big ways. One big thing is the growing use of artificial intelligence (AI) and machine learning (ML) in high-level data analysis.
Companies are using these tools to get useful information from lots of data. It helps them make better decisions based on facts. Using AI and ML together helps improve guessing numbers. It makes businesses better at seeing trends, noticing patterns, and predicting what will happen in the future more accurately. In addition, there is a clear move towards using cloud-based advanced analytics tools. Cloud platforms make it easy for businesses to use tools that help with data analysis.
They can grow and change quickly, opening up more possibilities. This change goes along with the bigger shift to cloud computing. Companies want to use data analysis without the limits of equipment they own themselves. The cloud system helps teams work together and share data better, letting them easily work across far places. As cloud services grow, the focus on real-time data analysis is also increasing. Companies are realizing the importance of making choices based on recent data. Sophisticated tools for number crunching are improving to meet this need. Real-time analysis helps companies to quickly react when changes happen in markets, how customers behave and new trends show up.
This gives them an edge over others in fast-changing industries. Another important pattern is how analytics and business intelligence (BI) are coming together. As companies want full understanding, the lines between old-style data study and BI are getting mixed up. Big data tools are being added to BI systems. This gives people a full look at their information and helps them find out what they can do with it. This joining makes it easier to make decisions and improves the whole usefulness of strategies using data. For businesses, healthcare is becoming a big part of using high-tech analytics. The health care industry is using data analysis to make patients better, run things more smoothly and improve all-around healthcare service.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Government support for digital transformation |
| Market Dynamics | Increasing network of cloud computing Implementation of AI and ML for business operations Rising penetration of social media platforms |
Advanced Analytics Market Highlights:
Advanced Analytics Market Overview
Advanced Analytics Market Size was valued at USD 35.2 Billion in 2022. The Advanced Analytics market is projected to grow from USD 44.1 Billion in 2023 to USD 180.5 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.3% during the forecast period (2024 - 2032).Increasing network of cloud computing, implementation of AI and ML for business operations and rising penetration of social media platforms primarily driving the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Latest Industry News of Advanced Analytics Market
The process of designing, creating, testing, and deploying IoT systems and devices is known as IoT development. In this post, we'll examine the value of IoT development, some of the difficulties it faces, the tools and technologies involved, and more.
The Internet of Things (IoT), which has the potential to alter enterprises, industries, and society, has emerged as one of the most important technological breakthroughs in recent years. The potential of IoT to gather and analyse enormous volumes of data, giving organisations real-time insights and actionable intelligence, is what gives it its growing importance. This data-driven strategy has the ability to revolutionise business processes, enhance consumer relationships, and boost profits across all sectors.
By converting massive amounts of raw data into useful insights, data analytics has recently changed a number of industries. The way educational institutions function is rapidly changing, and the education industry is no exception. Data analytics in education can provide a variety of advantages.
With data analytics, instructors may target students' learning experiences and find out where they need support. With predictive analytics, teachers may foresee students' performance and take appropriate action before it is too late, improving student results.
Advanced Analytics Market Trends
Implementation of AI and ML for business operations increase demand of Advanced Analytics
With the rapid growth of data, there has been a need for more advanced and sophisticated analytics tools that can handle large volumes of data and extract meaningful insights. AI and ML techniques have been instrumental in meeting this need, as they can handle complex and unstructured data sets and enable businesses to extract insights that would be difficult or impossible to identify using traditional analytics methods.
As a result, businesses across various industries are increasingly investing in advanced analytics solutions that leverage AI and ML to enhance their operations, optimize their processes, and gain a competitive edge. For example, businesses are using AI and ML to analyze customer data and behavior, predict equipment failures, and optimize supply chain operations.
One-way advanced analytics can be used in new product development is by analyzing customer data to gain insights into their needs and preferences. By leveraging advanced analytics techniques, such as machine learning and predictive modeling, businesses can identify patterns and trends in customer data to inform the design and development of new products. This can help businesses develop products that better meet customer needs and preferences, which can ultimately lead to increased sales and customer satisfaction.
Another way advanced analytics can be used in new product development is by optimizing the product development process itself. By using advanced analytics to analyze data on product development timelines, costs, and outcomes, businesses can identify areas for improvement and optimize their development processes to reduce costs and accelerate time-to-market.
For example, businesses can use predictive analytics to forecast the likelihood of a new product's success based on factors such as market trends, customer behavior, and product features. They can also use advanced analytics to identify bottlenecks in the product development process and develop strategies to address these issues, such as improving communication between teams or streamlining workflows.
Furthermore, the increasing adoption of AI and ML technologies is expected to drive further demand for advanced analytics in the coming years as businesses look to leverage these technologies to gain deeper insights into their operations and improve their decision-making processes.
Figure 1: Artificial intelligence and Machine Learning Penetration Rate By Region
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The penetration rate of AI and ML tools across industries are increasing day by day. U.S. has the highest penetration rate which generates huge amount of data need to be analyzed through advance techniques. The US leads the world in AI investments, accounting for 50% of the total investments in AI startups in 2020, according to a report by Stanford University. The United States is a world leader in AI and ML research and development, with Silicon Valley serving as a hub for many AI and ML startups. The US government has also invested heavily in AI research and development, and major tech companies such as Google, Amazon, and Microsoft are based in the US. This penetration shows the need of advance analytics to be used to garner the data in more effective manner.
Advanced Analytics Market Segment Insight
Advanced Analytics by Application Type Insights
Based on application type, the Advanced Analytics market segmentation includes BFSI, IT & communications, Healthcare, Government & Defense, Transportation & Logistics And Consumer Goods & Retail. BFSI holds the largest market revenue generation for advance analytics industry. The market of advanced analytics for BFSI sector was valued at USD 11.3 Billion in 2022 and is expected to grow at a CAGR of more than 22% through the forecast period. Advanced analytics is becoming increasingly important in the BFSI sector, helping companies to improve efficiency, reduce risk, and enhance the customer experience. As technology continues to evolve, we can expect to see even more advanced analytics solutions being developed and adopted in this sector.
Figure 2: Advanced Analytics Market, by Application Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Healthcare sector is expected to grow at the fastest rate due to high number of data points generation. The market for advance analytics in healthcare sector is expected to grow at a CAGR of more than 22% through the forecast period. Advanced analytics is transforming the healthcare industry, improving patient outcomes, reducing costs, and enhancing the efficiency of healthcare operations. As technology continues to evolve, we can expect to see even more advanced analytics solutions being developed and adopted in this sector.
Advanced analytics is transforming the IT and communications industry, helping companies to improve efficiency, reduce costs, and enhance the customer experience. As technology continues to evolve, we can expect to see even more advanced analytics solutions being developed and adopted in this sector.
March 2023: - consulting and technology firm Accenture acquired Flutura, an industrial technology company in Bangalore, India. Accenture will integrate Flutura’s offerings to its wider geographic businesses, positioning the platform for further international growth.
March 2023 - Angle Auto Finance, an independent financier, collaborated with Earnix, as its strategic partner. This partnership was done to address the evolving demands of auto buyers. The resulting solution ensures delivery of personalized pricing, analytics-driven, enabling dealers to align with the increased demands of today’s consumer.
Advanced Analytics, Business Offering Type Insights
Based on business offering type, the Advanced Analytics market is segmented into Statistical analysis, Big data analytics, Customer analytics, Social analytics, Visual analytics, Risk analytics, Business analytics, and Predictive modeling. Big data analytics held the largest market share 2021 and is expected to grow at the CAGR of than 21% through the forecast period. The growth of the advanced analytics market is closely tied to the increasing amount of data being generated by businesses and consumers. Here are some ways that big data is driving the growth of the advanced analytics market:
Data-driven decision making: With more data available, businesses are relying on advanced analytics to make data-driven decisions. This includes identifying trends, forecasting demand, and optimizing operations.
Machine learning and AI: Big data is fueling the growth of machine learning and AI. These technologies require vast amounts of data to learn and improve their algorithms. As a result, businesses are investing in advanced analytics to leverage these technologies and gain a competitive advantage.
Predictive analytics: Big data is enabling businesses to predict future trends and outcomes with greater accuracy. This includes predicting customer behavior, forecasting sales, and identifying potential risks.
Customer experience: Big data is helping businesses to personalize their customer experience by analyzing customer data and providing tailored recommendations. This can improve customer loyalty and retention.
Overall, the growth of big data is driving the growth of the advanced analytics market. As more businesses recognize the value of big data, we can expect to see continued investment in advanced analytics solutions that can help businesses to leverage this data and gain a competitive advantage.
Advanced Analytics Regional Insights
By region, this market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The North American region dominates this market with a significant share of 35.2% in 2023 and is also estimated to witness commendable growth with a CAGR of 20.46% during the forecast period. North America is home to many leading technology companies, which are investing heavily in advanced analytics solutions. This includes developing new algorithms, platforms, and tools to improve the accuracy and effectiveness of analytics. North American businesses are generating vast amounts of data, and are increasingly adopting advanced analytics to make sense of this data. This includes analyzing customer data, optimizing operations, and identifying trends and patterns.
On the other side, by 2030, the Asia-Pacific is expected to be the largest market for advance analytics solutions due to increasing data generation points across many industries. Asia Pacific is home to some of the largest and most diverse consumer markets in the world, which are increasingly being targeted by businesses using advanced analytics to understand consumer behavior and preferences. Many governments and businesses in Asia Pacific are implementing digital transformation initiatives, which often include the adoption of advanced analytics solutions to improve efficiency and competitiveness. The healthcare and life sciences industry in Asia Pacific is rapidly growing, and is increasingly adopting advanced analytics to improve patient outcomes and drive innovation.
Figure 3: Advanced Analytics Market, by Region Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Advanced Analytics market in Europe is growing, although at a slower pace than in other regions such as North America and Asia. The Advanced Analytics market in Europe varies significantly by region, with the UK, Spain, and Germany among the largest markets. The European Union has implemented regulations such as GDPR which requires businesses to be transparent with their data usage, storage and processing, this has resulted in increased adoption of analytics solutions to ensure compliance.
Advanced Analytics Key Market Players & Competitive Insights
Major players in the Advanced Analytics market, include, Altair Engineering, Inc., Fair Isaac Corporation (FICO), International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, RapidMiner, Inc., SAP SE, SAS Institute Inc., and Trianz.
The market's growth is predicted to be accelerated by the rising adoption of AI and ML for various functions, as well as various strategic alliances and investments among regional businesses. Due primarily to the participation of many solution providers, the United States controls most of the market in the region and generates a sizeable portion of overall income.
Key Companies in the Advanced Analytics market includes.
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Altair Engineering, Inc.
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Fair Isaac Corporation (FICO)
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International Business Machines Corporation
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KNIME
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Microsoft Corporation
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RapidMiner, Inc.
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SAP SE
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SAS Institute Inc.
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Advanced Analytics Industry Developments
March 2023: - Computer Age Management Services Limited (CAMS), India’s largest registrar and transfer agent of mutual funds, signed a definitive agreement to acquire 55% stake in Mumbai-based AI and data science firm Think Analytics India Pvt Ltd (Think360 AI).
December 2022 - WNS (Holdings) Limited (WNS), a leading provider of Business Process Management (BPM) solutions, acquired The Smart Cube, a leader in platform-driven research and analytics (R&A) focused on procurement and supply chain, and OptiBuy, a leading European provider of procurement platform consulting and implementation solutions.
The process of designing, creating, testing, and deploying IoT systems and devices is known as IoT development. In this post, we'll examine the value of IoT development, some of the difficulties it faces, the tools and technologies involved, and more.
The Internet of Things (IoT), which has the potential to alter enterprises, industries, and society, has emerged as one of the most important technological breakthroughs in recent years. The potential of IoT to gather and analyse enormous volumes of data, giving organisations real-time insights and actionable intelligence, is what gives it its growing importance. This data-driven strategy has the ability to revolutionise business processes, enhance consumer relationships, and boost profits across all sectors.
By converting massive amounts of raw data into useful insights, data analytics has recently changed a number of industries. The way educational institutions function is rapidly changing, and the education industry is no exception. Data analytics in education can provide a variety of advantages.
With data analytics, instructors may target students' learning experiences and find out where they need support. With predictive analytics, teachers may foresee students' performance and take appropriate action before it is too late, improving student results.
Advanced Analytics Market Segmentation
Advanced Analytics Market by Application Outlook (USD Billion, 2023-2030)
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BFSI
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IT & communications
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healthcare
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Government & defense
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Transportation & logistics
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Consumer goods & retail
Advanced Analytics Market by Business Offering Type Outlook
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Statistical analysis
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Big data analytics
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Customer analytics
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Social analytics
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Visual analytics
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Risk analytics
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Business analytics
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Predictive modeling
Advanced Analytics Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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