Advanced analytics is the examination of data using advanced techniques to predict trends and predict occurrences. It examines massive data sets using cutting-edge techniques such as machine learning and AI, as well as other statistical analyses and algorithms. The primary goal of advanced analytics solutions is to detect trends and gain deeper insights that go beyond typical business intelligence tools. Advanced analytics include descriptive, diagnostic, predictive, and prescriptive analytics, as well as data mining and other advanced, high-level data science methodologies.
The rise in demand for work from home and remote working policies during the period of the COVID-19 pandemic aided in propelling the growth of global data analytics and remote management solutions, hence empowering the demand for the overall advanced analytics industry. However, data privacy and sharing challenges of third-party advanced analytics platforms can hamper the advanced analytics market forecast. On the contrary, the integration of advanced tools such as machine learning and data analytics with advanced analytics solutions suites is expected to offer remunerative opportunities for expansion of the advanced analytics industry during the forecast period.
The advanced analytics market is segmented on the basis of offering, deployment model, type, application, enterprise size, industry vertical, and region. On the basis of offering, the industry is bifurcated into software and service. Depending on deployment mode, the market is classified into on premise and cloud. By type, the industry is divided into predictive analytics, prescriptive analytics, data visualization, data mining, others. On the basis of application, the industry is segmented into supply chain, sales & marketing, finance, human resources (HR), and others. By enterprise size, the market is categorized into large enterprises and SMEs. The industry vertical covered in the study include BFSI, manufacturing, healthcare, government & defense, energy & utilities, transportation & logistics, retail & e-commerce, IT & telecom, media & entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global advanced analytics market is dominated by key players such as Adobe, AWS, Absolutedata, Altair Engineering Inc, Databricks, Dataiko, IBM Corporation, KNIME, Microsoft Corporation, Moody's Analytics, Oracle Corporation, QlikTech International AB, All, Rapid Miner, SAS Institute, SAP SE, Salesforce, and Teradata. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
The rise in demand for work from home and remote working policies during the period of the COVID-19 pandemic aided in propelling the growth of global data analytics and remote management solutions, hence empowering the demand for the overall advanced analytics industry. However, data privacy and sharing challenges of third-party advanced analytics platforms can hamper the advanced analytics market forecast. On the contrary, the integration of advanced tools such as machine learning and data analytics with advanced analytics solutions suites is expected to offer remunerative opportunities for expansion of the advanced analytics industry during the forecast period.
The advanced analytics market is segmented on the basis of offering, deployment model, type, application, enterprise size, industry vertical, and region. On the basis of offering, the industry is bifurcated into software and service. Depending on deployment mode, the market is classified into on premise and cloud. By type, the industry is divided into predictive analytics, prescriptive analytics, data visualization, data mining, others. On the basis of application, the industry is segmented into supply chain, sales & marketing, finance, human resources (HR), and others. By enterprise size, the market is categorized into large enterprises and SMEs. The industry vertical covered in the study include BFSI, manufacturing, healthcare, government & defense, energy & utilities, transportation & logistics, retail & e-commerce, IT & telecom, media & entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global advanced analytics market is dominated by key players such as Adobe, AWS, Absolutedata, Altair Engineering Inc, Databricks, Dataiko, IBM Corporation, KNIME, Microsoft Corporation, Moody's Analytics, Oracle Corporation, QlikTech International AB, All, Rapid Miner, SAS Institute, SAP SE, Salesforce, and Teradata. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the advanced analytics market analysis from 2021 to 2031 to identify the prevailing advanced analytics market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the advanced analytics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global advanced analytics market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Industry Vertical
- BFSI
- Sector
- Banks
- Insurance Companies
- Others
- Manufacturing
- Healthcare
- Government and Defense
- Energy and Utilities
- Transportation and Logistics
- Retail and E-commerce
- IT and Telecom
- Media and Entertainment
- Others
By Offering
- Software
- Service
- Service Type
- Professional Services
- Managed Services
By Deployment Mode
- On-premise
- Cloud
By Type
- Predictive Analytics
- Prescriptive Analytics
- Data Visualization
- Data Mining
- Others
By Application
- Supply Chain
- Sales and Marketing
- Finance
- Human resources (HR)
- Others
By Enterprise Size
- Large Enterprises
- SMEs
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- Australia
- India
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Dataiku
- Adobe
- IBM Corporation
- Microsoft Corporation
- moody's analytics
- Teradata
- Absolutedata
- Databricks
- QlikTech International AB
- KNIME
- Oracle Corporation
- Rapid Miner
- Salesforce
- SAP SE
- SAS Institute
- Amazon Web Services, Inc.
- Altair engineering inc
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ADVANCED ANALYTICS MARKET, BY OFFERING
CHAPTER 5: ADVANCED ANALYTICS MARKET, BY DEPLOYMENT MODE
CHAPTER 6: ADVANCED ANALYTICS MARKET, BY TYPE
CHAPTER 7: ADVANCED ANALYTICS MARKET, BY APPLICATION
CHAPTER 8: ADVANCED ANALYTICS MARKET, BY ENTERPRISE SIZE
CHAPTER 9: ADVANCED ANALYTICS MARKET, BY INDUSTRY VERTICAL
CHAPTER 10: ADVANCED ANALYTICS MARKET, BY REGION
CHAPTER 11: COMPETITIVE LANDSCAPE
CHAPTER 12: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the advanced analytics market size was valued at $29.5 billion in 2021, and is estimated to reach $184.4 billion by 2031, growing at a CAGR of 20.2% from 2022 to 2031.Advanced analytics is an umbrella phrase for a collection of high-level approaches and technologies that may help businesses get more out of their data. The predictive capabilities of advanced analytics solutions can be utilized to foresee trends, events, and behaviors. This enables firms to undertake complex statistical models such as prediction computations, as well as to future-proof many parts of their operations.
The rise in demand for work from home and remote working policies during the period of the COVID-19 pandemic aided in propelling the growth of global data analytics and remote management solutions, hence empowering the demand for the overall advanced analytics industry. However, data privacy and sharing challenges of third-party advanced analytics platforms can hamper the advanced analytics market forecast. On the contrary, the integration of advanced tools such as machine learning and data analytics with advanced analytics solutions suites is expected to offer remunerative opportunities for expansion of the advanced analytics industry during the forecast period.
Furthermore, key factors that drive the growth of the advanced analytics market include the growth in demand for work from home and remote working policies during the period of the COVID-19 pandemic that aided in propelling the growth of global data analytics and remote management solutions, hence empowering the demand for the overall advanced analytics industry. However, data privacy and sharing challenges of third-party advanced analytics platforms can hamper the advanced analytics market forecast. On the contrary, the integration of advanced tools such as machine learning and data analytics with advanced analytics solutions suites is expected to offer remunerative opportunities for expansion of the advanced analytics industry during the forecast period.
On the basis of application, the supply chain segment dominated the overall advanced analytics market in 2021 and is expected to continue this trend during the forecast period. This is attributed to the complex data requirements of supply chain networks. However, the finance segment is expected to witness the highest growth owing to critical data-driven applications of the financial sectors, which is expected to further fuel the growth of the global advanced analytics industry.
Region wise, the advanced analytics market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its highly advanced technology sector, which is expected to drive the market for advanced analytics within the region during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its growth in digital capabilities and a highly competitive market space, which is expected to fuel the advanced analytics market growth in the region in the coming few years.
With the advent of a global pandemic and various social distancing measures and lockdowns being imposed, a majority of individuals that were now indefinitely stuck in their homes increased their dependence on digital and online resources for their various needs from entertainment to essential goods and service procurement. According to a report published by British telecommunications services provider in May 2020, BT group, the United Kingdom saw a rise of up to 60% in their average weekday network traffic over the previous year of 2019. Additionally, the large amount of online presence of customers causes a large amount of data. However, businesses are investing in methods for consuming massive amounts of data so they can make the best decisions at the appropriate time with the help of advanced analytics. For instance, in March 2022, a leading provider of real-time data platforms Aerospike Inc. introduced two new installations for its real-time data platform to improve processes. With the introduction of these technologies, customers can now manage data in various cloud settings with less effort and expense. Such consumer trends helped businesses operating across various industry verticals to increase their digital presence and expand their consumer base during the period. This resulted in increased demands for advanced technologies such as AI and machine learning solutions as businesses utilized advanced analytics solutions to output enhanced digital applications, fueling the growth of the advanced analytics market.
KEY FINDINGS OF THE STUDY
By deployment model, the on premise segment accounted for the largest advanced analytics market share in 2021.By region, North America generated the highest revenue in 2021.
By enterprise size, the large enterprise segment generated the highest revenue in 2021.
The key players profiled in the advanced analytics market analysis are Adobe, AWS, Absolutedata, Altair Engineering Inc, Databricks, Dataiko, IBM Corporation, KNIME, Microsoft Corporation, Moody's Analytics, Oracle Corporation, QlikTech International AB, All, Rapid Miner, SAS Institute, SAP SE, Salesforce, and Teradata. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Companies Mentioned
- Dataiku
- Adobe
- IBM Corporation
- Microsoft Corporation
- moody's analytics
- Teradata
- Absolutedata
- Databricks
- QlikTech International AB
- KNIME
- Oracle Corporation
- Rapid Miner
- Salesforce
- SAP SE
- SAS Institute
- Amazon Web Services, Inc.
- Altair engineering inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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