Advanced Analytics Global Market Report 2024

Advanced analytics refers to a methodology for data analysis that leverages predictive modeling, machine learning algorithms, deep learning, business process automation, and other statistical approaches to examine corporate data originating from diverse sources. It encompasses the utilization of data science, employing sophisticated analytical techniques to forecast future trends and predict the likelihood of prospective events. While basic business intelligence and analytics offer insights into the current state of a business, advanced analytics goes a step further by estimating future patterns or outcomes, providing a more comprehensive understanding of the organization. This broader set of capabilities enables advanced analytics to tackle challenges that traditional backward-looking Business Intelligence (BI) may struggle with, facilitating more strategic decision-making for the future.

The primary types of advanced analytics are big data analytics and predictive analytics. Big data analytics involves analyzing and extracting information from data volumes that are too large or complex for standard data-processing software to handle. It encompasses services and solutions deployable in on-premise and cloud modes, catering to diverse organizations, including large enterprises, small and medium-sized enterprises (SMEs), and across various verticals such as banking, financial 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, and other industries.

The advanced analytics market research report is one of a series of new reports that provides advanced analytics market statistics, including advanced analytics industry global market size, regional shares, competitors with a advanced analytics market share, detailed advanced analytics market segments, market trends and opportunities, and any further data you may need to thrive in the advanced analytics industry. This advanced analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The advanced analytics market size has grown exponentially in recent years. It will grow from $39.71 billion in 2023 to $48.31 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth observed in the historic period can be attributed to several factors, including the demand for real-time insights, industry-specific applications, a focus on predictive analytics, regulatory compliance requirements, and the increasing demand for cost optimization.

The advanced analytics market size is expected to see exponential growth in the next few years. It will grow to $110.6 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The anticipated growth in the forecast period can be attributed to several factors, including the exponential growth in unstructured data, a focus on prescriptive analytics, an emphasis on data governance, the development of personalized analytics solutions, and continuous training of analytics models. Key trends expected in the forecast period encompass augmented analytics for business users, real-time analytics and streaming data processing, predictive and prescriptive analytics for decision support, cross-functional analytics platforms, and the integration of blockchain for enhanced data security.

The increased adoption of analytical solutions is poised to drive the growth of the advanced analytics market. These solutions find applications in various industries such as retail, agriculture, and banking for tasks like demand forecasting, trade promotion optimization, and behavior analytics. Analytical solutions offer retrospective insights into problems that have occurred, while advanced analytics takes a forward-looking approach by predicting future instances based on past trends. The combination of both provides comprehensive solutions and forecasts. Notably, in January 2022, the Department for Digital, Culture, Media, and Sport (DCMS), a UK-based government department, reported that AI solutions for data management and analysis were most common, with 9% of UK organizations utilizing them, showcasing the increasing demand and investments in analytical solutions driving the growth of the advanced analytics market.

The growth of the advanced analytics market is further fueled by rising investments in artificial intelligence (AI) technologies. These investments involve allocating financial resources for the development, implementation, and utilization of AI systems and applications across various industries. Such investments empower advanced analytics to leverage data effectively, extract actionable insights, and enable AI systems to make intelligent decisions, optimize processes, and offer personalized experiences. As of January 2022, the Department for Digital, Culture, Media, and Sport indicated that expenditure on AI technologies could increase to between $33.16 billion (£27.2 billion) and $43.40 billion (£35.6 billion) by 2025, at annual growth rates of approximately 10% and 16%, respectively. This upward trend in AI technology investments is expected to contribute significantly to the growth of the advanced analytics market.

A key trend gaining prominence in the advanced analytics market is technological advancement. The introduction of new technologies or enhancements to existing ones accelerates market growth and provides customers with improved products. For example, in August 2021, CROSSMARK, a sales and marketing services agency, introduced Accelerator, a state-of-the-art data analysis platform for CPG (Consumer Packaged Goods) sales and marketing activities. This platform utilizes big data technology, combining large data sets in the CPG industry with advanced analytics capabilities for intuitive visualization of critical analytical tasks. By incorporating machine learning (AI) capabilities and integrating new data sources, Accelerator is designed to evolve over time, showcasing the significance of technological advancements in driving the growth of the advanced analytics market.

Major companies in the advanced analytics market are prioritizing technological advancements to enhance data-driven decision-making and maintain a competitive edge. Innovative solutions in advanced analytics involve creative approaches that leverage cutting-edge technologies and methodologies to extract actionable insights, driving effective data-driven decision-making. For example, in October 2023, Act-On Software Inc., a US-based software company, launched Act-On Advanced Analytics, a deep-dive analytics and custom reporting suite powered by artificial intelligence (AI). Act-On's advanced analytics suite includes powerful tools and algorithms that transform data into actionable insights. This empowers businesses to make informed, data-driven marketing decisions and optimize their strategies effectively. The Act-On Advanced Analytics Suite expands on the company's standard out-of-the-box performance reporting by introducing custom reports and dashboards from any data set. These features offer flexible filtering and visualization, akin to a business intelligence (BI) tool. This innovative offering from Act-On enhances the capabilities of businesses in extracting meaningful insights from their data.

In February 2021, Trendline Interactive, a digital messaging consulting and professional services firm based in the US, announced the acquisition of Data Insight Group Inc. for an undisclosed amount. This strategic acquisition strengthens Trendline's data science and analytics services, allowing them to better support customers in understanding their data and effectively leveraging its value. Data Insight Group (DiG), a US-based customer data analytics consultancy, specializes in assisting mid-to-large organizations in making sense of their data to drive customer strategy. This acquisition underscores the importance of advanced analytics in enhancing the overall capabilities of companies to extract meaningful insights from their data.

Major companies operating in the in the advanced analytics market report are 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

North America was the largest region in the advanced analytics market in 2023. 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

The countries covered in the advanced analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The advanced analytics market includes revenues earned by entities by providing services such as data/text mining, machine learning, pattern matching, forecasting, visualization, semantic analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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