Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Advanced Analytics Market Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global 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 the largest market size during forecast period
The solutions segment of the advanced analytics market is growing rapidly due to 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 the 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.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 277 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $64.3 Billion |
| Forecasted Market Value (USD) by 2028 | $226.2 Billion |
| Compound Annual Growth Rate | 28.6% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Rising Adoption of Big Data and Related Technologies for Real-Time Data Processing
- Integration of Machine Learning and Artificial Intelligence for Personalized Customer Experiences
- Growing Demand for Cloud-based Analytics Solutions for Accessibility and Cost-Effectiveness
- Restraints
- Inability to Quantify RoI
- Concerns About Data Privacy and Security
- Opportunities
- Proliferation of Internet and Increased Usage of Connected Technologies
- Advancements in AI and ML Technologies for Enhanced Algorithms and Actionable Insights
- Challenges
- Complex Data Ecosystem Leading to Data Breaches
- Ownership and Privacy of Collected Data
- Lack of Advanced Analytical Knowledge Among Workforces
Other Major Insights
- Case Study Analysis: Numerous case studies showcase successful implementations of advanced analytics solutions across various industries.
- Regulatory Landscape: Regulatory bodies, government agencies, and other organizations across different regions play a role in shaping the advanced analytics market.
- Ecosystem Analysis: Visual representation of the advanced analytics market's ecosystem.
- Patent Analysis: Insights into patents filed, innovation trends, and top patent applicants within the advanced analytics domain.
- Supply Chain Analysis: Understanding the supply chain dynamics within the advanced analytics market.
- Pricing Analysis: Average selling price analysis based on offering.
- Advanced Analytics Techniques: Overview of data mining, machine learning, cohort analysis, cluster analysis, and other techniques.
- Key Components of Advanced Analytics Architecture: Understanding the foundational elements of advanced analytics architecture.
- Evolution of Advanced Analytics: An overview of the evolution of the advanced analytics market.
- Trends/Disruptions Impacting Buyers/Clients: Understanding the trends and disruptions influencing buyers and clients in the advanced analytics market.
- Porter's Five Forces Analysis: An analysis of the competitive forces within the advanced analytics market.
- Key Conferences and Events: A list of key conferences and events in the advanced analytics domain.
- Key Stakeholders and Buying Criteria: Key stakeholders influencing buying decisions and the criteria shaping purchasing choices.
- Technology Analysis: Insights into key technologies and adjacent technologies shaping the advanced analytics landscape.
Key Topics Covered
The Global Advanced Analytics Market is divided into various segments based on offering, solutions, services, types, business functions, verticals, and regions. This segmentation provides insights into the market dynamics and growth trends.
Offering Segment
- The market is categorized into solutions and services.
- Cloud solutions are expected to grow at a higher CAGR during the forecast period.
- Services, particularly managed services, are anticipated to register a higher CAGR.
Solutions Segment
- Solutions are further divided based on deployment modes, including cloud and on-premises.
- Cloud solutions are driven by the need for scalable deployment models.
- On-premises solutions experience rapid growth due to their benefits.
Services Segment
- Managed services are projected to register a higher CAGR due to increased demand for enhanced security and compliance.
- Professional services are categorized into training and consulting, system integration and implementation, and support and maintenance.
Type Segment
- Different types of advanced analytics are identified, including big data analytics, predictive analytics, customer analytics, statistical analytics, risk analytics, prescriptive analytics, and others.
- Risk analytics is expected to have the highest CAGR during the forecast period.
Business Function Segment
- The market is categorized based on business functions such as HR, sales and marketing, finance and accounting, operations and supply chain, and others.
- Operations and supply chain are projected to register the highest CAGR during the forecast period.
Vertical Segment
- The market is segmented by various industries, including BFSI, telecom, retail and consumer goods, manufacturing, healthcare and life sciences, media and entertainment, government and defense, automotive and transportation, IT and ITES, and other verticals.
- Healthcare and life sciences are expected to witness the highest growth rate.
Region Segment
- The market is divided into regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
- Asia-Pacific, particularly India, is expected to register the highest CAGR during the forecast period.
Competitive Landscape
- The competitive landscape includes strategies adopted by key players, revenue analysis, market share analysis, and evaluation matrices for established players and startups/SMEs.
- The competitive scenario involves product launches, enhancements, and deals in the market.
In essence, the text describes how the Advanced Analytics Market is segmented and provides insights into the growth drivers and trends within each segment. It also outlines the competitive landscape and strategies of key players in the market.
Companies Profiled
- Key Players
-
- IBM
- Oracle
- SAP
- Microsoft
- SAS Institute
- Knime
- FICO
- Altair
- AWS
- Other Key Players
- Salesforce
- Tibco Software
- Alteryx
- Teradata
- Adobe
- Absolutdata Analytics
- Moody's Analytics
- Qlik
- Databricks
- Dataiku
- Kinetica
- Mathworks
- Anaconda
- Startups/SMEs
- H20.AI
- Domino Data Lab
- Datarobot
- Datachat
- Imply
- Promethium
- Siren
- Tellius
- Sota Solutions
- Vanti Analytics
For more information about this report visit https://www.researchandmarkets.com/r/b66qi7
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