New York, July 24, 2023 (GLOBE NEWSWIRE) -- The global advanced analytics market size is expected to expand at ~24.6% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 590 billion by the end of 2035, up from a revenue of ~USD 42 billion in the year 2022. This remarkable expansion can be attributed to factors such as the adoption of cloud-based analytics the rise of automation and artificial intelligence and the growing need for predictive analytics, across diverse industries. By 2025, 86% of organizations are projected to prioritize cloud-first technologies and cloud storage will hold, over 58% of all data.
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Furthermore, there will be a shift in IT spending with, around 52% allocated to solutions instead of traditional IT tools by 2025. By leveraging cloud-based analytics organizations can reap advantages such, as enhanced data security minimized IT expenses, and optimized efficiency. Automation and AI play roles in streamlining processes while predictive analytics empowers organizations to make well-informed decisions. It is anticipated that the escalating demand for these cutting-edge technologies will be a driver, in fuelling the growth of the cloud computing market in the future.
Advanced Analytics Market: Key Takeaways
- Market in North America to propel the highest growth
- The BFSI segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Rising Adoption of the Internet of Things (IoT) And The Increasing Need to Enhance Customer Experience to Boost Market Growth
IoT has enabled businesses to collect real-time data from various sources and use it to improve customer experience. This data can be used to customize products and services for customers, as well as to identify customer preferences and trends to optimize strategies and operations. An IoT report shows that 15 billion active IoT endpoints are expected to exist in 2022, representing a 19% increase over the previous year. By 2023, 17 billion active IoT devices will be connected globally, a growth of 17%.
IoT enables the collection of data from multiple sources and allows for the analysis of this data in real time. This data can then be used to identify trends and patterns, allowing organizations to make better decisions and optimize operations. By using advanced analytics, companies can gain insight into their customer base and use that information to create better customer experiences.
Advanced Analytics Market: Regional Overview
The global advanced analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Adoption of Advanced Analytics Technology, such as Artificial Intelligence and Machine Learning to Drive Growth in The North American Region
The advanced analytics market in the North American region is estimated to garner the largest revenue of 45% by the end of 2035. Governments in the region are creating policies to promote the adoption of advanced analytics, such as providing tax incentives and grants for companies that invest in these technologies.
Additionally, the increasing investments by venture capitalists and investment firms are expected to further accelerate the development of the industry. For instance, in December 2021, Microsoft Corporation partnered with CVS Health to develop an innovative solution for enhancing consumer health. The company automated its tasks by leveraging Azure Cognitive services such as Computer Vision. Advanced analytics technology, such as artificial intelligence and machine learning, are becoming more accessible and available to businesses in the region. This is expected to increase the number of businesses leveraging these technologies, which will drive further innovation and growth.
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Ever Increasing Digitalization Among Businesses to Drive the Growth in the Asia Pacific Region
The Asia Pacific advanced analytics market is estimated to garner a significant revenue of 24% by the end of 2035. Businesses are leveraging customer analytics to gain insights into customer behaviors, preferences, and trends. This helps them to make informed decisions that can help them increase their efficiency, reduce costs, and increase their profitability.
Additionally, the region has seen a digital transformation across many industries, leading to increased investments in analytics and AI. The digital transformation sector in India has grown at a CAGR of more than 16%, from USD 195 billion in FY20 to USD 226 billion in FY22. A 2027 forecast assumes that the IT sector in India will be worth approximately USD 395 billion. As businesses move more of their operations digitally, they will need more sophisticated ways of understanding customer behavior and trends to make decisions. Advanced analytics is the perfect tool for this, as it can provide insights into customer behavior that would otherwise be difficult to obtain.
Advanced Analytics Segmentation by Application
- BFSI
- IT & Telecom
- Healthcare
- Government & Defense
- Transportation
- Retail
The BFSI segment is anticipated to hold the largest revenue of 29% by the end of 2035 due to the increasing demand for predictive analytics and machine learning in the banking and financial services industry, which enables them to better understand customer behavior and optimize operations.
Additionally, the introduction of digital banking solutions, such as online banking, mobile banking, and artificial intelligence-based chatbots, has further contributed to the increasing demand for advanced analytics in the BFSI sector. Based on data 50% of adults, in the United States utilize digital banking services. Furthermore, the younger generations, Gen Z and millennials are more inclined towards such services, with a staggering 98% actively engaging with them. On a scale, it is projected that the number of users opting for banking will surpass 3.5 billion by the year 2024.
Advanced Analytics Segmentation by Type
- Big Data Analytics
- Business Analytics
- Customer Analytics
- Risk Analytics
- Statistical Analytics
The big data analytics segment is anticipated to hold the largest revenue of 35% by the end of 2035 due to the increasing demand for big data analytics solutions across various industries such as IT & telecommunications, banking & financial services, healthcare, and retail.
Furthermore, the increasing number of organizations embracing digital transformation and producing big data on a large scale is expected to propel the growth of the segment shortly. The amount of data generated each day is approximately 2.6 quintillion bytes. By 2028, Big Data analytics could reach USD 80 billion in the healthcare sector. As businesses become more data-driven, they need to find ways to analyze and interpret their data to make informed decisions. Advanced analytics tools such as machine learning, artificial intelligence, and predictive analytics are becoming increasingly popular as they allow businesses to quickly and accurately analyze large amounts of data and make better decisions.
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Advanced Analytics Segmentation by Deployment Type
- On-Premise
- Cloud
A few of the well-known market leaders in the global advanced analytics market that are profiled by Research Nester are Altair Engineering, Inc., Fair Isaac Corporation FICO, International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, RapidMiner, Inc., SAP SE, SAS Institute Inc., Trianz., and other key market players.
Recent Development in the Market
- IBM has released its newest software, IBM Business Analytics Software. This software helps businesses decode business insights from large amounts of data without disrupting their operations. It improves business efficiency through intelligent planning, forecasting, and reporting.
- A collaboration between SAS and the Monetary Authority of Singapore involves integrating AI-advanced solutions into the financial sector with a Veritas toolkit. It contributes to the optimization of workflow automation and capabilities.
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