Advanced Analytics Market Outlook On The Basis Of Type, Deployment, Enterprise Size, End Use, Region And Forecast To 2030: Grand View Research Inc.

San Francisco, 20 Nov 2023: The Report Advanced Analytics Market Size, Share & Trends Analysis Report By Type, By Deployment (On-premise, Cloud), By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2022 – 2030

The global advanced analytics market size is expected to reach USD 189.56 billion by 2030, expanding at a CAGR of 21.1% from 2022 to 2030, according to a new report published by Grand View Research, Inc. The market growth can be attributed to the increasing demand for advanced analytical solutions by companies across the retail, IT & telecom, and BFSI sectors, among others. These solutions help to process large volumes of data and determine fraudulent activities, thus ensuring data protection. For instance, IBM Cloud Pak for Security enables companies to identify hidden threats and make informed risk-based decisions.

Industries such as manufacturing, automotive, and pharmaceuticals are rapidly adopting artificial intelligence, machine learning, and big data to optimize their business processes. These technologies enable manufacturers to improve their production process, increase supply chain efficiency, and identify variables affecting the production quality, which bodes well for market growth. Moreover, as the demand for predictive solutions is growing, key players such as SAS Institute, Inc. and International Business Machines Corp. are introducing cutting-edge solutions that can be offered on cloud.

Advanced analytical solutions are emerging as an essential tool for predicting and forecasting trading patterns, electricity consumption patterns, and rush-hour traffic conditions. As such, many government agencies are making significant investments in these solutions. For instance, the Australian Institute of Health and Welfare uses predictive analysis to access large datasets, such as national hospitals’ databases. The agency uses a projection model to forecast Australian healthcare expenditure by combining various factors, such as population growth, the volume of service per treated case, and excess health price inflation.

Access Research Report of Advanced Analytics Market @ https://www.grandviewresearch.com/industry-analysis/advanced-analytics-market

Advanced Analytics Market Report Highlights

• The cloud segment accounted for the largest market share of over 50% in 2021 owing to increasing data connectivity through hybrid and multi-cloud environments and the growing trend of digitalization
• The big data analytics segment accounted for the largest market share of over 35% in 2021 owing to the growing adoption of IIoT and AI by various organizations to efficiently analyze information and make timely decisions
• The SMEs segment held a market share of over 35% in 2021 owing to funding provided by several governments to SMEs to encourage the adoption of advanced analytical solutions such as SaaS
• The IT & telecom segment accounted for over 20% market share in 2021 due to the increasing volume of data generated from mobile communication technologies, which is driving the demand for advanced solutions to predict and evaluate cell congestion
• Asia Pacific is likely to reach USD 45,494.9 million by 2030 owing to the high demand for predictive analysis and demand forecasting by the retail sector to deliver customized products and services, along with increasing fraud incidences in the BFSI industry

Advanced Analytics Market Report Scope

Report Attribute	Details
Market size value in 2022	USD 40.88 billion
Revenue forecast in 2030	USD 189.56 billion
Growth rate	CAGR of 21.1% from 2022 to 2030
Base year for estimation	2021
Historical data	2017 – 2020
Forecast period	2022 – 2030

List of Key Players in the Advanced Analytics Market

• Altair Engineering Inc.
• Fair Isaac Corporation (FICO)
• International Business Machines Corporation
• KNIME
• Microsoft Corporation
• Oracle Corporation
• RapidMiner, Inc.
• SAP SE
• SAS Institute Inc.
• Trianz

Access Press Release of Advanced Analytics Market @ https://www.grandviewresearch.com/press-release/global-advanced-analytics-market

Advanced Analytics Market is Predicted to Observe a Tremendous Growth, With a CAGR of 25.7% From 2021 To 2028: Grand View Research Inc.

San Francisco, 21 July 2021: The Report Advanced Analytics Market Size, Share & Trends Analysis Report By Type (Big Data Analytics, Business Analytics), By Deployment (On-premise, Cloud), By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2021 – 2028

The global advanced analytics market size is estimated to reach USD 74.99 billion by 2028, registering a CAGR of 25.7% over the forecast period, according to a new report by Grand View Research, Inc. The growing usage of analytics by incumbents of the retail, IT and telecom, and BFSI, among other industries, for various functions, such as behavior analytics, buyer pattern recognition, demand forecasting, and trade promotion optimization, is expected to drive the growth of the market. The outbreak of the COVID-19 pandemic has particularly triggered the adoption of advanced analytics as incumbents of various end-use industries are resorting to remote working and are subsequently opting for advanced analytics to ensure operational steadiness and business process optimization leveraging data-based decision-making. On the other hand, the growth of the IT industry in emerging economies, such as Brazil, Argentina, the Philippines, and Egypt, has fueled the demand for workflow optimization, which is subsequently projected to drive the demand for advanced analytics.

Aggressive investments by the incumbents of various capital-intensive industries and industry verticals, such as manufacturing, automotive, and pharmaceutical, in adopting advanced technology and digitalization for process optimization is expected to drive the growth of market growth over the forecast period. The usage of big data analytics in process optimization allows industrial manufacturers to identify variables that are affecting the production quality in real-time, improve the production process promptly, and strengthen the supply chain. At the same time, while the demand for predictive solutions is growing; market players are aggressively launching cutting-edge analytics software solutions that can be offered over the cloud. For instance, Angoss Software Corporation; SAS Institute, Inc.; and International Business Machines Corp.; among others, are offering their respective advanced analytics software solutions primarily over the cloud.

Advanced analytics is emerging as an essential tool for predicting and forecasting trading patterns, electricity consumption patterns, and rush-hour traffic conditions. Advanced analytics can potentially help organizations in improving strategic decision-making, managing operations smoothly, and subsequently augmenting profitability. Apart from incumbents of various industries and industry verticals, such as military and defense, banking, healthcare, and professional services; government agencies are also investing aggressively in big data analytics. The extensive adoption of analytics for processing and protecting the large volumes of data stored leveraging cloud services, such as Google Drive and Microsoft OneDrive, is expected to drive the growth of the market.

The outbreak of the COVID-19 pandemic has prompted organizations to reconfigure and revamp their business operations. Progressive analytics is particularly allowing businesses to revamp their analytical models and data management processes in line with the changing business environments. At this juncture, the measures being implemented to contain the spread of coronavirus, such as lockdowns, restrictions on travel, and work from home and remote working policies, coupled with the changing behavior of end-users are expected to play a vital role in driving the growth of the market over the forecast period.

Access Research Report of Advanced Analytics Market @ https://www.grandviewresearch.com/industry-analysis/advanced-analytics-market

Advanced Analytics Market Report Highlights

• The big data analytics segment accounted for the largest market share of over 30% in 2020. The increasing popularity of social media and the rising number of virtual online offices has significantly propelled segment growth
• The cloud segment is expected to grow over the forecast period as businesses can store business data, including procurement data, customer data, and transactional data, on the cloud and adopt cloud-based advanced analytics to support remote working and enable real-time decision making
• The large enterprise segment is expected to witness significant growth over the forecast period as the large enterprises are focusing on improving productivity and efficiency by adopting various advanced analytics solutions, such as business analytics and customer analytics, to efficiently manage large volumes of customer and asset data
• The BFSI segment is projected to register a CAGR of 25.1% from 2021 to 2028. The rising need to optimize processes, identify fraudulent transactions, and facilitate risk handling across banks and financial institutions is expected to drive the growth of the market
• The Asia Pacific regional market is anticipated to reach USD 13.33 billion by 2028. While the growing e-commerce industry in countries, such as India, China, and Singapore, has increased the demand for predictive analytics and demand forecasting; the growing incidences of fraud in the BFSI industry have also triggered the demand for advanced analytics in the region

List of Key Players in Advanced Analytics Market

• Altair Engineering, Inc.
• Fair Isaac Corporation
• International Business Machines Corp.
• KNIME
• Microsoft Corporation
• Oracle Corporation
• RapidMiner, Inc.
• SAP SE
• SAS Institute Inc.
• Trianz

Access Press Release of Advanced Analytics Market @ https://www.grandviewresearch.com/press-release/global-advanced-analytics-market