Advanced Analytics Market By Component (Software, Services), By Application (Customer Analytics, Risk Analytics, Supply Chain Analytics, Fraud Detection, Predictive Maintenance), By Deployment Mode (Cloud, On-Premises), By Organization Size (Large Enterprises, Small And Medium Enterprises) & Region For 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Advanced Analytics Market Valuation – 2024-2031

Advanced Analytics Market is experiencing substantial growth due to the increasing adoption of big data and AI technologies across various industries. Businesses are leveraging advanced analytics to gain insights, optimize operations, and enhance decision-making processes. This is pushing the market from a valuation of approximately USD 40.9 Billion in 2023 to an expected USD 175.1 Billion by 2031

Additionally, the surge in demand for predictive and prescriptive analytics in industries such as retail, healthcare and finance are propelling market growth. The proliferation of IoT devices and the resulting data generation are further driving the adoption of advanced analytics solutions to handle and analyze large datasets fostering market growth with an anticipated CAGR of 20.2% from 2024 to 2031.

Advanced Analytics MarketDefinition/Overview

Advanced analytics refers to the autonomous or semi-autonomous examination of data or content using sophisticated techniques and tools, typically beyond those of traditional business intelligence (BI). It includes predictive analytics, prescriptive analytics, data mining, statistical analysis, and big data analytics. These techniques enable businesses to uncover deeper insights, make informed decisions, and predict future trends and behaviors.

Effective advanced analytics is essential for organizations aiming to stay competitive in today’s data-driven environment. It involves the use of cutting-edge software and algorithms to analyze complex data sets, identifying patterns, trends, and correlations that inform strategic decisions. Advanced analytics supports a wide range of business objectives, from improving customer experiences to optimizing supply chain operations and mitigating risks.

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Does Growing Demand for Predictive Analytics Propel Adoption of Advanced Analytics Solutions?

The demand for predictive analytics is a significant driver in the Advanced Analytics Market. Businesses are increasingly adopting predictive analytics to forecast future trends, identify risks, and uncover opportunities. This technology leverages historical data, statistical algorithms, and machine learning techniques to predict future outcomes with high accuracy.

Think about how banks and hospitals use smart technology these days. For example, the financial sector uses fancy predictive analytics to catch fraudulent transactions and figure out who's a safe bet for a loan. In healthcare, it helps doctors guess how patients will do and choose the best treatments. Even stores use it to guess what we'll buy next and send us personalized ads! Basically, everyone wants to make smarter decisions based on data, which is why these advanced analytics tools are becoming so popular. And with AI and machine learning joining the party, predictive analytics is getting even better, easier to use, and useful for tons of new things. So, yeah, expect the market for these super-smart analytics solutions to really take off.

Will Diversity in Regulations in Different Regions Hinder Growth of Advanced Analytics Market?

The lack of standardization in data privacy and security regulations across different regions poses a challenge to the growth of the Advanced Analytics Market. Varying regulatory frameworks can lead to complexities in data management, compliance, and cross-border data transfer, affecting the adoption of advanced analytics solutions globally. For example, the General Data Protection Regulation (GDPR) in Europe imposes stringent data protection requirements that can be challenging for companies to navigate. Similarly, different data localization laws in countries like China and India require businesses to store data within national borders, complicating the deployment of global analytics solutions.

These regulatory challenges necessitate significant investments in compliance and data governance, which can be a barrier for small and medium-sized enterprises (SMEs). Additionally, the risk of non-compliance and associated penalties can deter companies from fully leveraging advanced analytics technologies. Despite these challenges, companies that invest in robust data governance and compliance frameworks can gain a competitive edge, as they will be better positioned to navigate the complex regulatory landscape and capitalize on the benefits of advanced analytics.

Category-Wise Acumens

Will Software Solutions Dominate the Advanced Analytics Market?

In the evolving landscape of the Advanced Analytics Market, the software segment is projected to dominate throughout the forecast period. The increasing need for real-time data analysis and the growing reliance on AI and machine learning algorithms are driving the demand for advanced analytics software. Software solutions offer robust capabilities, including data mining, predictive modeling and statistical analysis, enabling businesses to extract valuable insights from vast datasets. These solutions are essential for automating complex analytical tasks, reducing manual efforts and enhancing decision-making processes.

Okay, so, more and more people are pairing advanced analytics software with cloud platforms, mostly because it's easier to grow, more flexible, and saves money. This is huge for small and medium-sized businesses (SMEs) that want awesome analytics but don't want to sink a ton of cash into servers and stuff. What's also helping is that the software keeps getting better – easier to use interfaces, automated workflows, you name it – making it easier for everyone to jump on board. In the Advanced Analytics Market, services are super important. Things like consulting, integration, and maintenance are crucial. They make sure everything works smoothly and helps businesses actually use their data for smart decisions.

How Will Cloud-Based Deployment Reshape the Advanced Analytics Market?

According to analysis conducted by Market Research, the cloud-based deployment segment is anticipated to hold a major share in the Advanced Analytics Market. The flexibility, scalability, and cost-effectiveness offered by cloud-based solutions are driving their adoption among businesses of all sizes. Cloud-based advanced analytics platforms enable organizations to access powerful analytical tools without the need for extensive on-premises infrastructure. This deployment model allows for seamless integration with other cloud services, facilitating data sharing and collaboration across departments and geographies.

Moreover, cloud-based solutions offer enhanced data security and compliance features, addressing the concerns of businesses operating in regulated industries. The ability to scale resources up or down based on demand makes cloud-based advanced analytics particularly attractive for businesses with fluctuating data analysis needs.

The increasing emphasis on digital transformation and the growing adoption of cloud technologies are expected to drive the dominance of the cloud segment in the Advanced Analytics Market. In the Advanced Analytics Market, the on-premises deployment mode is preferred by organizations requiring enhanced data security and control. This approach allows companies to maintain their infrastructure internally, ensuring compliance with regulatory standards and safeguarding sensitive information.

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Country/Region-wise Acumens

Will Technological Advancements and Data-Driven Initiatives Propel North America to Lead the Advanced Analytics Market?

North America, particularly the United States and Canada, is at the forefront of the Advanced Analytics Market due to significant technological advancements and data-driven initiatives. The region’s strong emphasis on innovation, supported by substantial investments in AI and big data technologies is driving the adoption of advanced analytics solutions. The presence of major technology companies and a robust startup ecosystem further accelerates market growth. These companies are continually developing cutting-edge analytics tools and platforms, enhancing the capabilities of businesses to derive insights and make informed decisions.

North America's really embracing cloud computing and IoT, which is like a perfect storm for advanced analytics to take off. Plus, the region has a pretty solid IT setup and regulations that make it easier for different industries to use these solutions. Think about how healthcare, finance, retail, and even manufacturing are all trying to go digital – that's making everyone want advanced analytics even more! And with the government and businesses working together on "smart city" stuff, we need smarter data analysis to make things run better and come up with new ideas. Let's not forget the strong R&D and talented people here, which helps North America stay ahead in the Advanced Analytics Market.

How Will the Rising Emphasis on Industry 4.0 Affect the Asia Pacific Advanced Analytics Market?

Asia Pacific is really taking off in the Advanced Analytics Market, and it's all thanks to the rise of Industry 4.0! Think about itcountries like China, Japan, and South Korea are throwing serious money at smart manufacturing, IoT, and AI. That's creating a huge need for ways to really dig into data. They're doing this to get more efficient, cut costs, and get a leg up on the competition worldwide. Plus, with the speed of industry and cities growing, there's just a ton of data being created, so advanced analytics are needed to make sense of it all. And the push for going digital and building smart cities across Asia Pacific is just adding fuel to the fire. Don't forget the smaller companies! With more internet and mobile access, SMEs are using advanced analytics to work smarter, connect better with customers, and come up with new ideas.

Think about itbig government programs like China's "Made in China 2025" and India's "Digital India" are really pushing companies to use cool analytics tools. They're encouraging everyone to weave digital tech into their businesses! Plus, more and more industries – like healthcare, finance, retail, and even how we get around – are realizing how important it is to make decisions based on data. That's definitely fueling the need for advanced analytics. And let's not forget, the Asia Pacific region is building awesome IT infrastructure and has tons of talented people who know how to use this stuff. All of this, along with supportive government programs, makes Asia Pacific a major player in the world of advanced analytics.

Competitive Landscape

The competitive landscape of the Advanced Analytics Market is characterized by the presence of numerous global and regional players, including technology giants, innovative startups and specialized service providers. These companies are continuously enhancing their product offerings and forming strategic partnerships to cater to the evolving needs of businesses.

Key Players In The Market include

IBM Corporation, Microsoft Corporation, SAS Institute Inc., SAP SE, Oracle Corporation, TIBCO Software Inc., Teradata Corporation, Alteryx, Inc., QlikTech International AB, Tableau Software, LLC, Databricks, RapidMiner, Inc., KNIME AG, FICO, GoodData Corporation.

Latest Developments

  • In April 2023, IBM acquired Databand.ai, a leading provider of data observability software, to enhance its data management and analytics capabilities.
  • In July 2023, Microsoft launched Azure Synapse Link for Dataverse, integrating analytics and business applications to provide real-time insights.
  • In December 2023, SAS introduced SAS Viya 4, a cloud-native analytics platform, to support advanced analytics and AI workloads.
  • In February 2024, Oracle announced the expansion of its Oracle Analytics Cloud, adding new AI and machine learning features to enhance data analysis and visualization capabilities.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2018-2031

Growth Rate

CAGR of ~20.2% from 2024 to 2031

Base Year for Valuation

2023

HISTORICAL PERIOD

2018-2022

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Component
  • Application
  • Deployment Mode
  • Organization Size
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

IBM Corporation, Microsoft Corporation, SAS Institute Inc., SAP SE, Oracle Corporation, TIBCO Software Inc., Teradata Corporation, Alteryx, Inc.

Customization

Customization Report customization along with purchase available upon request

Advanced Analytics Market, By Category

Component

  • Software
  • Services

Application

  • Customer Analytics
  • Risk Analytics
  • Supply Chain Analytics
  • Fraud Detection
  • Predictive Maintenance

Deployment Mode

  • Cloud-Based
  • On-Premises

Organization Size

  • Large Enterprises
  • Small and Medium Enterprises

Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

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We dig into the market using both qualitative and quantitative analysis, looking at segmentation through economic and non-economic lenses. You'll get concrete market value data (in USD Billion) for every segment and sub-segment. We'll point out the region and segment that's set to explode with the ?? fastest growth and become the top dog. Get a breakdown by geography, showing where the product/service is being used and what's influencing the market in each area. We also map out the competitive landscape, ranking the big players and detailing their new offerings, partnerships, expansions, and acquisitions from the last five years. Expect detailed company profiles with overviews, insights, product comparisons, and SWOT analysis for key market actors. We provide a current and future market outlook, keeping an eye on recent happenings, growth potential, drivers, and challenges in both up-and-coming and established regions. Think of it as an in-depth exploration of the market through Porter's five forces analysis and a clear view of the Value Chain. Lastly, we will provide a market dynamics scenario, along with growth opportunities of the market in the years to come, and include 6-month post-sales analyst support.

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