TOKYO , Oct. 20, 2022 (GLOBE NEWSWIRE) — The Global Advanced Analytics Market Size accounted for USD 30.9 Billion in 2021 and is projected to achieve a market size of USD 201.8 Billion by 2030 rising at a CAGR of 23.3% from 2022 to 2030.
Advanced Analytics Market Statistics
- Global advanced analytics market value was USD 30.9 Billion in 2021 and expected to grow at CAGR of 23.3% from 2022 to 2030
- As per a recent research, Netflix approximately saves USD 1 Billion yearly using big data analytics
- North America advanced analytics market revenue gathered over 45% market share in 2021
- Asia-Pacific advanced analytics market growth will record noteworthy CAGR throughout the forecast timeframe from 2022 to 2030
- Based on type, big data analytics segment accounted for around 36% of the overall market share in 2021
- Growing adoption of big data is a popular advanced analytics market trend fueling the industry demand
Advanced Analytics Market Growth Factors
- Increasing adoption of big data
- Rising base of fraudulent activities
- Surging popularity of online shopping
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Advanced Analytics Market Report Coverage:
|Market||Advanced Analytics Market|
|Advanced Analytics Market Size 2021||USD 30.9 Billion|
|Advanced Analytics Market Forecast 2030||USD 201.8 Billion|
|Advanced Analytics Market CAGR During 2022 – 2030||23.3%|
|Advanced Analytics Market Analysis Period||2018 – 2030|
|Advanced Analytics Market Base Year||2021|
|Advanced Analytics Market Forecast Data||2022 – 2030|
|Segments Covered||By Type, By Deployment, By Enterprise Size, By End-Use, And By Geography|
|Advanced Analytics Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Altair Engineering, Inc., Fair Isaac Corporation (FICO), International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, RapidMiner, Inc., SAP SE, SAS Institute Inc., and Trianz.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Advanced Analytics Market Dynamics
When used properly, data analytics has the power to transform businesses and give them a major competitive advantage. When implemented properly, data analytics adoption increases profit margins, customer happiness and retention, fosters innovation, and supports the creation of new business. These elements encourage the expansion of the global market for advanced analytics.
By enhancing decision-making and visibility throughout the whole value chain, advanced analytics enhance value and provide executives with the information they need to run operations more successfully at the organizational level. Asian conglomerates have a great opportunity to leverage analytics to obtain deeper insights, cooperate across holdings and business units, and identify new growth prospects in addition to process digitization and automation. These elements help the global market for advanced analytics to grow.
COVID-19 Impact on the Global Advanced Analytics Market Share
Analytics played a bigger role than ever before during these historic times. To identify deaths connected to COVID-19, many models were created. Most people want to see the information and comprehend the facts in a world that is changing so quickly. Organizations operating in an environment that is continuously changing need to know how to react in circumstances like COVID-19. For such dynamic development, advanced analytics adoption is essential. In the upcoming years, firms will need to be adaptable if they want to plan for the new normal and evaluate their labor, production, and service strategies.
Advanced Analytics Industry Key takeaways:
- 53% of the companies adopt big data analytics
- 55% of North American businesses have adopted big data analytics
- 45% of the companies run at least some big data workloads in the cloud
- 95% of the businesses need to manage unstructured data
- 90% of the IT professionals plan to increase spending on Business Intelligence (BI) tools
- Businesses that use big data saw a remarkable profit increase margin of 8-10%
Global Advanced Analytics Market Business Strategies
- In January 2021, Pangea and Bain & Company announced a buyout. The acquisition will make it easier for Pangea to collaborate with Bain & Company consultants. The two businesses can provide outstanding client results by fusing data science capabilities with Bain’s strategic insights.
- In March 2019, FICO and Equifax have partnered to create the data decisions cloud. The new decision data cloud is a complete data and analytics suite that solves important requirements in risk, management, and compliance, allowing financial institutions to better and more quickly satisfy customer demands.
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Advanced Analytics Market Segmentation
The global advanced analytics is segmented as type, deployment, enterprise, and end-use. Based on type, the market is segmented as big data analytics, business analytics, customer analytics, risk analytics, statistical analysis, and others. By deployment, the market is bifurcated into on-premise and cloud. By enterprise, the market is classified into large enterprises and small & medium enterprises (SMEs). Further, end-use is segregated as BFSI, government, healthcare, IT & telecom, military & defense, and others.
Advanced Analytics Market Regional Growth
The global advanced analytics market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa (MEA).
The advanced analytics market share has historically been led by North America, and this trend is anticipated to continue during the projection period. The development of advanced analytics in this area is fueled by the presence of significant end-user industry players, high private organization investments, and high technological adoption by private sectors/organizations, which eventually fuel market growth.
On the other hand, the advanced analytics market is anticipated to experience the quickest CAGR growth in Asia-Pacific over the next few years. To meet the demands of digitally savvy Asian consumers, Asian businesses are spending more in technology to become more digital and flexible. By 2020, there will be 3.1 billion unique mobile subscribers in the APAC region, up from the current 2.7 billion. As businesses generate more data across several customer touch points, they are integrating advanced analytics into their operations to monitor performance, segment customers, and offer insightful data that aids in changing organizational strategy.
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Advanced Analytics Market Players
The major players involved in the advanced analytics market involve Altair Engineering, Inc., International Business Machines Corporation, Fair Isaac Corporation (FICO), Microsoft Corporation, KNIME, Oracle Corporation, SAP SE, SAS Institute Inc., RapidMiner, Inc., and Trianz.
Questions Answered By This Report
- What was the market size of Advanced Analytics Market in 2021?
- What will be the CAGR of Advanced Analytics Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Advanced Analytics Market?
- Which region held the largest share in Advanced Analytics Market in 2021?
- What are the key market drivers of Advanced Analytics Market?
- Who is the largest end user Advanced Analytics Market?
- What will be the Advanced Analytics Market value in 2030?
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