Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Advanced Analytics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, July 20, 2021 (GLOBE NEWSWIRE) — The Global Advanced Analytics Market is expected to grow at a CAGR of around 33.5% from 2021 to 2028
North America has dominated the advanced analytics market in the past and is expected to do so again during the forecast period. The presence of large end-user industry players, high technological adoption by private sectors/organizations, and high private organization investments fuel the growth of advanced analytics in this region, ultimately contributing to the overall market growth.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the advanced analytics market in the coming years. Asian businesses are increasingly investing in technology to become more digital and agile in order to meet the needs of digitally savvy Asian consumers. The APAC region has 2.7 billion unique mobile subscribers, which is expected to increase to 3.1 billion by 2020. Companies are incorporating advanced analytics into their organizations to track performance, segment customers, and provide deep insights that help to change organizational strategy as they generate more data across multiple customer touch points.
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Data analytics, when implemented correctly, has the potential to transform businesses and provide a significant competitive advantage. Adoption of data analytics in organisations improves profit margins, customer satisfaction and retention, drive innovation, and aids in the generation of new business when done correctly. Such factors stimulate the growth of global advanced analytics market.
Advanced analytics add value by improving decision making and visibility across the entire value chain, giving executives the insights they need to manage operations more effectively at the organizational level. Apart from process digitization and automation, Asian conglomerates have a tremendous opportunity to use analytics to gain deeper insights, collaborate across holdings and business units, and uncover new growth opportunities. Such factors contribute to the expansion of the global advanced analytics market.
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COVID-19 impact on the global advanced analytics market
During these unprecedented times, analytics played a more important role than ever before. Several models were developed to detect COVID-19-related deaths. In such a rapidly changing environment, the majority of the population wants to see the data and understand the facts. Organizations dealing with a constantly changing environment must understand how to respond in situations such as COVID-19. Adoption of advanced analytics is critical for such dynamic change. Adaptability will be required in the coming years for organizations to plan for the new normal and examine current workforce, production, and service strategies.
- 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%
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.
The prominent players of advanced analytics involve Bain & Company, Altair Engineering, Inc., International Business Machines Corporation, FICO (Fair, Isaac, and Company), Microsoft Corporation, Oracle, Trianz, and among others.
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Some of the key observations regarding advanced analytics include:
- In January 2021, Bain & Company announced an acquisition with Pangea. The acquisition will enhance Pangea to work together with consultants from Bain & Company. Through the integration of data science capabilities with Bain’s strategic insights, the two companies will be able to deliver remarkable client results.
- In March 2019, FICO, announced a partnership with Equifax to deliver the data decisions cloud. The new decision data cloud is an end-to-end data and analytics suite that addresses key requirements across the risk, management, and compliance, to enable financial institutions to meet the requirement of the consumers faster and more precise than before.
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