Industry overview of Advanced Analytics Market
Advanced analytics encompasses a range of sophisticated computational techniques that leverage data to uncover profound insights, identify patterns, conduct data mining, predict outcomes, and generate robust recommendations or solutions. It employs various approaches such as complex event processing, machine learning (ML), data virtualization, big data analytics, and sentiment analysis. These solutions play a crucial role in identifying patterns, finding matches for unstructured data, detecting emotional sentiment in texts, and exploring both structured and semi-structured relationships. As a result, advanced analytics is widely utilized for predictive modeling and equipping organizations with the capabilities to tackle complex challenges.
How Big Is the Advanced Analytics Market?
The global advanced analytics market size reached US$ 18.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 58.8 Billion by 2028 exhibiting a CAGR of 20.8% during 2023-2028.
Advanced Analytics Market Trends and Drivers:
The advanced analytics market is experiencing significant growth due to the widespread adoption of various analytical solutions, as businesses increasingly require artificial intelligence (AI) and machine learning (ML) capabilities to gather and analyze structured and unstructured data to achieve diverse business objectives. Additionally, the escalating instances of fraudulent activities in the banking, financial services, and insurance (BFSI) sector and the rising demand for risk management solutions have boosted the demand for modern analytics with anti-fraud technology, further contributing to market expansion. The integration of cloud computing and software-as-a-service (SaaS), along with the introduction of artificial neural networks, geographical information systems (GIS), and business intelligence (BI) models, is also propelling the global market. Moreover, the growing utilization of advanced analytics with electronic health records (EHRs) to gain insights into patient conditions and design customized treatment plans remotely is positively influencing market growth. Furthermore, the increasing digitalization, expanding information technology (IT) infrastructure, and ongoing strategic collaborations among key players are expected to drive the advanced analytics market in the forthcoming years.
Global Advanced Analytics Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Absolutdata Technologies Inc. (Infogain Corporation), Adobe Inc., Altair Engineering Inc., Alteryx Inc., Amazon Web Services Inc. (Amazon.com Inc.), Fair Isaac Corporation (FICO), Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, Moody’s Analytics Inc. (Moody’s Corporation), SAS Institute Inc., TIBCO Software Inc.
The report segmented the market based on region, component, type, deployment mode, business function, enterprise size and industry vertical.
Component Insights:
- Software
- Service
- Professional Service
- Managed Service
Type Insights:
- Big Data Analytics
- Business Analytics
- Customer Analytics
- Statistical Analytics
- Risk Analytics
- Others
Deployment Mode Insights:
- On-premises
- Cloud-based
Business Function Insights:
- Supply Chain
- Sales and Marketing
- Finance
- Human Resource (HR)
- Others
Enterprise Size Insights:
- Large Enterprise
- Small and Medium-sized Enterprise
Industrial Vertical Insights:
- BFSI
- Healthcare
- Government
- IT and Telecom
- Military and Defense
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The key regions covered in the market report are Asia Pacific, Europe, North America, Latin America, Middle East and Africa.
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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