Advanced Analytics Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 47.38 Billion |
| Market Size (2029) | USD 125.26 Billion |
| CAGR (2024 - 2029) | 21.46 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Advanced Analytics Market Analysis
The Advanced Analytics Market size is estimated at USD 47.38 billion in 2024, and is expected to reach USD 125.26 billion by 2029, growing at a CAGR of 21.46% during the forecast period (2024-2029).
Advanced Analytics uses data-driven, fact-based information to assist businesses in identifying trends and patterns, resolving issues, making precise future predictions, and driving improvements. It goes beyond business intelligence by giving an organization complex algorithms and analytical techniques that let them give more nuanced, detailed answers and make more original, well-informed decisions.
- The main things that are driving the growth of the market are the use of machine learning and artificial intelligence (AI) to give customers more personalized experiences, the rise of online shopping, and the spread of social networking platforms.
- Utilizing sophisticated analytics in demand forecasting can support businesses in making profitable decisions. Governmental organizations and other sectors, including banking, manufacturing, and professional services, have recently invested significantly in big data analytics.
- The data produced due to rising social penetration contains hidden patterns that cannot be discovered using conventional analytics methods. When used correctly, advanced analytics solutions can help companies find important hidden data that can be used to tailor their services to customers.
- However, concerns about data privacy and sharing with third-party advanced analytics platforms may stymie the market forecast period.
Due to the COVID-19 pandemic's abrupt rise in demand during that time, the advanced analytics market experienced tremendous development over the last few years. This was because companies wanted to take advantage of their customers' growing online presence, which led to a big rise in demand for cutting-edge technologies and data analytics solutions.
Advanced Analytics Market Trends
This section covers the major market trends shaping the Advanced Analytics Market according to our research experts:
Growing Digitization Trends and Increased Digital Data Production to Drive the Market Growth
- Digital data creation has increased dramatically during the last few decades. One of the leading causes of this surge in the generation of digital data is the increased use of digital devices, such as smartphones and computers, in the daily lives of ordinary people.
- The growing popularity of the Internet of Things (IoT) and the data made by many IoT devices have also contributed to the data boom.
- Moreover, the adoption of digital operations facilitates advanced analytics solutions. It provides new ways to tackle evolving challenges, and the adoption of digital transformation in retail and e-commerce businesses has reduced operating costs, positively impacting market growth.
- Advanced analytics and data mining must be used to sort through these huge amounts of data to find trends that can help companies make better decisions in many areas.
- The market for advanced analytics is also likely to grow even more as more organizations add big data tools and analysis solutions to their infrastructure.
North America is Expected to Hold a Significant Share
- The largest market share is anticipated in North America, with the United States dominating the sector. Due to competition from companies that operate in low-cost areas, the region has become dominant because it is becoming more open to cutting-edge technologies, has the infrastructure to support them, and wants to adopt them early.
- Additionally, there is a significant presence of advanced analytics solution providers in the area, which is likely to boost market growth there. The vendors in the area are IBM Corporation, Oracle Corporation, SAS Institute Inc., and Microsoft Corporation.
- During the period of projection, this region is expected to have a high market's ability to bring in money because businesses want to understand the data they have and find patterns in different fields.
- The adoption of social media has also increased significantly in the area, which has helped the advanced analytics industry expand. This area has become an important market for the growth of advanced analytics because it has a well-established infrastructure that makes it easier for new technologies to be adopted quickly.
Advanced Analytics Industry Overview
The market for advanced analytics is pretty consolidated, with a few big companies controlling a big chunk of it, especially when it comes to enterprise adoption.Their participation at all stages of the value chain for data handling strengthens their market positions. Large businesses dominate this sector because they can offer innovative, high-quality services on a wide range of scales and customize them to meet the needs of each customer.
In August 2022, SAS and SingleStore announced their collaboration to deliver next-generation data and analytics architectures with SAS Viya, which enables the use of SAS analytics and AI technology on data stored in SingleStore's cloud-native real-time database. The integration provides flexible, open access to curated data to help accelerate value for cloud, hybrid, and on-premises deployments, and through SAS' analytic performance, the companies aim to reduce the complexity of data management and integration as well as the computational time required to train sophisticated models.
Advanced Analytics Market Leaders
IBM Corporation
SAS Institute Inc.
SAP SE
Oracle Corporation
Microsoft Corporation
*Disclaimer: Major Players sorted in no particular order
Advanced Analytics Market News
- November 2022: IBM has announced new software, IBM Business Analytics Enterprise, designed for businesses to dismantle data and analytics silos so they can act quickly on data-driven insights and navigate unforeseen disruptions. The software provides intelligence planning, budgeting, reporting, forecasting, and dashboard capabilities that give users a comprehensive view of data sources across their entire organization.
- October 2022: SAS has announced a collaboration with the Monetary Authority of Singapore (MAS)-led Veritas consortium to integrate and operationalize the Veritas toolkit with the SAS Viya platform, intending to improve trustworthy artificial intelligence (AI) adoption in the financial services sector. The integration allows for assessing fairness in analytical models by utilizing SAS Viya's out-of-the-box natural language generation and workflow capabilities.
Advanced Analytics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of COVID-19 on the market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Need to Prevent Fraudulent Activities
5.1.2 Increasing Demand to Counter Big Data Challenges
5.1.3 Growing Digitization Trends and Increased Digital Data Production
5.1.4 Technological Developments of Advanced Analytics Solutions
5.2 Market Restraints
5.2.1 Lack of Data Integration and Connectivity
6. MARKET SEGMENTATION
6.1 Type
6.1.1 Statistical Analysis
6.1.2 Text Analytics
6.1.3 Risk Analytics
6.1.4 Predictive Analytics
6.1.5 Other Types
6.2 End-user Industry
6.2.1 BFSI
6.2.2 Retail and Consumer Goods
6.2.3 Healthcare
6.2.4 IT & Telecommunication
6.2.5 Transportation & Logistics
6.2.6 Government & Defense
6.2.7 Other End-user Industries
6.3 Geography
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.2 Europe
6.3.2.1 Germany
6.3.2.2 United Kingdom
6.3.2.3 France
6.3.2.4 Rest of Europe
6.3.3 Asia-Pacific
6.3.3.1 China
6.3.3.2 Japan
6.3.3.3 India
6.3.3.4 Rest of Asia-Pacific
6.3.4 Latin America
6.3.5 Middle East & Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 IBM Corporation
7.1.2 SAS Institute Inc.
7.1.3 Oracle Coporation
7.1.4 SAP SE
7.1.5 Microsoft Corporation
7.1.6 KNIME AG
7.1.7 RapidMiner Inc.
7.1.8 Alteryx Inc.
7.1.9 Avanade Inc.
7.1.10 Fair Isaac Corporation (FICO)
7.1.11 TIBCO Software Inc.
7.1.12 Altair Engineering Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OPPORTUNITIES
Advanced Analytics Industry Segmentation
Advanced analytics is a set of analytical techniques and methods, like statistics, descriptive and predictive data mining, simulation, and optimization, that help businesses find trends and patterns and accurately predict the future.
The Advanced Analytics Market is segmented by Type (Statistical Analysis, Text Analytics, Risk Analytics, and Predictive Analytics), End-user Industry (BFSI, Retail and Consumer Goods, Healthcare, IT and Telecommunication, Transportation and Logistics, Government, and Defense), and Geography (North America (United States, Canada), Europe (Germany, France, United Kingdom), Asia-Pacific (China, Japan, India), Latin America, the Middle East, and Africa)).The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| Type | |
| Statistical Analysis | |
| Text Analytics | |
| Risk Analytics | |
| Predictive Analytics | |
| Other Types |
| End-user Industry | |
| BFSI | |
| Retail and Consumer Goods | |
| Healthcare | |
| IT & Telecommunication | |
| Transportation & Logistics | |
| Government & Defense | |
| Other End-user Industries |
| Geography | ||||||
| ||||||
| ||||||
| ||||||
| Latin America | ||||||
| Middle East & Africa |
Advanced Analytics Market Research FAQs
How big is the Advanced Analytics Market?
The Advanced Analytics Market size is expected to reach USD 47.38 billion in 2024 and grow at a CAGR of 21.46% to reach USD 125.26 billion by 2029.
What is the current Advanced Analytics Market size?
In 2024, the Advanced Analytics Market size is expected to reach USD 47.38 billion.
Who are the key players in Advanced Analytics Market?
IBM Corporation, SAS Institute Inc., SAP SE, Oracle Corporation and Microsoft Corporation are the major companies operating in the Advanced Analytics Market.
Which is the fastest growing region in Advanced Analytics Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Advanced Analytics Market?
In 2024, the North America accounts for the largest market share in Advanced Analytics Market.
What years does this Advanced Analytics Market cover, and what was the market size in 2023?
In 2023, the Advanced Analytics Market size was estimated at USD 39.01 billion. The report covers the Advanced Analytics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Advanced Analytics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Advanced Analytics Industry Report
Statistics for the 2024 Advanced Analytics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Advanced Analytics analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
