IMARC Group, a leading market research company, has recently releases report titled “Advanced Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global advanced analytics market size, trends, share, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is Advanced Analytics?
Advanced analytics is a sophisticated data analysis technique that surpasses traditional methods, empowering organizations to unearth deeper insights and discover concealed patterns within their data. This approach utilizes complex algorithms and statistical models to process extensive and diverse datasets. It enables businesses to gain a more comprehensive understanding of their operations, customer behavior, market trends, and predictive forecasting. This capability empowers organizations to make informed, data-driven decisions, optimize processes, and identify new opportunities for growth and innovation. Across various industries such as finance, healthcare, marketing, and supply chain management, advanced analytics plays a pivotal role in risk management, fraud detection, and enhancing overall operational efficiency.
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 US$ 58.8 Billion by 2028, exhibiting a growth rate (CAGR) of 20.8% during 2023-2028.
What Are the Growth Prospects and Trends in the Advanced Analytics Industry?
The infusion of artificial intelligence (AI) and machine learning (ML) technologies is amplifying the potential of advanced analytics, enabling enhanced pattern recognition, more accurate predictions, and the automation of analytical processes. The escalating volume, variety, and velocity of data generated by organizations are further propelling market growth. Additionally, the adoption of cloud computing for advanced analytics is fostering scalability, cost-efficiency, and accessibility. This allows businesses to harness sophisticated analytics capabilities without significant upfront investments. Moreover, there is a global shift towards predictive and prescriptive analytics, where organizations proactively anticipate future outcomes and receive actionable recommendations. This trend is empowering better decision-making and strategic planning across various industries.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2023-2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape