Global Market for Advanced Analytics is Anticipated to grow at a Significant Pace i.e., USD 90.4 Billion during the Forecast Period 2021-2027

Published Date: Feb, 2022

The global advanced analytics market is anticipated to grow at a 21.7% CAGR during 2021-2027. Advanced analytics is a technique that is used to examine and analyse data. Statistics, descriptive and predictive data mining, simulation, and optimization are some of the advanced quantitative techniques utilised in advanced analytics to discover trends and patterns, and precisely envisage the future. The upsurge in the usage of developed technologies like AI, ML, and IoT, rising public and private investments in the software and services that offer data processing particularly in emerging economies, increasing demand for cloud based solutions in data storage and in analytics and increased adoption for industrial automation services and solutions will drive the growth of the global advanced analytics market. The presence of data generation and collection, as well as IT and other critical infrastructure, has aided adoption of advanced analytics. The industry's digitization drive over the last three decades has also been able to establish an environment that encourages businesses to use innovative technologies for better business insights.

In December 2021, IBM's Cloud Park for Data as a Service now includes streaming analytics (DaaS). This service provides APIs that can be used outside of Cloud Pak for DaaS and adds a tool or other types of interfaces that operate in IBM Cloud.

The COVID-19 outbreak has augmented the adoption of advanced analytics and AI solutions in companies and has implemented innovative strategies so as to help customers via digital channels, manage fragile and complex supply chains, and support workers during disruption of work and lives.

Browse 83 market data Tables and 50 Figures spread through 300 Pages and in-depth TOC on " Advanced Analytics Market by Component (Solutions and Services (Professional Services and Managed Services), by Business Function (Marketing and Sales, Finance, Human Resource, Operations, and Supply Chain), by, Type (Big Data Analytics, Predictive Analytics, Customer Analytics, Statistical Analytics, Risk Analytics, Prescriptive Analytics, and Others), by Deployment Mode (Cloud and On-Premises), by Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), by Vertical (BFSI, IT and Telecom, Retail and Consumer Goods, Healthcare and Life Sciences, Transportation and Logistics, Government and Defense, Manufacturing, Media and Entertainment, and Others), and Region - Global Forecast to 2027"

By type, big data analytics will dominate the market during the forecast period.

The big data analytics segment dominates the market owing to the rising prominence of social media and the rising number of virtual or digital offices that produce a large amount of data. Big data analytics is being adopted in information management which can enhance business processes, improve operational efficiency, strengthen market strategies, and productivity.

Global Advanced Analytics Market Segmentation Analysis

Segment

Categorization

Leading Category

Component

Solutions and Services (Professional Services and Managed Services)

Solutions (Largest)

Business Function

Marketing and Sales, Finance, Human Resource, Operations, and Supply Chain

Marketing and Sales (Largest)

Type

Big Data Analytics, Predictive Analytics, Customer Analytics, Statistical Analytics, Risk Analytics, Prescriptive Analytics, and Others

Big Data Analytics (Largest)

Risk Analytics

(Highest)

Customer Analytics (Significant Growth)

Deployment Mode

Cloud and On-Premises

Cloud (Fastest)

 

Organization Size

Large Enterprises and Small and Medium-Sized Enterprises

Large Enterprises (Largest)

SMEs (High CAGR)

Vertical

BFSI, IT and Telecom, Retail and Consumer Goods, Healthcare and Life Sciences, Transportation and Logistics, Government and Defense, Manufacturing, Media and Entertainment, and Others

BGSI (Largest)

Healthcare and Life Sciences (High CAGR)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Asia-Pacific

(High CAGR)

 

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“North America is anticipated to dominate the advanced analytics market during 2021-2027.”

North America contributes to the largest share in the advanced analytics market owing to the fast implementation and adoption of advanced technologies like AI and big data analytics in a suitable infrastructure and a significant rise in the adoption of social media will drive the growth in the region. Furthermore, they are early adopters of technology, presence of industry players like ORACLE, MICROSOFT, IBM, etc., will influence the growth in the region.

Some of the major players in the global Advanced Analytics market include IBM, Oracle, SAS Institute Inc., SAP SE, FICO, Microsoft, Altair Engineering Inc., Amazon Web Services, Inc., Salesforce.com, inc., and RapidMiner, Inc.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Component, Business Function, Type, Deployment Mode, Organization Size, Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

IBM, Oracle, SAS Institute Inc., SAP SE, FICO, Microsoft, Altair Engineering Inc., Amazon Web Services, Inc., Salesforce.com, inc., and RapidMiner, Inc.

Global Advanced Analytics Market Coverage

Component Insight and Forecast 2015-2027

  • Solutions
  • Services
    • Professional Services
    • Managed Services

Business Function Insight and Forecast 2015-2027

  • Marketing and Sales
  • Finance
  • Human Resource
  • Operations
  • Supply Chain

Type Insight and Forecast 2015-2027

  • Big Data Analytics
  • Predictive Analytics
  • Customer Analytics
  • Statistical Analytics
  • Risk Analytics
  • Prescriptive Analytics
  • Others

Deployment Mode Insight and Forecast 2015-2027

  • Cloud
  • On-Premises

Organization Size Insight and Forecast 2015-2027

  • Large Enterprises
  • Small and Medium-Sized Enterprises

Vertical Insight and Forecast 2015-2027

  • BFSI
  • IT and Telecom
  • Retail and Consumer Goods
  • Healthcare and Life Sciences
  • Transportation and Logistics
  • Government and Defense
  • Manufacturing
  • Media and Entertainment
  • Others

Geographical Segmentation

Advanced Analytics Market by Region

North America

  • By Component
  • By Business Function
  • By Type
  • By Deployment Mode
  • By Organization Size
  • By Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Component
  • By Business Function
  • By Type
  • By Deployment Mode
  • By Organization Size
  • By Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Component
  • By Business Function
  • By Type
  • By Deployment Mode
  • By Organization Size
  • By Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Component
  • By Business Function
  • By Type
  • By Deployment Mode
  • By Organization Size
  • By Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries