Advanced Analytics market to Reach USD 184.4 Billion by 2031| Key Factors Behind Market's Hyper Growth | Adobe, AWS, Absolutedata, Altair Engineering Inc., Databicks

Rise in demand for work-from-home and remote working policies and increase in demand for overall advanced analytics have boosted the growth of the global advanced analytics market. However, challenges regarding data privacy and sharing hinder market growth. On the other hand, the integration of advanced tools including machine learning and data analytics would open new opportunities in the future.

As per the report, the global advanced analytics industry was pegged at $29.5 billion in 2021, and is expected to reach $184.4 billion by 2031, growing at a CAGR of 20.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Advanced analytics solutions go beyond the capabilities of traditional business intelligence (BI) tools by employing predictive modeling, statistical methods, machine learning, and process automation techniques to assess data and business information. These solutions leverage data science algorithms and sophisticated analytical methodologies to predict future trends and assess the likelihood of potential events.

The surge in the demand for remote work and work-from-home policies during the COVID-19 pandemic has contributed to the growth of the global data analytics and remote management solutions, thereby driving the overall demand for the advanced analytics industry. However, challenges related to data privacy and sharing in third-party advanced analytics platforms may impede the advanced analytics market's projected growth. Conversely, the integration of advanced tools like machine learning and data analytics into advanced analytics solution suites is anticipated to present lucrative expansion opportunities for the advanced analytics industry in the forecast period.

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Covid-19 scenario:

➢ The Covid-19 pandemic positively affected the market owing to sudden rise in demand for analytics tools and services as businesses needed to improve their online services and offering.

➢ Moreover, the global adoption of work from home and remote working policies fueled the demand for advanced analytics tools.

➢ During the pandemic, businesses tried to capitalize on increased online presence of their customers, which heightened the demand for analytics tools.

The advanced analytics market is categorized based on offering, deployment model, type, application, enterprise size, industry vertical, and region. Offerings include software and services, while deployment modes encompass on-premise and cloud options. Types of advanced analytics cover predictive analytics, prescriptive analytics, data visualization, data mining, and others. Applications span supply chain, sales and marketing, finance, human resources (HR), and others. Enterprise sizes are divided into large enterprises and SMEs. The industry verticals examined in the study comprise BFSI, manufacturing, healthcare, government and defense, energy and utilities, transportation and logistics, retail and e-commerce, IT and telecom, media and entertainment, and others. Geographically, the analysis encompasses North America, Europe, Asia-Pacific, and LAMEA.

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By offering, the service segment is estimated to register the highest CAGR of 21.4% from 2021, due to growing amount of data in modern business world that need third-party services for their processing. However, the software segment held the largest share in 2021, contributing to more than two-thirds of the global advanced analytics market, due to growing need for analytics software solutions in modern business enterprises.

By deployment mode, the cloud segment is expected to portray the highest CAGR of 21.1% during the forecast period, owing to easier deployment and scalability of advanced analytics solutions. However, the on-premises segment held the largest share in 2021, contributing to nearly three-fifths of the global advanced analytics market, due to security and privacy standards of many organizations.

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Leading Market Players

➢ Adobe
➢ AWS
➢ Absolutedata
➢ Altair Engineering Inc.
➢ Databricks
➢ Dataiko
➢ IBM Corporation
➢ KNIME
➢ Microsoft Corporation
➢ Moody's Analytics
➢ Oracle Corporation
➢ QlikTech International AB
➢ Rapid Miner
➢ SAS Institute
➢ SAP SE
➢ Salesforce
➢ Teradata

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