Advanced Analytics Market Report 2024: Sector to Reach US$ 106.4 Billion by 2032 at a 18.18% CAGR

IMARC Group, a leading market research company, has recently releases report titled "Advanced Analytics Market by Component (Software, Service), Type (Big Data Analytics, Business Analytics, Customer Analytics, Statistical Analytics, Risk Analytics, and Others), Deployment Mode (On-premises, Cloud-based), Business Function (Supply Chain, Sales and Marketing, Finance, Human Resource (HR), and Others), Enterprise Size (Large Enterprise, Small and Medium-sized Enterprise), Industry Vertical (BFSI, Healthcare, Government, IT and Telecom, Military and Defense, and Others), and Region 2024-2032." The study provides a detailed analysis of the industry, including the global advanced analytics market growth, trends, size, share and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Advanced Analytics Market?

The global advanced analytics market size reached US$ 22.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 106.4 Billion by 2032, exhibiting a growth rate (CAGR) of 18.18% during 2024-2032.

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What is Advanced Analytics?

Advanced analytics refers to the use of sophisticated techniques and tools to analyze complex data sets, uncover hidden patterns, and generate valuable insights. It involves the use of complex mathematical and statistical algorithms to extract insights. It describes past events, predicts future outcomes, and suggests actions to achieve desired results. It can handle large amounts of data, making it suitable for big data analytics. It provides businesses with data-driven insights to make informed decisions, improving strategic planning and operational efficiency. It allows organizations to gain a competitive edge by identifying trends, opportunities, and threats. It helps in risk assessment and mitigation, such as fraud detection and credit risk analysis. It can optimize processes, reduce waste, and improve resource allocation, leading to cost savings. It aids in predicting future demand for products to optimize inventory and supply chain management. It facilitates monitoring and optimization of energy consumption in industries for sustainability and cost reduction. Moreover, it assists in anticipating equipment failures to schedule maintenance and prevent downtime. Besides this, as it enhances HR processes, including recruitment, retention, and workforce planning, the demand for advanced analytics is increasing across the globe.

Advanced Analytics Industry Trends and Drivers?

The continuous rise in data generation across different industry verticals represents one of the primary factors catalyzing the demand for advanced analytics solutions. Additionally, the rising awareness among organizations about the growing need to extract valuable insights from this data to make informed decisions, optimize operations, and gain a competitive edge is influencing the market positively. Along with this, the growing adoption of machine learning and artificial intelligence (AI) techniques within advanced analytics is enhancing predictive and prescriptive capabilities, enabling businesses to forecast future trends and automate decision-making processes. Furthermore, the escalating demand for cloud-based advanced analytics solutions due to their scalability, accessibility, and cost-effectiveness is strengthening the growth of the market. Cloud computing facilitates the deployment of advanced analytics tools, making them more accessible to organizations of all sizes. Moreover, the rising adoption of edge analytics, which involves analyzing data closer to the source is bolstering the market growth. Besides this, the development of user-friendly analytics platforms and tools that do not require extensive data science expertise. This democratization of analytics empowers more employees within organizations to access and utilize data-driven insights for decision-making, thereby increasing the market reach. Moreover, the rising collaborative efforts between organizations from different industries are propelling the market growth. Sharing data and insights across sectors, such as healthcare providers collaborating with technology companies, enables the development of innovative solutions.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Component Insights:
• Software
• Service
o Professional Service
o 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
o United States
o Canada
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o 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.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

Key highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• 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

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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