Advanced Analytics Market Analysis, Market Size, Leading Players, Share And Forecast To 2033

The advanced analytics market size has grown exponentially in recent years. It will grow from $39.71 billion in 2023 to $48.31 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to demand for real-time insights, industry-specific applications, focus on predictive analytics, regulatory compliance requirements, demand for cost optimization..

The advanced analytics market size is expected to see exponential growth in the next few years. It will grow to $110.6 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to exponential growth in unstructured data, focus on prescriptive analytics, emphasis on data governance, personalized analytics solutions, continuous training of analytics models.. Major trends in the forecast period include augmented analytics for business users, real-time analytics and streaming data processing, predictive and prescriptive analytics for decision support, cross-functional analytics platforms, blockchain integration for data security..

Market Overview -
The advanced analytics refer to a data analysis methodology that uses predictive modeling, machine learning algorithms, deep learning, business process automation, and other statistical approaches to analyze corporate data from a variety of data sources. Advanced analytics makes use of data science, which includes mature methods of analysis, to forecast future trends and predict the possibility of prospective events. While basic business intelligence and analytics can provide a picture of the business, advanced analytics can estimate future patterns or outcomes for a more in-depth insight into the organization. Advanced analytics provides a broader set of capabilities to cope with difficulties that typical backward-looking BI cannot, allowing for more strategic decision-making in the future.

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Increasing Adoption Of Analytical Solutions Boosts Growth In The Advanced Analytics Market
Growing usage of analytical solutions is likely to propel the growth of the advanced analytics market. The analytical solutions are increasingly being used in various industries such as retail, agriculture, banking, and so on for demand forecasting, trade promotion optimization, and behavior analytics. Analytical solutions provide solutions to a problem that has already occurred. However, advanced analytics predicts future instances based on the trends of the past. Both of these are interrelated and when combined provide solutions and forecasts. For instance, in January 2022, according to the Department for Digital, Culture, Media and Sport (DCMS) , a UK-based government department, AI solutions for data management and analysis are the most common, with 9% of UK organizations using them, followed by natural language processing and generation (8%), machine learning (7%), AI hardware (5%), and computer vision and image processing and generation (5%). Such rising demand and investments in analytical solutions are expected to drive the advanced analytics market growth.

Competitive Landscape -
Major companies operating in the advanced analytics market report are SAS Institute Inc., SAP SE, IBM Corporation, Oracle Corporation, Dell Technologies Inc., Microsoft Corporation Inc., RapidMiner Inc.,Altair Engineering Inc., Fair Isaac Corporation, KNIME AG., Statsoft Technolohgies Pvt Ltd, Teletrac Navman Ltd., Procon Analytics LLC., IMS Software Inc., CloudMade Ltd.,TIBCO Software,MicroStrategy,RapidMiner,DataRobot,KNIME,Sisense,ThoughtSpot,Information Builders,Talend,GoodData,Splunk,Teradata,Pentaho, Yellowfin,Pyramid Analytics

Advance Technology Transform Advanced Analytics Market
Technology advancement is a key trend gaining popularity in the advanced analytics market. Introducing new technologies or technology advancements will help the growth of the advanced analytics market rapidly and provide an enhanced product to the customers. For instance, in August 2021, CROSSMARK, a sales and marketing services agency, announced the national introduction of Accelerator, a state-of-the-art data analysis platform for CPG sales and marketing activities. The product uses big data technology to combine the largest data sets in the CPG industry with best-in-class analytics horsepower to deliver intuitive visualization of analytical tasks critical for smarter selling and faster growth. By employing machine learning (AI) capabilities and integrating new data sources, the platform is designed to grow over time.

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Key Segments -
The advanced analytics market covered in this report is segmented -
1) By Type: Big Data Analytics, Predictive Analytics
2) By Component: Solution, Services
3) By Deployment Mode: Cloud, On-Premises
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
5) By Vertical: Banking Finance Services And Insurance (BFSI), IT And Telecom, Retail And Consumer Goods, Healthcare And Life Sciences, Transportation And Logistics, Government And Defence, Manufacturing, Media And Entertainment, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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