Press release
Advanced Analytics Market Is Expected to Reach $184.4 Billion by 2031 | Absolutedata, Salesforce, Adobe
Advanced Analytics Market
Advanced analytics is an umbrella phrase for a collection of high-level approaches and technologies that may help businesses get more out of their data. The predictive capabilities of advanced analytics solutions can be utilized to foresee trends, events, and behaviors. This enables firms to undertake complex statistical models such as prediction computations, as well as to future-proof many parts of their operations.
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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 the market growth. On the other hand, the integration of advanced tools including machine learning and data analytics would open new opportunities in the future.
Covid-19 scenario:
1. 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.
2. Moreover, the global adoption of work from home and remote working policies fuelled the demand for advanced analytics tools.
3. During the pandemic, businesses tried to capitalize on increased online presence of their customers, which heightened the demand for analytics tools.
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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-premise 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.
By type, the predictive analytics segment held the lion's share in 2021, accounting for more than one-fourth of the global advanced analytics market. In addition, the segment is estimated to register the highest CAGR of 22.2% during the forecast period, owing to growing need for predictive analytics techniques in the modern business world.
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By application, the supply chain segment held the largest share in 2021, contributing to more than one-third of the global advanced analytics market, due to growing need for supply chain management and optimization post the outbreak of the COVID-19 pandemic. However, the finance segment is projected to showcase the highest CAGR of 22.8% during the forecast period, owing to feasibility and risk management applications of analytics solutions in the finance sector.
By enterprise size, the SMEs segment is expected to register the highest CAGR of 22.1% during the forecast period, due to growing adoption of innovative technologies by modern SMEs. However, the large enterprises segment held the largest share in 2021, accounting for more than two-thirds of the global advanced analytics market, owing to its ability of large-scale data management and analytical needs of large enterprises.
By region, the global advanced analytics market across North America held the lion's share in 2021, accounting for more than two-fifths of the market, due to complex presence of key analytics solution vendors in the region. However, the market across Asia-Pacific is estimated to register the highest CAGR of 23.4% during the forecast period, owing to ongoing digital and economic transformation of the region.
Key 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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The report analyzes these key players in the global advanced analytics market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm the utmost data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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