Soaring Demand Set to Propel Advanced Analytics Market to $138.36 Billion by 2029

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What Is the Expected CAGR for the Advanced Analytics Market Through 2025?
The scale of the advanced analytics market has been expanding at a swift pace lately. It's projected to escalate from a size of $47.33 billion in 2024 to $56.79 billion in 2025, growing at a compound annual growth rate (CAGR) of 20.0%. The substantial growth in previous years can be ascribed to the increased demand for immediate insights, applications tailored to certain industries, an emphasis on predictive analytics, statutory compliance obligations, and the need for cost optimization.

What's the Projected Size of the Global Advanced Analytics Market by 2029?
In the coming years, a substantial increase is anticipated in the size of the advanced analytics market. The market is projected to inflate to $138.36 billion by 2029, witnessing a compound annual growth rate of 24.9%. The projected growth during this period is largely due to the formidable increase in unstructured data, a concentrated attention on prescriptive analytics, a significant emphasis on data governance, personalized analytic solutions, and ongoing training of analytical models. Key trends for the forecast era encompass augmented analytics for corporate users, real-time analytics and data stream processing, prescriptive and predictive analytics for supporting decisions, cross-functional analytic platforms, and blockchain integration for securing data.

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Top Growth Drivers in the Advanced Analytics Industry: What's Accelerating the Market?
The advanced analytics market is poised for growth, boosted by the escalating adoption of analytical solutions. Such solutions are growing in popularity across various sectors including retail, agriculture, and banking where they are utilized for demand forecasting, trade promotion optimization, and behavior analytics. While analytical solutions offer remedies for existing problems, advanced analytics forecasts forthcoming scenarios by analyzing historical trends. This blend of problem-solving and predictive analytics gives rise to comprehensive solutions and predictions. For example, the Department for Digital, Culture, Media and Sport (DCMS), a UK government department, reported in January 2022 that AI data management and analysis solutions are the most widely used, boasting a 9% usage among UK organizations. That's followed by natural language processing and generation at 8%, machine learning at 7%, AI hardware at 5%, and computer vision and image processing and generation at 5%. Such a burgeoning demand and increasing investments in analytical solutions are set to fuel the growth of the advanced analytics market.

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What Trends Will Shape the Advanced Analytics Market Through 2029 and Beyond?
The rise in technological innovation is an emerging trend that's becoming increasingly popular within the advanced analytics market. The introduction or enhancement of new technologies plays a vital role in propelling the rapid growth of this market, while also ensuring that customers receive a superior product. For example, in October 2024, Broadvoice, a US-based firm specializing in cloud-based communications, unveiled Broadvoice Advanced Analytics. It provides businesses with actionable insights derived from real-time data and trend analysis, which in turn aids them in making strategic, data-guided decisions and preemptively identifying potential issues before they escalate. This platform consolidates data from UCaaS and CCaaS, which optimizes operations, augments the quality of service delivery, and bolsters both agent performance and customer experience by pinpointing gaps and refining processes.

What Are the Main Segments in the Advanced Analytics Market?
The advanced analyticsmarket 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 Defense, Manufacturing, Media And Entertainment, Other Verticals

Subsegments:
1) By Big Data Analytics: Descriptive Analytics, Diagnostic Analytics, Prescriptive Analytics, Real-Time Analytics
2) By Predictive Analytics: Machine Learning Models, Statistical Analysis, Time Series Analysis, Forecasting Tools

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Which Top Companies are Driving Growth in the Advanced Analytics Market?
Major companies operating in the advanced analytics market include 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

Which Regions Will Dominate the Advanced Analytics Market Through 2029?
North America was the largest region in the advanced analytics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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