Advanced Analytics Market to Expand at a CAGR of 21.1% by 2030

Advanced Analytics Industry Overview

The global advanced analytics market size was valued at USD 34.56 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 21.1% from 2022 to 2030. The major factors driving the growth of the market are the advent of machine learning and Artificial Intelligence (AI) to offer personalized customer experiences, the increasing popularity of online shopping, and the rising penetration of social networking platforms.

Many companies have adopted advanced analytics and AI solutions amid the COVID-19 pandemic to engage customers through digital channels and manage large and complex supply chains. Furthermore, the pandemic has augmented the use of advanced technologies such as data mining, artificial neural networks, and semantic analysis across several businesses.

Gather more insights about the market drivers, restraints, and growth of the Global Advanced Analytics Market

In recent years, there has been exponential growth in the volume of data generated by businesses worldwide. Several businesses derive insights from the gathered data to make better, real-time, and fact-based decisions. This has particularly translated into the rising demand for advanced analytics solutions for data management and strategic decision-making.

Moreover, developments in the field of big data have helped improve the assessment capabilities of data science experts. By leveraging big data analytics, enterprises can bring improvements in vital business functions, processes, and objectives. As a result, organizations can meet stakeholder demands, manage data volumes, manage risks, improve process controls, and boost administrative performance by turning information into intelligence.

The growing adoption of advanced analytics tools for applications such as predicting and forecasting electricity consumption, trade market, and traffic trend predictions is expected to drive the market growth. The use of advanced analytics in demand forecasting can help organizations make informed decisions and augment their profitability. Government agencies and various industries, such as banking, manufacturing, and professional services, have been investing aggressively in big data analytics in recent years.

Browse through Grand View Research's Next Generation Technologies Industry Related Reports

Digital Transformation Market - The global digital transformation market size was evaluated at USD 731.13 billion in 2022 and is anticipated to witness a CAGR of 26.7% from 2023 to 2030.

Cloud Analytics Market - The global cloud analytics market size was valued at USD 22.07 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 22.32%% from 2022 to 2030.

Advanced Analytics Market Segmentation

Grand View Research has segmented the global advanced analytics market based on type, deployment, enterprise size, end use, and region:

Advanced Analytics Type Outlook (Revenue, USD Million, 2017 - 2030)

• Big Data Analytics
• Business Analytics
• Customer Analytics
• Risk Analytics
• Statistical Analysis
• Others (Predictive Analytics, Text Analytics, and Prescriptive Analytics)

Advanced Analytics Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• On-premise
• Cloud

Advanced Analytics Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprises
• Small & Medium Enterprises

Advanced Analytics End-use Outlook (Revenue, USD Million, 2017 - 2030)

• BFSI
• Government
• Healthcare
• IT & Telecom
• Military & Defense
• Others

 Advanced Analytics Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Market Share Insights:

February 2021, RapidMiner, Inc. announced a partnership with Hivecell, an Edge-as-a-Service company. The collaboration is aimed at allowing users to rapidly create and operate models with streaming data from the edge.

Key Companies profiled:

Some prominent players in the global Advanced Analytics market include

• Altair Engineering Inc.
• Fair Isaac Corporation (FICO)
• International Business Machines Corporation
• KNIME
• Microsoft Corporation
• Oracle Corporation
• RapidMiner, Inc.
• SAP SE
• SAS Institute Inc.
• Trianz

 Order a free sample PDF of the Advanced Analytics Market Intelligence Study, published by Grand View Research.