Advanced Analytics Market Poised for Rapid Growth

The Advanced Analytics market size is projected to grow from USD 44.1 Billion in 2023 to USD 180.5 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.3% during the forecast period (2023 – 2030).

Market Overview

The advanced analytics market is driven by factors like increasing data generation, need for data-driven decisions, and growing technology adoption across industries. Based on component, the market is segmented into solution and services. Based on deployment mode, it is bifurcated into on-premise and cloud-based deployment.

North America accounted for the largest market share in 2021. However, Asia Pacific is expected to witness the highest growth in the coming years.

Key Segments

By type, the advanced analytics market is categorized into big data analytics, predictive analytics, data mining, text analytics, statistical analysis, and others. Big data analytics holds the dominant market share while predictive analytics exhibits the fastest growth rate.

Based on organization size, the market is divided into large enterprises and SMEs. Currently, large enterprises dominate the market.

On the basis of vertical, the key segments include BFSI, government, healthcare, IT & telecom, retail, manufacturing, and others. BFSI accounted for the largest market share in 2021.

Leading Companies

Some of the key players in the advanced analytics market are IBM, Microsoft, Oracle, SAP, SAS Institute, Google, MicroStrategy, TIBCO Software, Qlik, Alteryx, FICO, Domo and others. These companies are actively launching new products and entering partnerships to expand their portfolio.

Growth Drivers

The major factors driving the growth of advanced analytics market are:

  • Increasing focus on making data-driven business decisions
  • Growing need to prevent frauds and manage risks
  • Adoption of AI, machine learning and other emerging technologies
  • Rising investments in analytics by companies across sectors
  • Ongoing digital transformation initiatives across industries
  • Availability of open-source advanced analytics platforms
  • Increasing adoption of cloud-based analytics solutions
  • High demand for location analytics, sentiment analysis tools

Advanced analytics empowers organizations to derive meaningful insights from complex data. The integration of advanced analytics into business processes is creating new growth avenues across industries.

Regional Insights

North America accounted for the highest market share in 2021. Presence of leading analytics vendors and early adoption of analytics by enterprises drive market growth in this region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to rising adoption in emerging economies like China, India, and ASEAN countries. Growing big data analytics adoption in Europe will also support market growth.

Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) on Advanced Analytics Market  –

Latest Industry Developments

  • In August 2022, SAS introduced Viya 4.0 platform to enhance cloud-native advanced analytics capabilities.
  • SAP partnered with Coursera in 2022 to provide analytics upskilling education to customers.
  • Oracle added new features to its OCI Data Science service in 2022 to simplify advanced analytics workflows.
  • IBM acquired in 2022 to strengthen its data observability capabilities.
  • Google Cloud introduced new vertical data solutions in 2022 targeted for retailers, healthcare, and media-telecom companies.
  • Snowflake partnered with C3 AI in 2021 to enable enterprise AI applications through data analytics.

The advanced analytics market outlook remains positive driven by technological advancements and growing adoption across verticals. Key players are focusing on product innovation and strategic partnerships to tap the high growth opportunities in this space.

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