Advanced Analytics Market

Global Advanced Analytics Market Size, Share & Growth Report (2021 – 2026)

The global advanced analytics market size was at $ 29.04 billion in 2019 and is predicted to reach $ 45.53 billion in 2025, with a whopping compound annual growth rate of 33.2% during the conjecture time frame.

Advanced analytics comprises various techniques and methods like statistics, predictive data mining, simulation and optimization, etc., that are designed to help businesses trends and patterns, and to accurately predict the future. The study of this market comprises several facts and solutions that are implemented and deployed by various end-user verticals. Advanced analytics are employed by end-user applications like healthcare, marketing and risk management.

In the contemporary times, the usage of social media has intensified, creating huge volumes of information. However, this data cannot be analysed with the help of available tools, thereby, promoting the use of advanced analytics. These analytics will help uncover several hidden gems that can be implemented by enterprises to improve their customer services and bring in new users.

Recent DEVELOPMENTS:

• May 2019: SAS Institute Inc. recently published the development of new updates that are added to its existing data analysis platform. Several novel techniques like machine learning, computer vision and natural language processing have been included in these new updates. These developments are part of the company's recently announced billion dollar investment in artificial intelligence to develop the technology globally.
• February 2019: IBM Corporation declared the launch of novel Internet of Things (IoT) solutions that integrates AI and advanced analytics to assist asset-intensive organizations, such as the Atlanta Metro Rapid Transit Authority (MARTA). The solution will aid organizations to decline costs and the risk of failure of assets like vehicles, turbines, mining equipment, elevators and electrical transformers.

Market growth and trends:

Need to mitigate fraud and quickly adopt risk management at BFSI

Companies operating in the banking and financial sector use advanced analytics technology to mitigate fraud, streamline the processes followed by banks, and manage risk. Advanced analytics help banks classify unstructured data to analyse global and local regulatory compliance, which may depend on the region of operation.

As per the survey conducted by Grant Thorton, almost 85% of the people participated stated that they require more upgrades to their existing data and risk management in the financial institutions. In addition, 82% also indicated the same for the risk analysis and the measures of their establishment. Nevertheless, with the increasing implementation of advanced analytical solutions, the trend is currently changing, as banking institutions are adopting performance-oriented approach to manage risks. The increasing call to identify and mitigate risks to decrease the intensity of its impact, is a crucial element that leads to the adoption of these advanced analytics in this sector.

Market Drivers and Restraints:

The advanced analytics market is not just growing, it is accelerating. The growth of corporate data is a major factor in the growth of the global advanced analytics market. Advanced analysis refers to a broad category of research that can be used to drive change and improve business processes. Advanced analytics involves the use of mathematical operations to interpret the data. It helps make predictions, generate recommendations, and find out more information.

Advanced analytics help make informed business decisions with a comprehensive view of the market and also provides in-depth market analysis. The growing demand for big data analytics is expected to drive growth in the global advanced analytics market. The main drivers of big data growth are primarily data growth, cloud growth, and the growing demand for advanced analytics. Cloud deployments have skyrocketed in recent years, owing to its transparency, accessibility and the convenient information sharing options. Therefore, the arrival of cloud technology is one of the main growth factors in the global advanced analytics market.

ADVANCED ANALYTICS MARKET REPORT COVERAGE:

Advanced Analytics Market segmentation:

The global market for advanced analytics is segmented by type and application.

Advanced Analytics Market By Type:

Based on the type, the global market is segmented into statistical analysis, big data analysis, customer analysis, social analysis, visual analysis, risk analysis, business analysis, and predictive modeling.

Advanced Analytics Market By Application:

Depending on the application, the market is segmented into BFSI, IT and telecommunications, healthcare, government and defense, transportation and logistics, consumer goods and retail, etc. The BFSI applications segment includes regulatory reform, customer profitability, operational efficiency, risk management, credit risk analysis, fraud detection and management, budgeting, and planning and optimization processes. The IT and telecom segment comprises targeting and campaign management, revenue assurance, customer profitability analysis, cell site optimization, network dynamics and control, and congestion and social media analysis. The healthcare segment includes predictive modelling, financial performance, and monitoring. The defense and government applications segment includes defense health and scenario planning. The transportation and logistics applications cover inventory optimization, sales and operations planning, supply chain planning, and quality lifecycle management. The consumer goods and retail applications segment includes price optimization, customer insight, planning and organization, merchandise planning, and size optimization.

Regional Analysis:
The global advanced analysis market is studied in the areas of Asia-Pacific, North America, Europe, and the rest of the world. North America has been observed to account for the majority of the market, while Asia-Pacific is predicted to grow at the fastest rate during the outlook period. The increasing adoption of the latest technologies and the need to resolve existing threats in end-user verticals is driving the business expansion in North America.

Impact of Covid-19 on the Global Advanced Analytics Market:

The pandemic caused by Covid-19 has brought an adverse effect on several industries both in terms of productivity and financials. There have been increased layoffs across the globe, which is opening doors for the adoption of advanced analytics. Therefore, the target market is projected to record a remarkable growth in the coming years irrespective of the coronavirus spread.

Key players in the market:

Some of the major players in the global advanced analytics market are SAS Institute (United States), SAP SE (Germany), IBM Corporation (United States), Oracle Corporation (United States), KNIME AG (Switzerland), Statsoft, Angoss Software Corporation (Canada), Microsoft Corporation (United States) and Fico (United States), among others.