What is the global market size of Advanced Analytics Market?

Advanced Analytics Market size was valued at USD 34.6 billion in 2021 and is poised to grow from USD 41.85 billion in 2022 to USD 189.56 billion by 2030, at a CAGR of 21.1% during the forecast period (2023-2030).

Advanced Analytics Market Size, Share, Growth Analysis, By Type(Big Data Analytics, Predictive Analytics, Customer Analytics, Risk Analytics), By Business Function(HR, Sales and Marketing, Finance and Accounting, Operations and Supply Chain), By Vertical(BFSI, Government and Defense, Healthcare and Sciences, Media and Entertainment), By Offering(Solutions (Cloud and On Premises) and Services (Professional Services [Training & Consulting, System Integration & Implementation, Support & Maintenance] and Managed Services), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45C2033 | Region: Global | Published Date: July, 2024
Pages: 197 | Tables: 120 | Figures: 77

Advanced Analytics Market Dynamics

Advanced Analytics Market Drivers

Growing Demand for Data-driven Insights

With the increasing amount of data being generated, there is a growing need for advanced analytics solutions to derive insights and make informed decisions.

Investment in R&D

Companies are increasingly investing in research and development to enhance their analytics capabilities. This includes developing new algorithms, improving data integration, and exploring innovative applications of advanced analytics.

Advanced Analytics Market Restraints

Lack of Skilled Personnel

The advanced analytics market requires highly skilled personnel who are proficient in data science, statistics, and programming. The shortage of skilled personnel can impede the growth of the market.

Lack of Data Security and Privacy

With the increasing volume of data being generated, concerns around data privacy and security are paramount. Regulations such as GDPR in Europe and CCPA in California impose strict data protection requirements, which can limit the use of certain types of data for analytics purposes.

Advanced Analytics Market Report Snapshots

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Global Advanced Analytics Market size was valued at around USD 41.85 billion in 2022 and is expected to rise from USD 64.3 billion in 2023 to reach a value of USD 480.99 Billion by 2031, at a CAGR of 28.6% during the forecast period (2024–2031).

A few huge players dominate the market. However, in recent years, the advent of niche competitors offering solutions tailored to the industry has altered market dynamics. Companies can be observed pursuing mergers, acquisitions, and alliances in order to improve their products and obtain a market advantage. Companies are developing new products and improving existing ones in order to get new clients and expand their market share. RapidMiner, Inc., for example, announced an agreement with Hivecell, an Edge-as-a-Service firm, in 2021. The cooperation aims to enable users to quickly construct and run models with data that streams from the edge. 'IBM', 'Microsoft Corporation', 'SAP SE', 'Oracle Corporation', 'SAS Institute Inc.', 'Amazon Web Services Inc.', 'Google LLC', 'Teradata Corporation', 'Alteryx, Inc.', 'MicroStrategy Incorporated', 'TIBCO Software Inc.', 'Qlik Technologies Inc.', 'Tableau Software, LLC', 'RapidMiner, Inc.', 'KNIME AG', 'FICO (Fair Isaac Corporation)', 'Databricks, Inc.', 'Cloudera, Inc.', 'Talend Inc.', 'MathWorks, Inc.'

With the increasing amount of data being generated, there is a growing need for advanced analytics solutions to derive insights and make informed decisions.

Artificial Intelligence (AI) and Machine Learning (ML) Dominance: AI and ML are emerging as the dominant technologies in advanced analytics. These technologies can help organizations extract insights from complex and unstructured data and automate decision-making processes.

North America represented a significant market share of more than 45% of the globally advanced analytics market. This is due to the availability of supporting infrastructure for the application of cutting-edge analytics, as well as a surge in the usage of advanced technologies like AI and machine learning.

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Advanced Analytics Market Dynamics

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