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

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). 

The growth of the global advanced analytics market is the rise in use of computer learning and artificial intelligence (AI) to provide personalized consumer experiences, coupled with the rise in popularity of online shopping. Besides this, the expanding adoption of social networking platforms is another key factor fueling this market's expansion. The amount of data collected by companies throughout the world has increased exponentially in recent years. In order to make better, timely, and fact-based decisions, many firms get insights from the collected data. For data management and strategic decision-making, this has particularly translated into an increase in demand for sophisticated analytics solutions.

Furthermore, developments in the big data space have aided in enhancing the evaluation skills of data science experts. Enterprises can improve key company processes, goals, and operations by utilizing big data analytics. By transforming information into intelligence, organizations may meet stakeholder requests, manage the amount of data, manage risks, enhance process controls, and increase administrative performance.

The market is anticipated to expand as a result of the increasing use of advanced analytics tools for applications including predicting and forecasting electricity consumption, the trade market, and traffic trend predictions. Utilizing advanced analytics in demand forecasting can support businesses in making profitable decisions. Governmental organizations and other sectors, including banking, manufacturing, and business services, have recently made significant investments in big data analytics.

For instance, to make their data sets informative and maintain their competitiveness in the market, international banks are optimizing information, such as the data collected through social media feeds, client transactions, and service inquiries, to create based on data Business-Intelligence (BI) models and implement developed predictive analytics. The industry is being driven by developments in location-based services and the ongoing integration of advanced analytics into geographic information systems (GIS).

Numerous healthcare institutions are heavily utilizing cutting-edge analytical methods to obtain clinically significant results through the exploratory mining of patient Electronic Health Records (EHRs). By reducing costs, this could help to improve patient care outcomes including patient health and patient safety. Additionally, healthcare data mining is using AI-integrated data analytics technologies to create individualized treatment regimens. For instance, in 2021 IBM announced a cooperation with Palantir Technologies, a big data analytics software company, to give institutions, researchers, and healthcare providers consistent datasets for analysis and the generation of results for their operations and patients.

US Advanced Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.