Advanced Analytics Market Size 2023-2028: Competitive Landscape, Regional Outlook, and Driving Factors

May 31, 2023

Industry Overview of Advanced Analytics Market

IMARC Group, a leading market research company, has recently releases report titled “Advanced Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global advanced analytics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

What are Advanced Analytics?

Advanced analytics refers to data-driven autonomous or semi-autonomous systematic computational techniques explicitly created to uncover deeper insights, identify patterns, perform data mining, predict outcomes, and generate solid recommendations or solutions. It uses complex event processing, machine learning (ML), data virtualization, big data analytics, and sentiment analysis approaches. These solutions aid in identifying patterns, method matches for unstructured detail, detecting the emotional tone behind texts, and examining semi-structured and structured correlations. As a result, these analyses are extensively used for predictive modeling and providing capabilities to cope with difficulties.

Report Highlights

How Big is the Advanced Analytics Market?

Report Attributes	Details
Market Size in 2022	US$ 18.7 Billion
Market Forecast in 2028	US$ 58.8 Billion
Growth rate (2023 to 2028)	CAGR of 20.8%
Base Year of the Analysis	2022
Forecast Period	2023-2028

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What Are the Growth Prospects and Trends in the Advanced Analytics Industry?

The widespread adoption of numerous analytical solutions, on account of the rising need for artificial intelligence (AI) and machine learning (ML) in companies to achieve diverse business goals, gather information, and analyze unstructured and structured information, is among the key factors augmenting the advanced analytics market. Moreover, the increasing instances of fraudulent activities in the banking, financial services and insurance (BFSI) sector and the elevating requirement for risk management solutions have facilitated the demand for modern analysis with anti-fraud technology, which is also bolstering the market growth. Besides this, the introduction of artificial neural networks, geographical information systems (GIS), and business-intelligence (BI) models and the integration of cloud computing and software-as-a-software (SaaS) are further propelling the global market. Furthermore, the inflating usage of modern analysis with electronic health records (EHRs) to gain insights into patient conditions and design customized treatment plans from remote is positively influencing the market growth. Apart from this, the rising digitalization, the expanding information technology (IT) infrastructure, and ongoing strategic collaborations amongst key players are anticipated to fuel the advanced analytics market in the coming years.

What is included in market segmentation?

The report has segmented the market into the following categories:

Component Insights:

Software
Service
- Professional Service
- Managed Service

Type Insights:

Big Data Analytics
Business Analytics
Customer Analytics
Statistical Analytics
Risk Analytics
Others

Deployment Mode Insights:

On-premises
Cloud-based

Business Function Insights:

Supply Chain
Sales and Marketing
Finance
Human Resource (HR)
Others

Enterprise Size Insights:

Large Enterprise
Small and Medium-sized Enterprise

Industrial Vertical Insights:

BFSI
Healthcare
Government
IT and Telecom
Military and Defense
Others

Regional Insights:

North America
- United States
- Canada
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Absolutdata Technologies Inc. (Infogain Corporation)
Adobe Inc.
Altair Engineering Inc.
Alteryx Inc.
Amazon Web Services Inc. (Amazon.com Inc.)
Fair Isaac Corporation (FICO)
Hewlett Packard Enterprise Company
International Business Machines Corporation
Microsoft Corporation
Moody's Analytics Inc. (Moody's Corporation)
SAS Institute Inc.
TIBCO Software Inc.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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