LONDON, July 12, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the advanced analytics market, growing usage of analytical solutions is likely to propel the growth of the advanced analytics market. The analytical solutions are increasingly being used in various industries such as retail, agriculture, banking, and so on for demand forecasting, trade promotion optimization, and behavioral analytics. Analytical solutions provide solutions to a problem that has already occurred. However, advanced analytics predicts future instances based on the trends of the past. Both of these are interrelated and, when combined, provide solutions and forecasts.
For instance, according to AIM, a technology magazine based in India, in 2019, the Banking, Financial Services, and Insurance (BFSI) industries account for around 13.9% of the entire analytics market, which also includes IT/ITES and consulting organizations. Moreover, it is estimated that the investment in big data analytics by the BFSI sector grew by 11.5% in 2021. In 2021, the analytics market accounted for 23.4% of the overall IT/ITES sector. By 2026, this percentage is predicted to climb to 41.5% of the Indian IT industry. Such rising demand and investments in analytical solutions are among the promising advanced analytics market drivers.
The global advanced analytics market size is expected to grow from $27.75 billion in 2021 to $33.42 billion in 2022 at a compound annual growth rate (CAGR) of 20.4%. The advanced analytic technologies market size is expected to grow to $74.39 billion in 2026 at a CAGR of 22.1%.
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Technology advancement is a key trend gaining popularity in the advanced analytics market. Introducing new technologies or technology advancements will help the growth of the advanced analytics market rapidly and provide an enhanced product to the customers. For instance, in August 2021, CROSSMARK, a sales and marketing services agency, announced the national introduction of Accelerator, a state-of-the-art data analysis platform for CPG sales and marketing activities. The product uses big data technology to combine the largest data sets in the CPG industry with best-in-class analytics horsepower to deliver intuitive visualization of analytical tasks critical for smarter selling and faster growth. By employing machine learning (AI) capabilities and integrating new data sources, the platform is designed to grow over time.
Major players in the advanced analytics market are IBM Corporation, Oracle Corporation, Dell Technologies Inc., Microsoft Corporation, RapidMiner Inc., Altair Engineering Inc., Fair Isaac Corporation, KNIME AG., Statsoft, Teletrac Navman Ltd, Procon Analytics, IMS Software Inc, and CloudMade.
The global advanced analytics market is segmented by type into big data analytics, predictive analytics; by component into solution, services; by deployment mode into cloud, on-premises; by organization size into large enterprises, Small and Medium-Sized Enterprises (SMEs); by vertical into banking, Finance Services, and Insurance (BFSI), IT and telecom, retail and consumer goods, healthcare and life sciences, transportation and logistics, government and defence, manufacturing, media and entertainment, others.
North America accounts for the largest advanced analytics market share. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Advanced Analytics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide advanced analytics market overviews, advanced analytics market analyze and forecast market size and growth for the whole market, advanced analytics market segments and geographies, advanced analytics market trends, advanced analytics market drivers, advanced analytics market restraints, advanced analytics market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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