Richmond, Jan. 04, 2024 (GLOBE NEWSWIRE) -- According to a research report "Advanced Analytics Market”, by Offering (Solutions, Services), Type (Big Data Analytics, Visual Analytics, Risk Analytics, Social Media Analytics, Predictive Analytics, Other Solutions), Industry Vertical (BFSI, Healthcare, Government, Defense, Retail & Consumer Goods, Other Industries), and Region - Global Forecast to 2030.
Global Advanced Analytics Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 31.24 Billion |
| Market size value in 2030 | USD 108.7 Billion |
| CAGR (2023-2030) | 19.5% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Offering, Type, Industry Vertical and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered | |
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TOC Covers in Depth & Breath on Advanced Analytics Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Advanced Analytics market is experiencing substantial growth as organizations increasingly recognize the transformative power of data-driven insights. Advanced analytics involves the use of sophisticated techniques such as machine learning, predictive modeling, and data mining to analyze complex datasets and extract valuable patterns, trends, and predictions. This market is fueled by the escalating volumes of data generated across industries and the desire for informed decision-making. Key players offer advanced analytics solutions that empower businesses to derive actionable intelligence, optimize operations, and gain a competitive edge. With applications spanning finance, healthcare, marketing, and beyond, the market is characterized by a diverse range of industry-specific solutions. As organizations strive to unlock the full potential of their data, the Advanced Analytics market is set to witness continued expansion, driven by the ongoing evolution of analytics technologies and the increasing recognition of data as a strategic asset.
Major vendors in the global Advanced Analytics Market:
- IBM
- Oracle
- SAP
- Microsoft
- SAS Institute
- KNIME
- FICO
- Altair
- AWS
- Salesforce
- TIBCO Software
- Alteryx
- Teradata
- Adobe
- Absolutdata Analytics
- Moody’s Analytics
- Qlik
- Databricks
- Dataiku
- Kinetica
- MathWorks
- Anaconda
- H2O.ai
- Domino Data Lab
- DataRobot
- DataChat
- Imply
- Promethium
- Siren
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Increasing Adoption of AI and Machine Learning
The escalating adoption of Artificial Intelligence (AI) and Machine Learning (ML) stands out as a pivotal driver propelling the Advanced Analytics Market. Organizations worldwide are recognizing the transformative potential of AI and ML technologies in extracting actionable insights from vast and complex datasets. These advanced analytics tools enable businesses to uncover patterns, correlations, and trends that traditional analytical methods might overlook. Machine learning algorithms enhance predictive modeling, allowing for more accurate forecasting and decision-making. As industries increasingly embrace automation and data-driven strategies, the integration of AI and ML into advanced analytics platforms becomes indispensable. This adoption not only facilitates more sophisticated analysis but also empowers organizations to derive deeper and more valuable insights, driving efficiency, innovation, and strategic decision-making across a spectrum of sectors.
Market Dynamics
Drivers:
- Increasing Adoption of AI and Machine Learning
- Emphasis on Data-Driven Decision-Making
Opportunities:
- Data Security and Privacy Solutions
- Enhanced Visualization Tools
Data Security and Privacy Solutions
In the rapidly evolving landscape of data analytics, addressing data security and privacy concerns emerges as a significant opportunity within the Advanced Analytics Market. As organizations leverage increasingly sophisticated analytics tools to derive insights from vast datasets, the need to safeguard sensitive information becomes paramount. The integration of robust data security and privacy solutions into advanced analytics platforms not only ensures compliance with regulatory frameworks but also establishes trust among users and stakeholders. Innovations in encryption, secure data-sharing protocols, and compliance-driven features present an avenue for advanced analytics providers to differentiate their offerings. Addressing data privacy concerns becomes a competitive advantage, particularly in industries dealing with sensitive information such as healthcare and finance. As data breaches continue to pose risks, the opportunity to enhance security measures underscores the commitment to ethical and responsible data analytics practices, fostering broader adoption in an era of growing privacy awareness.
The market for Advanced Analytics is dominated by North America.
North America is positioned to have the largest market size and dominate the Advanced Analytics Market during the forecast period. The region's leadership is attributed to its technologically advanced infrastructure, a high level of digital adoption, and a proactive approach towards integrating advanced analytics solutions across diverse industries. The United States, in particular, plays a pivotal role with major technology hubs and a robust ecosystem of analytics-driven enterprises. The presence of industry giants, innovative startups, and a culture of early technology adoption further solidify North America's position at the forefront of the advanced analytics landscape. Factors such as increasing investments in AI and machine learning technologies, coupled with a strong emphasis on data-driven decision-making, contribute to the region's dominance. As organizations across sectors recognize the strategic importance of analytics, North America remains a key driver and influencer in shaping the trajectory of the Advanced Analytics Market.
The Solution Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on Offering the Advanced Analytics market is segmented into Solutions, Services. Solution segment is dominating segment in the Advanced Analytics market. Representing a comprehensive array of platforms and tools offered by key players like IBM, Oracle, and Google. As businesses intensify their focus on data-driven decision-making, the demand for tailored and sophisticated analytics solutions rises. This segment encompasses software, platforms, and tools that empower organizations to extract actionable insights from intricate datasets, fostering innovation and competitive advantages. The pervasive influence of the solution segment underscores its central role in driving market growth, meeting the evolving needs of industries across the globe, and shaping the landscape of advanced analytics solutions.
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