Dublin, March 01, 2022 (GLOBE NEWSWIRE) -- The "Global Advanced Analytics Market by Component (Solutions and Services), Business Function (Sales & Marketing, Operations), Type (Big Data Analytics, Risk Analytics), Deployment Mode (On-premises and Cloud), Vertical and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global Advanced Analytics market size to grow from USD 33.8 billion in 2021 to USD 89.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period.
The Risk Analytics segment is estimated to hold a higher growth rate during the forecast period
The advanced analytics market is segmented based on types such as big data analytics, customer analytics, predictive analytics, statistical analytics, prescriptive analytics, risk analytics, and other types (augmented analytics, multimedia analytics, and voice and social analytics). The risk analytics segment is expected to have the highest growth rate during the forecast period. The growth is attributed to the increasing demand for advanced credit risk analytics enabling institutions to improve underwriting decisions and increase revenues while reducing risk costs.
The Cloud segment is estimated to hold a higher growth rate during the forecast period
The advanced analytics market is segmented on the basis of deployment model which includes on-premises and cloud. The market size and CAGR of the cloud segment is estimated to be higher than the on-premises segment during the forecast period. The cloud technology benefit of easy deployment and minimal capital requirement facilitates the adoption of the cloud deployment model. The adoption of cloud-based advanced analytics solutions is expected to be supported by the COVID-19 pandemic, as lockdowns and social distancing practices are encouraging companies to move to cloud solutions that can be managed remotely. The increasing demand for scalable, easy to use, and cost-effective advanced analytics solutions is expected to accelerate the growth of the cloud segment in the advanced analytics market.
The large enterprises' segment is estimated to hold a larger market share
On the basis of organization size, the Advanced Analytics market has been segmented into large enterprises and SMEs. The large enterprises' segment is estimated to hold a larger market share in 2021. The growth of the segment is due to the increased competition in large enterprises from budding SMEs. Large enterprises are focusing on solutions to effectively manage complex business processes to enhance customer engagement. Hence, these organizations are using advanced analytics solutions to effectively manage complex operations. The SMEs segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes, reach new customers, and stay competitive and control their spending.
The healthcare and life sciences vertical is projected to grow at the highest CAGR during the forecast period
On the basis of Vertical the advanced analytics market has been segmented into BFSI, healthcare and life sciences, IT and telecom, retail and consumer goods, manufacturing, government and defense, transportation and logistics, media and entertainment, and other verticals (education, energy and utilities, and travel and hospitality). The healthcare and life sciences vertical is projected to grow at the highest CAGR during the forecast period. Advanced analytics solutions provide care plans and educate patients to improve patient care and outcomes while decreasing healthcare costs to the healthcare firms
Among regions, APAC to hold higher CAGR during the forecast period
The advanced analytics market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. APAC is expected to hold the fastest CAGR during the forecast period. This growth can be. to the increasing penetration of smartphones and the need to enhance customer experience in the region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Advanced Analytics Market
4.2 Market: Top Three Types
4.3 Market: by Region
4.4 Market in North America, Top Three Types and Verticals
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Adoption of Big Data and Other Related Technologies
5.2.1.2 Advent of Machine Learning and Artificial Intelligence to Offer Personalized Customer Experiences
5.2.1.3 Growing Need to Preclude Fraudulent Activities During the Pandemic
5.2.2 Restraints
5.2.2.1 Inability to Quantify Roi
5.2.2.2 Concerns Related to Data Privacy and Security due to the Pandemic
5.2.3 Opportunities
5.2.3.1 Proliferation of Internet Coupled with the Rising Usage of Connected and Integrated Technologies
5.2.3.2 Increasing Demand for Real-Time Analytical Solutions to Track and Monitor COVID-19 Spread
5.2.4 Challenges
5.2.4.1 Complex Data Ecosystem Leading to Data Breaches and Security Issues
5.2.4.2 Ownership and Privacy of Collected Data
5.2.4.3 Lack of Advanced Analytical Knowledge Among the Workforces
5.2.5 Cumulative Growth Analysis
5.3 Industry Trends
5.4 Technology Analysis
5.4.1 Advanced Analytics and Ai
5.4.2 Advanced Analytics and Ml
5.4.3 Advanced Analytics and Iot
5.4.4 Advanced Analytics and Blockchain
5.5 Patent Analysis
5.5.1 Methodology
5.5.2 Document Type
5.5.3 Innovation and Patent Applications
5.5.4 Top Applicants
5.6 Pricing Model Analysis, 2021
5.7 Porter's Five Forces Analysis
6 Advanced Analytics Market, by Component
6.1 Introduction
6.1.1 Components: COVID-19 Impact
6.2 Solution
6.2.1 Increasing Popularity of Online Shopping and Rising Social Network Penetration to Boost the Demand for the Advanced Analytics Solution Across the Globe
6.3 Services
6.3.1 Professional Services
6.3.1.1 Training and Consulting Services
6.3.1.1.1 Training and Consulting Services are Needed in the Initial Phase of Implementing Advanced Analytics Solutions Based on Their Business Needs and Going Market Trends
6.3.1.2 System Integration and Implementation Services
6.3.1.2.1 Advanced Analytics Solutions Must be Integrated with Existing Systems; this Requires the Right Level of Connectors and Back-End Integration Capabilities
6.3.1.3 Support and Maintenance Services
6.3.1.3.1 Growing Need to Upgrade the Existing System and Assistance to the Installed Solutions to Drive the Growth of Support and Maintenance Services Across the Globe
6.3.2 Managed Services
6.3.2.1 Enterprises Must Ensure the Provision of Certain Services for Their Clients to Maintain Their Market Position in the Market
7 Advanced Analytics Market, by Business Function
7.1 Introduction
7.1.1 Business Functions: COVID-19 Impact
7.2 Marketing and Sales
7.2.1 with the Ever-Increasing Data of Customers Based on Online Purchases, Web Clicks, Social Media Activities, and Smart Connected Devices to Drive the Adoption of Advanced Analytics Solution to Enhance Marketing and Sales Business Function Within the Organization
7.3 Finance
7.3.1 Advanced Analytics Supports Financial Firms to Track Outstanding Invoices and Automate the Follow-Up Process to Ensure Invoices are Paid and Closed on Time
7.4 Human Resources
7.4.1 Increasing Need to Predict Employee Performance and Identify Hidden Talent for Organizations Would Drive the Adoption of Advanced Analytics Solution for the Human Resources Business Function in an Organization
7.5 Operations
7.5.1 Increasing Need to Improve Location and Distribution Center Performance Using All the Relevant Data, Ranging from Excel Spreadsheets to Boost the Growth of Advanced Analytics Solutions
7.6 Supply Chain
7.6.1 Increasing Need to Address the Challenges of Analyzing Production Processes in Organizations That May Increase Roi to Drive the Adoption of Advanced Analytics Solution
8 Advanced Analytics Market, by Type
9 Advanced Analytics Market, by Deployment Mode
9.1 Introduction
9.1.1 Deployment Modes: COVID-19 Impact
9.2 On-Premises
9.2.1 Data-Sensitive Organizations to Adopt the On-Premises Deployment Mode to Deploy Advanced Analytics Solutions
9.3 Cloud
9.3.1 Cloud Deployment Mode Provides Multiple Benefits, Such as Reduced Operational Costs, Simple Deployments, and Higher Scalability
10 Advanced Analytics Market, by Organization Size
10.1 Introduction
10.1.1 Organization Size: COVID-19 Impact
10.2 Large Enterprises
10.2.1 Effective Use of Advanced Analytics Techniques is Capable of Transforming Data into Deliverable Information That Will Drive the Adoption of Advanced Analytics Solution Among Large Enterprises
10.3 Small and Medium-Sized Enterprises
10.3.1 Adoption of New Technologies to Fix Issues for Enhancing Business Processes to Boost the Demand for Advanced Analytics Among Small and Medium-Sized Enterprises
11 Advanced Analytics Market, by Vertical
11.1 Introduction
11.1.1 Verticals: COVID-19 Impact
11.1.2 Major Use Cases: by Vertical
11.2 Banking, Financial Services, and Insurance
11.2.1 Advanced Analytics Identifies New Business Opportunities, Designing Customer Value Propositions and Constructing New Business Models Across the Bfsi Vertical
11.3 It and Telecom
11.3.1 Growing Penetration of Smartphones, Coupled with the Increase in the Number of Service Providers, Have Created the Demand to Adopt Advanced Analytics Solution Among the Telecom Industry
11.4 Retail and Consumer Goods
11.4.1 Rising Need to Enhance Customer Experience, Employee Efficiency, and the Overall Functioning of the Business to Boost the Demand for Advanced Analytics Across Retail and Consumer Goods Sectors
11.5 Healthcare and Life Sciences
11.5.1 Need to Improve Patient Management, Monitoring, and Enhance Patient Experience are Driving the Adoption of Advanced Analytics Across the Healthcare and Life Sciences Vertical
11.6 Transportation and Logistics
11.6.1 Growing to Manage Traffic and Handle Complex Supply Chain Operations Will Give a Boost to the Growth of Advanced Analytics Across the Transportation and Logistics Vertical
11.7 Government and Defense
11.7.1 Rising Need to Manage Critical Data and Deliver Enhanced Services to the Citizens to Drive the Growth of Advanced Analytics Among Government and Defense Industry
11.8 Manufacturing
11.8.1 Advanced Analytics Used in the Manufacturing Vertical Helps Improve Decision-Making and Enhance Performance
11.9 Media and Entertainment
11.9.1 Media and Entertainment Vertical Leverages Advanced Analytics Solution to Enhance Content and Customer Viewing Experience
11.10 Other Verticals
12 Advanced Analytics Market, by Region
13 Competitive Landscape
13.1 Overview
13.2 Key Player Strategies
13.3 Revenue Analysis
13.4 Market Share Analysis
13.5 Company Evaluation Quadrant
13.5.1 Stars
13.5.2 Emerging Leaders
13.5.3 Pervasive
13.5.4 Participant
13.6 Competitive Benchmarking
13.6.1 Company Product Footprint
13.7 Startup/Sme Evaluation Quadrant
13.7.1 Progressive Companies
13.7.2 Responsive Companies
13.7.3 Dynamic Companies
13.7.4 Starting Blocks
13.8 Startup/Sme Competitive Benchmarking
13.8.1 Company Product Footprint
13.9 Competitive Scenario and Trends
13.9.1 Product Launches
13.9.2 Deals
14 Company Profiles
14.1 Introduction
14.2 Ibm
14.3 Oracle
14.4 Sas Institute
14.5 Sap
14.6 Fico
14.7 Knime
14.8 Microsoft
14.9 Altair
14.10 Rapidminer
14.11 Aws
14.12 Salesforce
14.13 Tibco Software
14.14 Alteryx
14.15 Teradata
14.16 Adobe
14.17 Absolutdata Analytics
14.18 Moody's Analytics
14.19 Qlik
14.20 Databricks
14.21 Dataiku
14.22 Kinetica
14.23 Smes/Startup Companies
14.23.1 H2O.Ai
14.23.2 Domino Data Lab
14.23.3 Datarobot
14.23.4 Datachat
14.23.5 Imply
14.23.6 Promethium
14.23.7 Siren
14.23.8 Tellius
14.23.9 Sota Solutions
14.23.10 Vanti Analytics
15 Adjacent and Related Markets
16 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/400h14
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