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 encompasses a range of data-driven computational techniques that are designed to autonomously or semi-autonomously uncover profound insights, identify patterns, conduct data mining, predict outcomes, and generate robust recommendations or solutions. It utilizes various approaches such as complex event processing, machine learning (ML), data virtualization, big data analytics, and sentiment analysis. These advanced analytics solutions play a crucial role in identifying patterns, finding matches within unstructured data, detecting emotional cues in texts, and exploring correlations within semi-structured and structured data. Consequently, these analyses are widely utilized for predictive modeling and providing capabilities to tackle complex challenges.
How Big is the Advanced Analytics Market?
|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|
What Are the Growth Prospects and Trends in the Advanced Analytics Industry?
The advanced analytics market is experiencing significant growth due to various factors. One of the key drivers is the increasing adoption of analytical solutions in companies, driven by the growing need for artificial intelligence (AI) and machine learning (ML) to achieve diverse business goals, gather and analyze structured and unstructured information. Furthermore, the banking, financial services, and insurance (BFSI) sector are witnessing a rise in fraudulent activities, leading to an increased demand for advanced analytics solutions with anti-fraud technology for effective risk management. The market is also being propelled by the introduction of technologies like artificial neural networks, geographical information systems (GIS), and business intelligence (BI) models, as well as the integration of cloud computing and software-as-a-service (SaaS) solutions. Additionally, the use of advanced analytics with electronic health records (EHRs) is on the rise, allowing healthcare providers to gain valuable insights into patient conditions and develop customized treatment plans remotely. Moreover, the ongoing digitalization efforts, expansion of information technology (IT) infrastructure, and strategic collaborations among key industry players are expected to further fuel the growth of the advanced analytics market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
- Professional Service
- Managed Service
- Big Data Analytics
- Business Analytics
- Customer Analytics
- Statistical Analytics
- Risk Analytics
Deployment Mode Insights:
Business Function Insights:
- Supply Chain
- Sales and Marketing
- Human Resource (HR)
Enterprise Size Insights:
- Large Enterprise
- Small and Medium-sized Enterprise
Industrial Vertical Insights:
- IT and Telecom
- Military and Defense
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- 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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