Advanced Analytics Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (Big Data Analytics, Business Analytics, Customer Analytics, Statistical Analytics, Risk Analytics, Others); Deployment (On-Premise, Cloud); Enterprise Size (Small and Medium, Large); End-User (BFSI, Retail, Healthcare, IT & Telecom, Transportation and Logistics, Government, Others); and Region & Country.
Advanced Analytics Market is expected to exceed the market valuation of more than US$ XX billion in 2027 and is expected to grow at a significant CAGR of 26% during the forecast period (2021-2027). Advanced analytics is the semi-autonomous and autonomous examination of data with the help of sophisticated tools and techniques which can typically not be done by traditional business intelligence (BI) and helps discover deeper insights, generate recommendations, or make predictions. Advanced Analytics, includes technique such as machine learning, forecasting, data/text mining, pattern matching, visualization, semantic analysis, network and cluster analysis, sentiment analysis, simulation, neural networks, event processing etc. This is constantly evolving and growing with new additional by the industry. Data analytics basically helps one get more out of their data. Organizations can perform advanced statistical models with the help of advanced analytics tools. These “what-if” calculations with advanced analytics help future proof various operational aspects of the company.
The tremendously increasing industrial data is accelerating the growth of the advanced analytics market. Additionally, the adoption of this technology was also influenced by the covid-19 pandemic as business struggled to sustain themselves. Advanced analytics gave them a hope to adopt recommended alterations to enhance their business growth. The latest advances in the machine learning, semantic analysis, data mining, neural networks technology and much more is also driving the advanced analytics market growth. With the increasing amount of data being generated by businesses such as BFSI, IT, energy & utilities etc., data processing and rapid decision making are necessary to stay in the competitive edge. This is increasing the dependence of industries on the advanced analytics sector which is estimated to show a significant market growth during the forecasted period. According to a report by AIM and praxis business school of India, in 2018 the data science and analytics and bid data industry was US$ 2.71 billion annual revenue and has grown to US$ 3.03 billion in 2019 and this number is expected to double by 2025.
Usage of AI in Various Industries Globally (%), Q4 2021
Altair Engineering, Inc., Fair Isaac Corporation, International Business Machines Corp., KNIME, Microsoft Corporation, Oracle Corporation, RapidMiner, Inc., SAP SE, SAS Institute Inc., and Trianz are some of the prominent players operating in the Advanced Analytics Market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Type, Big Data Analytics segment holds the major share”
Based on Type, the advanced analytics market is segmented into Big Data Analytics, Business Analytics, Customer Analytics, Statistical Analytics, Risk Analytics, and Others. Amongst type, the big data analytics segment of the advanced analytics market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027. This is due to the rising popularity of the social media and the virtual and digital platforms. These platforms produce a large volume of data, and this data needs to be managed which is the growing area in big data analytics. This growing adoption of big data analytics in enhancing the efficiency and marketing strategies of the companies. Another segment that is expected to grow at a significant rate during the forecast period the is customer analytics segment due to the rising demand for lead management, customer experience management and customer retention techniques.
“Amongst Deployment, On-Premise segment holds the major share”
Based on deployment, the advanced analytics market is segmented into On-Premise and Cloud. Amongst deployment, on-premise segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. Organization with on-premise deployment can stay more flexible and can customize their IT infrastructure. This also reduces the dependency of organizations on the internet infrastructure and can protect their data from fraud and potential losses. These benefits are encouraging more and more organizations 9especially large) to opt on-premise deployment.
“Amongst Enterprise Size, Large Enterprise segment holds the major share”
Based on enterprise size, the advanced analytics market is segmented into Small and Medium and Large. The large enterprise segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F. This is owing to adoptions of analytics solutions across their application including business and customer analytics which can help manage large databases efficiently. Since large organizations also generate large volumes of data, their adoption is driving the advanced analytics market growth. Large enterprises are adopting enterprise planning, data governance and location intelligence which is fueling the segment growth.
“Amongst End-User, BSFI segment holds the major share”
Based on End-User, the advanced analytics market is segmented into BFSI, Retail, Healthcare, IT & Telecom, Transportation and Logistics, Government, and Others. Amongst end-user, the BSFI segment of the advanced analytics market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027. The BFSI has adopted advanced analytics to identify fraudulent transactions, data handling risks, and optimizing processes. With the help of analytics banks and other financial institutions can so unstructured data and ensure regulatory compliance. Moreover, this also allows financial institutions to adopt better operational efficiency and enhance customer experience. The growing demand for replacing anti-fraud technology tools with advanced analytics is expected to boost the BFSI segment of the advanced analytics market.
“North America represents one of the largest markets of Advanced Analytics market”
For a better understanding of the market dynamics of the Advanced Analytics market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to the increasing need of data management by industries.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at once
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
Advanced Analytics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Advanced Analytics market were the three major steps undertaken to create and analyze the adoption of Advanced Analytics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Advanced Analytics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Advanced Analytics through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Advanced Analytics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segment included in the report is type, deployment, enterprise size and end-user. Further country-level analyses were conducted to evaluate the overall adoption of Advanced Analytics in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Advanced Analytics. Further, we conducted factor analysis using dependent and independent variables such as increase in data and the increasing need for its management in businesses. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Advanced Analytics sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Advanced Analytics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Advanced Analytics across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Advanced Analytics market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Advanced Analytics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Advanced Analytics market.
The main objective of the Advanced Analytics Market Study
The current & future market trends of Advanced Analytics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Advanced Analytics in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and their subtypes
- Define and analysis of the regulatory framework for the Advanced Analytics industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Advanced Analytics market for the major region
- Major regions studied in the report include North America (the U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
- Company profiles of the Advanced Analytics market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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