Advanced Analytics Industry Overview
The global advanced analytics market size is expected to reach USD 189.56 billion by 2030, expanding at a CAGR of 21.1% from 2022 to 2030, according to a new report published by Grand View Research, Inc. The market growth can be attributed to the increasing demand for advanced analytical solutions by companies across the retail, IT telecom, and BFSI sectors, among others. These solutions help to process large volumes of data and determine fraudulent activities, thus ensuring data protection. For instance, IBM Cloud Pak for Security enables companies to identify hidden threats and make informed risk-based decisions.
Industries such as manufacturing, automotive, and pharmaceuticals are rapidly adopting artificial intelligence, machine learning, and big data to optimize their business processes. These technologies enable manufacturers to improve their production process, increase supply chain efficiency, and identify variables affecting the production quality, which bodes well for market growth. Moreover, as the demand for predictive solutions is growing, key players such as SAS Institute, Inc. and International Business Machines Corp. are introducing cutting-edge solutions that can be offered on cloud.
Advanced analytical solutions are emerging as an essential tool for predicting and forecasting trading patterns, electricity consumption patterns, and rush-hour traffic conditions. As such, many government agencies are making significant investments in these solutions. For instance, the Australian Institute of Health and Welfare uses predictive analysis to access large datasets, such as national hospitals’ databases. The agency uses a projection model to forecast Australian healthcare expenditure by combining various factors, such as population growth, the volume of service per treated case, and excess health price inflation.
Advanced Analytics Market Segmentation
Grand View Research has segmented the global advanced analytics market based on type, deployment, enterprise size, end use, and region:
Based on the Type, the market is segmented into Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analysis, and Others.
- The big data analytics segment accounted for a market share of over 35% in 2021. The growth of the segment can be attributed to the increasing popularity of social media platforms and the growing number of virtual offices that produce large data volumes. Moreover, the emergence of SaaS-based big data analytics has made the implementation of automation easier and allowed advanced analytical models to be built in a self-service model.
- The customer analytics segment is expected to register a notable CAGR of 20.1%, in line with the increasing demand for improved lead management, customer retention, and customer experience management. Customer analytics is highly used in the retail industry to develop personalized communications and marketing programs.
Based on the Deployment, the market is segmented into On-premise, and Cloud.
- The on-premise segment accounted for a market share of over 45% in 2021. On-premise deployments offer organizations more flexibility and control to customize their IT infrastructure while also reducing their dependency on the internet and protecting business data from potential losses and frauds.
- The cloud segment is expected to witness significant growth over the forecast period. The increased penetration of IoTand cloud computing is expected to boost the demand for cloud solutions. Advanced cloud analytics solutions continue to influence how organizations run, organize, and use data generated by their digital channels.
Based on the Enterprise Size, the market is segmented into Large Enterprises, and Small Medium Enterprises.
- The large enterprises segment held the largest market share of over 60% in 2021. The segment’s growth can be attributed to the growing adoption of advanced analytics solutions such as customer analytics and business analytics for efficiently managing the vast databases of customers and assets in large enterprises.
- The Small Medium Enterprises (SMEs) segment held a market share of over 35% in 2021. The rising demand for dashboards for data visualization is anticipated to drive the demand for advanced analytics solutions by SMEs. Furthermore, SMEs opt for advanced analytics solutions to provide enhanced customer services and make better decisions in line with inherent risks.
Based on the End-use, the market is segmented into BFSI, Government, Healthcare, IT Telecom, Military Defense, and Others.
- The BFSI segment accounted for the largest market share of over 25% in 2021. The segment growth can be attributed to the continuous adoption of advanced analytics for identifying fraudulent transactions, optimizing processes, and handling data risks.
- The IT telecom segment held a market share of over 20% in 2021. The segment growth can be attributed to the growing demand for collaboration tools such as web conferencing and video conferencing. Furthermore, companies in this sector are adopting advanced analytical tools for the prevention of fraud, such as illegal access, authorization, or cloning.
Key Companies Market Share Insights
The market is dominated by a few large players. However, the emergence of niche players offering industry-specific solutions has changed the market dynamics in recent years. Companies can be seen engaging in mergers, acquisitions, and partnerships to further upgrade their products and gain a competitive advantage in the market.
Companies are working on new product development and the enhancement of existing products to acquire new customers and capture a larger market. For instance, in February 2021, RapidMiner, Inc. announced a partnership with Hivecell, an Edge-as-a-Service company. The collaboration is aimed at allowing users to rapidly create and operate models with streaming data from the edge. Through the integration, Hivecell’s users would be able to use models built with the RapidMiner platform to enable AI-optimized decision-making wherever needed. Some prominent players in the global advanced analytics market include:
- Altair Engineering, Inc.
- Fair Isaac Corporation (FICO)
- International Business Machines Corporation
- KNIME
- Microsoft Corporation
- Oracle Corporation
- RapidMiner, Inc.
- SAP SE
- SAS Institute Inc.
- Trianz
Order a free sample PDF of the Advanced Analytics Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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