DUBLIN–(BUSINESS WIRE)–The “Advanced Analytics Market Size, Share & Trends Analysis Report by Type (Big Data Analytics, Business Analytics), by Deployment (On-premise, Cloud), by Enterprise Size, by End-use, by Region and Segment Forecasts, 2021-2028” report has been added to ResearchAndMarkets.com’s offering.
The global advanced analytics market size is estimated to reach USD 74.99 billion by 2028, registering a CAGR of 25.7% over the forecast period.
The growing usage of analytics by incumbents of the retail, IT and telecom and BFSI, among other industries, for various functions, such as behavior analytics, buyer pattern recognition, demand forecasting and trade promotion optimization, is expected to drive the growth of the market. The outbreak of the COVID-19 pandemic has particularly triggered the adoption of advanced analytics as incumbents of various end-use industries are resorting to remote working and are subsequently opting for advanced analytics to ensure operational steadiness and business process optimization leveraging data-based decision-making. On the other hand, the growth of the IT industry in emerging economies, such as Brazil, Argentina, the Philippines and Egypt, has fueled the demand for workflow optimization, which is subsequently projected to drive the demand for advanced analytics.
Aggressive investments by the incumbents of various capital-intensive industries and industry verticals, such as manufacturing, automotive and pharmaceutical, in adopting advanced technology and digitalization for process optimization is expected to drive the growth of market growth over the forecast period. The usage of big data analytics in process optimization allows industrial manufacturers to identify variables that are affecting the production quality in real-time, improve the production process promptly and strengthen the supply chain. At the same time, while the demand for predictive solutions is growing, market players are aggressively launching cutting-edge analytics software solutions that can be offered over the cloud. For instance, Angoss Software Corporation, SAS Institute, Inc. and International Business Machines Corp., among others, are offering their respective advanced analytics software solutions primarily over the cloud.
Advanced analytics is emerging as an essential tool for predicting and forecasting trading patterns, electricity consumption patterns and rush-hour traffic conditions. Advanced analytics can potentially help organizations in improving strategic decision-making, managing operations smoothly and subsequently augmenting profitability. Apart from incumbents of various industries and industry verticals, such as military and defense, banking, healthcare and professional services, government agencies are also investing aggressively in big data analytics. The extensive adoption of analytics for processing and protecting the large volumes of data stored leveraging cloud services, such as Google Drive and Microsoft OneDrive, is expected to drive the growth of the market.
The outbreak of the COVID-19 pandemic has prompted organizations to reconfigure and revamp their business operations. Progressive analytics is particularly allowing businesses to revamp their analytical models and data management processes in line with the changing business environments. At this juncture, the measures being implemented to contain the spread of coronavirus, such as lockdowns, restrictions on travel and work from home and remote working policies, coupled with the changing behavior of end-users are expected to play a vital role in driving the growth of the market over the forecast period.
Advanced Analytics Market Report Highlights
- The big data analytics segment accounted for the largest market share of over 30% in 2020. The increasing popularity of social media and the rising number of virtual online offices has significantly propelled segment growth
- The cloud segment is expected to grow over the forecast period as businesses can store business data, including procurement data, customer data and transactional data, on the cloud and adopt cloud-based advanced analytics to support remote working and enable real-time decision making
- The large enterprise segment is expected to witness significant growth over the forecast period as the large enterprises are focusing on improving productivity and efficiency by adopting various advanced analytics solutions, such as business analytics and customer analytics, to efficiently manage large volumes of customer and asset data
- The BFSI segment is projected to register a CAGR of 25.1% from 2021 to 2028. The rising need to optimize processes, identify fraudulent transactions and facilitate risk handling across banks and financial institutions is expected to drive the growth of the market
- The Asia Pacific regional market is anticipated to reach USD 13.33 billion by 2028. While the growing e-commerce industry in countries, such as India, China and Singapore, has increased the demand for predictive analytics and demand forecasting, the growing incidences of fraud in the BFSI industry have also triggered the demand for advanced analytics in the region
Market Dynamics
Drivers
- Rise in the amount of data generated worldwide
- Increasing popularity of online shopping and rising social network penetration
- Increasing need to address industry-specific challenges
Challenges
- Lack of data integration and connectivity
Opportunities
- Increasing demand from the BFSI sector
Companies Mentioned
- Altair Engineering, Inc.
- Fair Isaac Corporation
- International Business Machines Corp.
- KNIME
- Microsoft Corporation
- Oracle Corporation
- RapidMiner, Inc.
- SAP SE
- SAS Institute Inc.
- Trianz
For more information about this report visit https://www.researchandmarkets.com/r/4e86iw
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