Advanced Analytics Market size to surpass around USD 156.3 billion by 2032 | Altair, Microsoft, IBM, Adobe, Teradata, DataRobot, DataChat

In 2022, the worldwide advanced analytics market was valued at USD 20.6 billion, projected to attain USD 156.3 billion by 2032, with a compound annual growth rate (CAGR) of 22.5% during 2023-2032.

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Advanced analytics is a term for the sophisticated statistical and mathematical techniques used to examine data and draw conclusions from it. Data mining, predictive modeling, and machine learning are all forms of advanced analytics.

Key Trends

There are four key trends in Advanced Analytics technology:

The use of artificial intelligence (AI) and machine learning (ML) to automate the analysis of data.
The use of big data to drive the analysis.
The use of predictive analytics to identify future trends.
The use of prescriptive analytics to recommend actions.

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Key Drivers

There are four key drivers of the advanced analytics market:

The increasing volume of data: With the proliferation of digital devices and the growth of the Internet of Things (IoT), organizations are now generating more data than ever before. This increase in data volume is driving organizations to adopt advanced analytics solutions to help them make sense of all this data.
The need for real-time insights: In today's fast-paced business world, organizations need to be able to make decisions quickly.
The need for more personalized experiences: With the growth of digital channels, customers now expect a more personalized experience.
The need to improve operational efficiency: Advanced analytics solutions can help organizations improve their operational efficiency by identifying inefficiencies and areas for improvement.

Restraints & Challenges

The key restraints in the advanced analytics market are data privacy and security concerns, lack of skilled personnel, and high initial investment.

Data privacy and security concerns are the major restraint as the organizations are not comfortable in sharing their confidential data with the service providers.

Lack of skilled personnel is another restraint as the required skillset is not available in the market.

The high initial investment is also a restraint as the organizations have to invest heavily in hardware, software, and services.

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Market Segments

The advanced analytics market is segmented by business function, type, end-use, and region. By business function, the market is classified into finance, human resource, operations, supply chain, and marketing and sales. On the basis of type, it is bifurcated into big data analytics, predictive analytics, customer analytics, and others. Based on end-use, it is divided into BFSI, healthcare, consumer, transportation, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.

Key Players

The global advanced analytics market includes players such as Oracle, Altair, Microsoft, IBM, Adobe, Teradata, DataRobot, DataChat, Imply, Promethium, and others.

Market Segments

By Type

Big Data Analytics
Predictive Analytics
Customer Analytics
Others

By Business Function

Finance
Human Resource
Operations
Supply Chain
Marketing and Sales

By End-Use

BFSI
Healthcare
Consumer
Transportation
Others

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This release was published on openPR.