Advanced Analytics Market Is Set For A Rapid Growth And Is Expected To Reach USD 253.74 Billion By 2028

12-Jun-2021 | Zion Market Research

Zion Market Research has published a new report titled “Advanced Analytics Market by (Statistical Analysis, Big Data Analytics, Customer Analytics, Social Analytics, Visual Analytics, Risk Analytics, Business Analytics and Predictive Modelling) for Banking and Financial Services, Telecom and IT, Healthcare, Government and Defence, Transportation and Logistics and Consumer Goods and Retails Applications - Global Industry Perspective, Comprehensive Analysis and Forecast, 2021–2028.” According to the report, the Advanced Analytics Market accounted for USD 29.9 Billion in 2020 and is expected to reach USD 253.74 Billion by 2028, growing at a CAGR of around 23.10% between 2021 and 2028.

North Advanced Analytics Market

Advanced Analytics Market Size to Touch Nearly 730.2 Billion By 2026

The report covers forecast and analysis for the Advanced Analytics market on a global and regional level. The study provides historic data of 2020 along with a forecast from 2021 to 2028 based revenue (USD Billion). The study includes drivers and restraints for the Advanced Analytics market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the Advanced Analytics market on a global level.

At present, as the volume of data constantly grows and evolves, traditional analytics and methods are not efficient to adapt with this great amount of structured and non-structured data. Advanced analytics capabilities let organization incorporate forward-looking techniques like data mining, Big Data analytics, predictive analytics, and location intelligence to extract valuable information from their data to help in business decision making..

Increasing demand to counter big data challenges paired with emerging technologies along with business intelligence and analytics are the most prominent factors expected to boost the demand for advanced analytics in coming years. Small and medium-sized companies are coming with updated solution and services to optimize the efficiency of businesses with lower cost as compared to established players. In addition, cost reductions from cloud deployment models, benefits of advanced analytics over traditional analytics, increasing need to address vertical specific challenges are the some of the contributing factors to the growth of advanced analytics in coming years. On the other hand, technical misspecification's regarding advanced analytics is expected to pose a challenge to market growth. Nonetheless, adoption by niche industries is likely to open new doors for the advanced analytics demand.

Big Data analytics, risk analytics, and predictive analytics are some of the prominent type segment of the advanced analytics market in 2018. The growth of these segments is mainly attributed to the ability of advanced analytics to address vertical specific challenges.

Banking and financial services, telecom and IT and healthcare were the leading application segment in 2018. The growth of banking and financial service segment is mainly driven by rising use of advanced analytics to mitigate frauds, optimize processes and to handle risks. Consumer goods and retails application segment is expected to experience significant growth owing to demand price optimization and demand for critical customer insight.

With the largest share, North America emerged as the dominating regional market for advanced analytics in 2018 owing to high technology adoption rate. Increasing service sector across Asia Pacific and rising demand from small sized companies are expected to fuel the growth of advanced analytics market in Asia Pacific region.

Some of the key players in the advanced analytics are Oracle Corporation, Statsoft, Angoss, Microsoft Corporation, Sap, SAS, Fico,Knime, and IBM Corporation amongst others

Browse the full Advanced Analytics Market By Product Type Segment Analysis (Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analysis), By Enterprise Size Segment Analysis (Large Enterprises, Small & Medium Enterprises (SMEs)), By End-User Segment Analysis (BFSI, Government, Healthcare, IT & Telecom, Military & defence): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/advanced-analytics-market

The global Advanced Analytics market is segmented as follows:

By Product Type: 

  • Big Data Analytics
  • Business Analytics
  • Customer Analytics
  • Risk Analytics
  • Statistical Analysis
  • Others

By Enterprise Size:

  • Large Enterprises
  • Small & Medium Enterprises (SMEs)

By End-user:

  • BFSI
  • Government
  • Healthcare
  • IT & Telecom
  • Military & Defense
  • Others

By Region:

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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