Advanced Analytics Market Forecast to Grow at 28.6% CAGR from 2024 to 2031 | SkyQuest Technology

Skyquest Technology

Advanced Analytics Market size was valued at around USD 41.85 billion in 2022 and is expected to rise from USD 64.3 billion in 2023 to reach a value of USD 480.99 Billion by 2031, at a CAGR of 28.6% during the forecast period (2024–2031). 

The global advanced analytics market is developing due to increased use of computer learning and artificial intelligence (AI) to generate personalized client experiences and the growing popularity of online shopping. Aside from that, the increasing use of social networking platforms is a significant driver of market expansion. The amount of data obtained by companies across the globe has increased dramatically in recent years. Many businesses use acquired data to make more informed, timely, and fact-based decisions. This has increased the demand for advanced analytics solutions regarding data management and strategy formulation.

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Top Player’s Company Profiles

• IBM
• Microsoft Corporation
• SAP SE
• Oracle Corporation
• SAS Institute Inc.
• Amazon Web Services Inc.
• Google LLC
• Teradata Corporation
• Alteryx, Inc.
• MicroStrategy Incorporated
• TIBCO Software Inc.
• Qlik Technologies Inc.
• Tableau Software, LLC
• RapidMiner, Inc.
• KNIME AG
• FICO (Fair Isaac Corporation)
• Databricks, Inc.
• Cloudera, Inc.
• Talend Inc.
• MathWorks, Inc.

How AI, ML, and Cloud-Based Solutions are Shaping Future

• Advanced analytics represents AI and machine learning as the core technologies. This can be helpful for businesses to reap useful insights from complex and unstructured data through mechanizing decision-making processes.
• Cloud-based solutionsgain popularity because of their scalability, cost effectiveness, and ease of installation. Advanced analytics solutions based on the cloud fast gain a central position in enterprises in the wake of hybrid and multi-cloud systems.
• Natural language processing (NLP) is becoming increasingly prominent as a critical technology for advanced analytics solutions. NLP may help businesses extract insights from unstructured data, such as customer feedback and social media, which can reveal important information about customer behavior and preferences.

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Segments covered

Type

Big Data Analytics, Predictive Analytics, Customer Analytics, Risk Analytics, Statistical Analysis, Prescriptive Analytics and Other

Business Function

HR, Sales and Marketing, Finance and Accounting, Operations and Supply Chain, Others

Vertical

BFSI, Government and Defense, Healthcare and Sciences, Media and Entertainment, IT & ITEs, Telecom, Retail and Customer Goods, Manufacturing, Automotive and Transportation, and Others

Offering

Solutions (Cloud and On Premises) and Services (Professional Services [Training & Consulting, System Integration & Implementation, Support & Maintenance] and Managed Services

Rise of Niche Competitors and Strategic Collaborations in Analytics Sector

There are only a few large firms accounting for bulk revenues in this highly concentrated market. Over the past few years, however, niche players have altered market dynamics with their industry-focused solutions. Many companies are adopting merger, acquisition, and alliance opportunities to complement their product lines. Next-generation product development and brushing up of existing products is in the pipeline to attract more customers and market share. For instance, RapidMiner, Inc. has just announced a cooperation with Hivecell, an Edge-as-a-Service provider, back in 2021. The goal of the collaboration is to ease the process of creating and executing models based on edge data for users.

Significant Developments in Advanced Analytics Solutions

• December 2023: Advanced analytics software firm FICO has introduced a new cloud-based platform in India, aiming to transform banks through new business models and discover new sources of value from customer experience. The banks that have implemented this cloud-based analytics solution include AU Small Finance Bank, HDFC Bank, and Axis Bank.
• June 2023: Analytics platform vendor Alteryx teamed up with Snowflake to develop automated decision intelligence cloud capabilities, where users would rapidly build insights from deep analytics.
• May 2023: Teradata collaborated with FICO to deploy new advanced analytics for providing real-time deep data insights for payment fraud, supply chain optimization, and insurance claims, with the goal to boost risk mitigation and profits.

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Influence of E-Commerce and Social Platforms on Analytics

The expanding popularity of online shopping, as well as the increased use of social networking platforms, are key factors driving the advanced analytics market expansion. The amount of data collected by companies across the globe has grown significantly in the past few years. Most businesses use acquired data to make better, quicker, and more informed choices. This results in the need for more advanced analytics solutions for data management and strategic decision-making.

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