Advanced Analytics Market Size & Share, by Type (Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analytics); Deployment Type (On-Premise, Cloud); Application (BFSI, IT & Telecom, Healthcare, Government & Defense, Transportation, Retail) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5008
  • Published Date: Jun 12, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Advanced Analytics Market size is poised to cross USD 590 Billion by the end of 2035, growing at a CAGR of 24.6% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of advanced analytics was USD 42 Billion.

The industry growth is attributed to the advent of machine learning, artificial intelligence, and other advanced analytics solutions for gaining better insights. Further, the increasing digital penetration and social media use by people is another factor estimated to contribute to the growth of the market in the forecast period. For instance, digital transformation spending in 2022 was estimated to be USD 2 Trillion and is predicted to grow throughout the forecast period.

In addition to these, factors that are believed to fuel the advanced analytics market growth include the rise in investments and collaboration between major key players. For instance, on April 2022, Wipro collaborated with DataRobot, an augmented intelligence business to boost the business with consumer insights. Moreover, it also mediates the increased adoption of AI and other advanced analytics. Additionally, the developments in the big data field are estimated to contribute to the industry growth in the forecast period. Furthermore, the use of advanced analytics solutions by end-user verticals is slated to boost market growth.


Advanced Analytics Market
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Global Advanced Analytics Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Digitization and Increased Digital Data Production – On account of the increasing digitization and digital data production, the market is expected to expand more in the upcoming years. With increased digital penetration of consumers, high amounts of data are produced which need to be processed. Advanced analytics and data mining tools help in processing this huge amount of data and optimize the process of decision making thus helping business sectors. It is predicted that global digital spending reach USD 4 Trillion.
  • Surge in Demand for Data Analytics Solutions and Optimization – Consumer data has become harder and trickier to analyze. Many businesses employ data analytics solutions to cater to consumer data and create user profiles. These user profiles help in accessing user preferences, and information which is used to create targeted advertising and marketing efforts thereby optimizing the enterprises. Advanced analytics tools such as predicting analysis and data mining are used to gain business insights. It is predicted that the business analytics and advanced analytics market size is USD 18 Billion by 2024.
  • Advent of Machine Learning and Artificial Intelligence for Elevated Customer Experiences – Advanced analytics helps understand data better and extract crucial information that can help curate customer insights accordingly. With AI and ML advanced analytics, companies’ business goals could be readily achieved. It has also enhanced companies’ ability to gather information and their further analysis. For instance, Fukoku Mutual Life Insurance has adopted AI to calculate their payouts. This help analyzes any compliance-related changes along with monitoring data quality.
  • Proliferation of the Internet and Rising Use of Advanced Technologies – It is expected that with rising globalization and economic growth the demand for advanced analytics solutions increases. The increasing touchpoints and the need for collecting data in order to understand consumer behavior are also projected to boost market size. patients with chronic illnesses and disabilities, including spinal cord injuries, experience bowel incontinence more severely, which is anticipated to drive advanced analytics market. It is expected that by 2024, advanced analytic tools such as data mining and predictive analysis reach an estimated USD 16 Billion.

Challenges

  • Lack of advanced analytics knowledge among the workforce- The increasing concern amongst individuals and businesses associated with the use of advanced analytics and solutions is one of the major factors predicted to slow down the market growth. With the massive adoption of advanced technology, the workforce and enterprises are finding it difficult to implement and use.
  • Inability to quantify Return on Investments (RoI)
  • High procurement costs

Advanced Analytics Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~24.60%

Base Year Market Size (2022)

~ USD 42 Billion

Forecast Year Market Size (2035)

~ USD 590 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Advanced Analytics Segmentation

Application (BFSI, IT & Telecom, Healthcare, Government & Defense, Transportation, Retail)

The BFSI segment is estimated to hold 29% share of the global advanced analytics market by 2035. This growth is attributed to the increasing adoption of advanced analytics solutions for identifying fraudulent transactions, preventing any cyberattacks, optimizing processes, and handling all the associated risks in the sector.  For instance, financial service provider BBVA implemented a social media analytical tool that helps in gaining product and image insights. This is catered to over 47 million customers across the globe. This is expected to contribute to the growth of the segment in the forecast period. Further, novel approaches in the sector are also estimated to contribute to the growth of the segment.

Type (Big Data Analytics, Business Analytics, Customer Analytics, Risk Analytics, Statistical Analytics)

Advanced analytics market from the big data analytics segment is expected to garner a significant share of around ~35% in the year 2035. The growing popularity and prevalence of social media along with virtual offices and business is estimated to contribute to the growth of the segment in the forecast period. The emergence and adoption of SaaS big data analytics to make the automation of businesses easier is also another factor contributing to the growth of the segment in the forecast period. On the other hand, the increasing investments in cloud technologies are projected to witness a massive CAGR during the forecast period, owing to the rising importance of these online and digital platforms worldwide. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.

Our in-depth analysis of the global market includes the following segments:

     By Type

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

     By Deployment Type

  • On-Premise
  • Cloud

     By Application

  • BFSI
  • IT & Telecom
  • Healthcare
  • Government & Defense
  • Transportation
  • Retail

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Advanced Analytics Market - Regional Synopsis

The North America advanced analytics market is projected to be the largest with a share of about 45% by the end of 2035. This growth is attributed to the increasing infrastructure for the implementation of advanced analytics in the region. Further, the adoption of advanced analytics such as artificial intelligence and machine learning is estimated to contribute to the growth of the market in the forecast period. Increasing collaborations with various key players in the industry is also predicted to drive industry progression.  For instance, in December 2021, Microsoft Corporation and CVS Health collaborated in order to develop an innovative solution that could help improve the health of consumers. CVS leveraged Azure Cognitive services such as Computer Vision for automating its tasks. Further, the presence of various advanced analytics solution providers in the region such as Microsoft Corporation, Oracle, and IBM Corporation is also estimated to contribute to the growth of the market. Additionally, the presence of many businesses and new businesses coming up in the region needs advanced analytics solutions for a better understanding of the business is also estimated to boost the market growth in the region.

The Asia Pacific advanced analytics market is estimated to be the second largest, registering a share of about 24% by the end of 2035. This growth is credited to the rising adoption of big data analytical tools and solutions in the region. Further, the increasing investments of businesses in customer analytics to improve business success and efficiency are estimated to contribute to the growth of the market in the forecast period. Moreover, the presence of many travel companies in the area is also estimated to contribute to the  advanced analytics market growth. Adopting analytics solutions for gaining insights on the itinerary of buses, trains, and flights is the reason.

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Advanced Analytics Market Size
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Top Featured Companies Dominating the Global Advanced Analytics Landscape

top-features-companies
    • Altair Engineering, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Fair Isaac Corporation (FICO)
    • International Business Machines Corporation
    • KNIME
    • Microsoft Corporation
    • Oracle Corporation
    • RapidMiner, Inc.
    • SAP SE
    • SAS Institute Inc.
    • Trianz

In-the-news

In The News

  • IBM announced the launch of their newest software IBM Business Analytics Software. This software helps businesses dismantle large amounts of data and decode business insights without any possible disruptions. The software provides intelligent planning, forecasting, and reporting for improving business efficiency.
  • SAS announced a collaboration with the Monetary Authority of Singapore to implement and use the Veritas toolkit in order to integrate AI advanced solutions in the financial sectors. This helps in optimizing workflow automation and capabilities.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5008
  • Published Date: Jun 12, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing digitization, digital production, and increased adoption of advanced analytics solutions in end-user verticals are the major factors driving the market growth.

The market size of advanced analytics is anticipated to attain a CAGR of ~24.60% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Altair Engineering, Inc., Fair Isaac Corporation (FICO), International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, RapidMiner, Inc., SAP SE, SAS Institute Inc., and Trianz.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, deployment, application, and by region.

The BFSI segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Lack of advanced analytics awareness in the workforce and the high procurement costs are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Advanced Analytics Market Report Scope
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