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.
Growth Drivers
Challenges
|
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 |
|
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 |
|
|
By Deployment Type |
|
|
By Application |
|
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.
Author Credits: Abhishek Verma, Hetal Singh
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?