Global Advanced Analytics Market Projected to Hit USD 180.5 billion at a 22.3% CAGR by 2030 – Report by Market Research Future (MRFR)

Market Research Future Insights

According to MRFR analysis, the global Advanced Analytics market is expected to register a CAGR of ~22.3% from 2023 to 2030 and hold a value of over USD 180.5 Billion by 2030.

The Advanced Analytics Market refers to the use of advanced analytical techniques, algorithms, and tools to analyze large and complex datasets, extract valuable insights, and make data-driven decisions. It encompasses a range of methods such as predictive analytics, machine learning, data mining, and optimization. Advanced analytics enables organizations to uncover hidden patterns, identify trends, perform predictive modeling, and optimize business processes.

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Advanced Analytics Market Key Players

Some of the market key players are

• Altair Engineering, Inc.
• Fair Isaac Corporation (FICO)
• International Business Machines Corporation
• KNIME
• Microsoft Corporation
• Oracle Corporation
• RapidMiner, Inc.
• SAP SE
• SAS Institute Inc.
• Trianz

The COVID-19 pandemic has had a significant impact on the advanced analytics market. As businesses faced unprecedented challenges, there was a heightened need for accurate and timely insights to understand rapidly changing market dynamics, consumer behavior, and supply chain disruptions. Organizations turned to advanced analytics to gain a deeper understanding of the impact of the pandemic on their operations and make informed decisions.

The pandemic highlighted the importance of advanced analytics in various sectors. For instance, in healthcare, advanced analytics played a crucial role in tracking the spread of the virus, predicting patient outcomes, and optimizing resource allocation. In retail, advanced analytics helped retailers adapt to shifting consumer preferences and optimize their online operations.

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Regional Analysis

North America dominates the advanced analytics market, driven by the presence of major technology companies, a strong focus on data-driven decision-making, and a mature analytics ecosystem. Europe holds a significant share in the market, with industries such as finance, healthcare, and manufacturing adopting advanced analytics to optimize processes and gain competitive advantages.

The Asia Pacific region is witnessing rapid growth in the advanced analytics market, fueled by the increasing digitalization, growing volumes of data, and the adoption of analytics for business transformation in countries like China, India, and Japan. Latin America is also experiencing growth in the market, driven by the increasing awareness of the benefits of advanced analytics in industries such as retail, banking, and telecommunications. The Middle East and Africa region is gradually adopting advanced analytics solutions, as organizations recognize the value of data-driven insights for improving operations and driving innovation.

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Market Segmentation

The Global Advanced Analytics market has been segmented into application and Business Offering Type           

Based on Application: BFSI, IT & communications, healthcare, Government & defense, Transportation & logistics, Consumer goods & retail

Based on Business Offering Type: Statistical analysis, Big data analytics, Customer analytics, Social analytics, Visual analytics, Risk analytics, Business analytics and Predictive modeling

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