Global Advanced Analytics Market by Type (Business Analytics, Big Data Analytics), by Deployment (On-premise, Cloud) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global advanced analytics market was valued at USD 12.17 million in 2020. It is expected to grow at a compound annual rate (CAGR of 25.7%) between 2021 and 2028. As part of efforts to optimize business processes and ensure continuity, the COVID-19 pandemic outbreak has led to the widespread adoption of advanced analytics by businesses. Advanced analytics are gaining popularity due to the advancements in technology, including Machine Learning, Data Mining, Semantic Analysis, Neural Networks, Multivariate Statistics, and the increasing volume of data generated every day by businesses. In order to keep their market edge, incumbents in various industries, such as IT, telecom, BFSI and energy, adopt cutting-edge analytics. A key driver of market growth is the increasing use of analytical solutions to forecast demand, optimize trade promotion, and analyze behavior, particularly in the retail sector.

In recent years, the volume of unorganized data has increased, including surveillance data, corporate email and consumer data generated by streaming activity for media subscriptions services like Amazon Prime Video, NetFlix and Hulu. The demand for database management tools is also increasing. This has led to a rising need for analytics for data management and strategic decisions-making. The increased volume of geospatial information has resulted in the need for advanced analytics to ensure the best management of this data. Many businesses are now using progressive analytics to help locate clients and create new strategies.

Market growth is being driven by the increasing adoption of advanced analytics for forecasting and predicting trading patterns, electricity consumption patterns, traffic conditions, and other factors. Analytics in demand forecasting allows companies to make informed data-based decisions and increase profitability. In addition to incumbents in various industries and verticals (such as manufacturing, banking and professional services), government agencies are also investing heavily in big data analytics. This drives the demand for advanced analytics. Over the forecast period, the demand for IoT-based predictive tools, which can be used to collect and analyze data from sensors such as temperature sensors, air quality sensor, and motion sensors within the IoT network is expected to increase.

Type Insights

In 2020, the big data analytics sector accounted for 30% of the total market. This is due to social media's growing popularity and the increase in virtual offices that generate large amounts of data. Big data analytics is gaining popularity in the area of information management, which can have a major impact on productivity and business processes. This segment is expected to grow due to the increasing adoption of big data analytics by businesses in order to improve operational efficiency and strengthen market strategies.

In line with increasing customer retention and lead management, the customer analytics market is expected to expand significantly in the forecast period. Customers are increasingly demanding customer analytics because of the strong focus businesses place on understanding their customers' buying habits and behaviours and thereby offering highly customized customer experiences. The segment is expected to grow with the continued introduction of business process automation and advances in technology, such as machine intelligence and machine learning, and the integration these technologies into customer analysis. The segment's growth is also expected to be supported by the efforts of incumbents in the retail industry to provide an omnichannel experience for their customers.

Information on Deployment

In 2020, the on-premise segment accounted for 54% of all revenue. On-premise deployment offers organizations more control and flexibility to personalize their IT infrastructure. On-premise deployment allows companies to reduce their dependence on the internet infrastructure, and protect their data against online fraud and other potential losses. These benefits will encourage large companies to choose on-premise deployment.

Large vendors like SAP SE, International Business Machines Corp. and Microsoft Corporation are aggressively introducing cloud analytics solutions. This is driving growth in the cloud segment. Many organizations are now deploying cutting-edge analytics solutions and integrating them with their existing business solutions (e.g. Enterprise Asset Management (EAM), Customer Relations Management (CRM), thereby encouraging product development and innovation.

Enterprise Size Insights

In 2020, the large enterprise segment accounted for more than 60% of revenue. This segment is expected to see significant growth in the future due to the widespread adoption of analytics solutions across functions (such as customer analytics and enterprise analytics) for managing large data sets and customers. Large enterprises generate large amounts of data, which is driving demand for big data analytics and predictive analytics. This will drive the segment's growth. Segment growth is expected to be driven by the strong emphasis that large enterprises place on data governance, location intelligence and enterprise planning.

As a result of the rapid growth in small and medium-sized enterprises in countries like China, Japan and Australia, the demand for cutting-edge analytics is on the rise. Especially, the SMEs sector will benefit from funding initiatives being pursued by different governments. The Government of Australia is pursuing the Digital Australia 2020 initiative, which provides funding to start-ups to adopt cloud-based advanced analytical solutions.

End-use Insights

In 2020, the BFSI segment held the largest market share at around 30%. This was due to the fact that incumbents in the BFSI sector continued to use advanced analytics to identify fraudulent transactions, optimize processes and manage data risks. Analytics aids banks and other financial institutions in sorting out unstructured data and ensuring regulatory compliance. Analytics can help financial institutions improve their operational efficiency and customer experience. Over the forecast period, the BFSI segment is expected to grow due to the growing need for advanced analytics that can replace the traditional anti-fraud technology tools.

Over the forecast period, the market for advanced analytics will grow due to the growing demand from IT and telecommunications companies for collaboration tools such as video conferencing or web conferencing. Organizations are also using analytical tools to protect themselves from fraudulent transactions such as illegal authorization, illegal acces, and cloning. Big data analytics is being used by telecom operators to personalize customer needs and build micro-segments.

Regional Insights

North America was the dominant market, with more than 50% revenue share in 2020. Growth is expected to be driven by the high volume of data generated in North America and the availability of the infrastructure necessary for cutting-edge analytics. Also, the increased adoption of solutions that are based on new technologies such as machine learning or big data analytics will drive this growth. The growing popularity of social media, as well as the use of advanced analytical tools by auto manufacturers, has contributed to the growth of the region's market. Some of the most prominent advanced analytics solution providers in North America include SAS Institute Inc., Microsoft Corporation, Oracle Corporation, and International Business Machines Corp.

Over the forecast period, the Asia Pacific region market will experience a remarkable growth rate. The region's businesses continue to adopt big data analytics solutions and tools, but they also have to deal with rising instances of digital fraud. Predictive analytics are needed to forecast demand due to the rapid growth of e-commerce in countries like India, Japan and China.

Market Share Insights & Key Companies

Altair Engineering, Inc., International Business Machines Corp., Fair Isaac Corporation, Microsoft Corporation, Oracle Corporation, and Trianz are some of the key players in advanced analytics market. Market players are aggressively investing in R&D, improving their internal processes and actively engaging in product development. They also aim to improve their products and acquire new customers. They also focus on strategic partnerships and mergers and acquisitions to create technologically advanced products that will give them a competitive advantage in the market.

To drive organic growth, market players are aggressively investing in R&D. International Business Machines Corp., for instance, launched a new IoT solution portfolio in February 2019. It combines advanced analytics with artificial intelligence. This new IoT portfolio is targeted at asset-intensive sectors to improve maintenance strategy. The following are some of the major players in the global advanced analysis market:

• Altair Engineering, Inc.

• Fair Isaac Corporation

• International Business Machines Corp.

• KNIME

• Microsoft Corporation

• Oracle Corporation

• RapidMiner, Inc.

• SAP SE

• SAS Institute Inc.

• Trianz

Up Market Research published a new report titled “Advanced Analytics Market research report which is segmented by Type (Business Analytics, Big Data Analytics), by Deployment (On-premise, Cloud), By Players/Companies SAP SE, Fair Isaac Corporation, Altair Engineering Inc, Trianz, Oracle Corporation, Microsoft Corporation, International Business Machines Corp, SAS Institute Inc, RapidMiner Inc, KNIME”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Advanced Analytics Market Report Segments:

The market is segmented by Type (Business Analytics, Big Data Analytics), by Deployment (On-premise, Cloud).

Advanced Analytics Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Advanced Analytics Market

Overview of the regional outlook of the Advanced Analytics Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Advanced Analytics Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Advanced Analytics Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Business Analytics

                2. Big Data Analytics

                1. On-premise

                2. Cloud

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Advanced Analytics Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Advanced Analytics Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.