Advanced Analytics Market Research Report- Forecast till 2027

Global Advanced Analytics Market Research Report: by Type (Statistical Analysis, Big Data Analytics, Customer Analytics, Social Analytics, Visual Analytics, Risk Analytics, Business Analytics, Predictive Modeling), Application – Forecast till 2027

ID: MRFR/ICT/3847-HCR | February 2021 | Region: Global | 100 pages         

Advanced Analytics Market

Advanced Analytics Market is Predicted to Reach US$ 89.9 Billion by 2027 Registering a CAGR of 21.5%

Segmentation

By Application BFSI IT & communications healthcare government & defense transportation & logistics consumer goods & retail
By End-users statistical analysis big data analytics customer analytics social analytics visual analytics risk analytics business analytics predictive modeling

Key Players

  • SAS Institute (U.S.)
  • SAP SE (Germany)
  • IBM Corporation (U.S.)
  • Oracle Corporation (U.S.)
  • KNIME AG (Switzerland)
  • Statsoft
  • Angoss Software Corporation (Canada)
  • Microsoft Corporation (U.S.)
  • Fico (U.S.)

Drivers

  • Growing enterprise data
  • Growing demand for big data analytics is set to drive the growth of advanced analytics market
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Market Synopsis of Advanced Analytics Market


Market overview


According to the latest research reports, the global advanced analytics market is predicted to grow at a CAGR of near about 15% during the forecast period 2017 – 2023. With the rise of social networking, internet retailers are being inundated with data. Traditional analytics techniques are unable to detect hidden patterns in this data. Advanced analytics market tools assist in uncovering this hidden information, which can subsequently be utilized by businesses to provide important insights into their consumers' thinking and assist firms in using this information to personalize their offerings to their customers.


The advanced analytics industry is not only expanding but also accelerating. One important element fueling the growth of the global advanced analytics market is the increase in business data. Advanced analytics is a broad area of investigation that may be utilized to assist make changes and enhance business operations. Advanced analytics entails the application of mathematical procedures to understand data. It aids in the generation of forecasts, the generation of suggestions, and the discovery of deeper insights. Banking and the financial industry are utilizing sophisticated analytics to reduce fraud, streamline operations, and manage risks. The telecom industry is utilizing these data to protect consumers from the churn and to reduce turnover through targeted marketing initiatives for individual customers. These analytics are being used in the healthcare business to improve clinical performance as well as to detect and manage fraud. It is beneficial to retail organizations since it provides insight into customer purchasing behavior and aids merchants in merchandise planning and size optimization.


This report contains all the information on the global advanced analytics market analysis and strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global advanced analytics market reports and forecast to 2023 is also included in the report.


Covid 19 Analysis


The COVID-19 epidemic has had an influence not just on our personal life, but also on the global economy. International export and import activities have stalled, and the global economy appears to be trailing. However, with government backing and strict emergency restrictions, we expect to conquer this bio war shortly. For the benefit of market investors, Fortune Business Insights is providing a thorough study of the impact of COVID-19 on various markets.


Market Dynamic



  •         Drivers


The growing popularity and need for social media is a major driving force in the advanced analytics industry. With the widespread use of social media, a big database is produced, allowing businesses to learn about customer preferences and plan their business plans. As a result, the implementation of sophisticated analytics in database administration is expected to accelerate advanced analytics market growth.



  •         Opportunities


The worldwide advanced analytics market has grown due to a significant increase in market rivalry, which is a continuing trend. The increasing importance of data, whether structured or unstructured, currently plays a critical function, which will further extend growth opportunities in the advanced analytical industry. Furthermore, the availability of many advanced analytics programs that give advanced results, such as text analytics, predictive analytics, and customer analytics decision support and optimization apps, has boosted demand in the worldwide advanced analytics market.



  •         Restraints


The complicated nature of unstructured data, as well as the miscalculation of recognized dangers, may represent a significant threat to the market in the future years.



  •         Challenges


Technical misspecifications of goods and others give incorrect information, resulting in poor decisions that have a significant negative impact on the firm. As a result, technical misspecifications are almost guaranteed to stymie uptake, therefore hampering market development.


Cumulative Growth Analysis


The worldwide advanced analytics market trend is dominated by SAS Institute, SAP SE, IBM Corporation, Oracle Corporation, KNIME AG, Statsoft, and Microsoft Corporation. Advanced analytics assists in making educated company decisions by providing full market insights and in-depth market analyses. The growing need for big data analytics is expected to fuel the expansion of the advanced analytics market. The primary drivers of big data development are the rise of data, the expansion of cloud computing, and the growing need for advanced analytics. Cloud technology is becoming more common, and the seamless connectivity provided by the cloud makes it more accessible while also improving the ease of exchanging data and applications. As a result, the introduction of cloud technology is one of the key factors driving the growth of the advanced analytics business.


Because of the growing desire to minimize fraud, improve operations, and manage risks, the BFSI sub-segment of the worldwide advanced analytics market is projected to have the biggest share of the market. Whereas the IT & telecommunications subsegment is anticipated to develop at the fastest rate during the forecast period due to increased usage of sophisticated analytics solutions to gain better market insights. Furthermore, one important reason fueling the growth of the advanced analytics market is the rising trend of predictive analytics.


Value Chain Analysis


According to the reports, the global advanced analytics market is segmented on the basis of types, applications, and regions. The market is divided into statistical analysis, big data analytics, customer analytics, social analytics, visual analytics, risk analytics, business analytics, and predictive modeling, depending on the kind. The market is divided into BFSI, IT & communications, healthcare, government & defense, transportation & logistics, consumer goods & retail, and others depending on the application.


Regulatory reforms, customer profitability, operational efficiency, risk management, credit risk analysis, fraud detection and management, budgeting and planning, and process optimization are all part of the BFSI application category. Targeting offer and campaign management, cell site optimization, revenue assurance, customer profitability analysis, network dynamics, and congestion control, and social network analysis are all part of the IT and telecommunications application area. Predictive modeling and financial performance & monitoring are two healthcare application segments.


Defense health and scenario planning are examples of government and defense applications. Inventory optimization, supply chain planning, sales, and operational planning, and quality lifecycle management are all part of the transportation and logistics application area. Price optimization, customer intelligence, planning and organization, merchandise planning, and size optimization are all part of the consumer goods and retail application area.


Segmentation Overview


The market is segmented on the basis of types, applications, and regions. The global advanced analytics market is expected to witness decent growth during the forecast period.


By Application


Based on the application, the market is segmented into BFSI, IT & communications, healthcare, government & defense, transportation & logistics, consumer goods & retail, and others.


By end-users


Based on the propulsion types, the market is segmented into statistical analysis, big data analytics, customer analytics, social analytics, visual analytics, risk analytics, business analytics, and predictive modeling.


Regional Analysis


According to the reports, Asia Pacific, North America, Europe, and the Rest of the World are all investigated in the global advanced analytics market. North America is expected to have the greatest market share, while the Asia Pacific is expected to expand at the quickest rate during the projection period. The market's expansion in North America may be ascribed to technological developments as well as the growing requirement to address vertical-specific issues in the area.


In 2019, North America is the leading region for advanced analytics. The availability of appropriate infrastructure, as well as the use of artificial intelligence and big data analytics, is expected to be a significant driver driving demand in the area. Volvo Trucks North America inked a deal with SAS Institute Inc. in October 2018 to provide its advanced analytics platform, allowing the firm to expand its range of uptime-boosting services by enhancing remote diagnostics. As a result, the adoption of these solutions offers businesses optimal solutions, resulting in a high adoption rate. APAC is expected to develop at a rapid pace due to the region's expanding eCommerce and retail industries.


Competitive landscape


The advanced analytics market size is anticipated to expand as a result of factors such as cloud-based solutions, rising demand in emerging economies, the rise of specialized players, and lower prices for these solutions. The emergence of minor competitors offering vertical-specific solutions has transformed the market dynamics, compelling big players like SAP, SAS, and Oracle to offer industry-specific solutions.


Major Key Players



  •         SAS Institute (U.S.)

  •         SAP SE (Germany)

  •         IBM Corporation (U.S.)

  •         Oracle Corporation (U.S.)

  •         KNIME AG (Switzerland)

  •         Statsoft

  •         Angoss Software Corporation (Canada)

  •         Microsoft Corporation (U.S.)

  •         Fico (U.S.) among others.


Recent Developments


IBM Corporation introduced a new range of IoT solutions in February 2019 that combines sophisticated analytics and artificial intelligence, resulting in enhanced maintenance plans for many businesses.


On the basis Of Banking and Financial Services:



  • Regulatory Reforms

  • Customer Profitability

  • Operational Efficiency

  • Risk Management

  • Credit Risk Analysis

  • Fraud Detection and management 

  • Budgeting and Planning 

  • Process Optimization


On the basis Of Applications Telecom and IT Services:



  • Targeting offer and campaign management

  • Cell Site Optimization

  • Revenue Assurance

  • Customer Profitability Analysis 

  • Network Dynamics

  • Congestion Control and Social Network Analysis


On the basis of Healthcare:



  • Predictive Modeling

  • Financial Performance and Monitoring 

  • Fraud Detection and Management


On the basis of Government and Defense:



  • Fraud detection and management

  • Defense Health

  • Scenario Planning


On the basis of Transportation and Logistics:



  • Inventory Optimization 

  • Supply Chain Planning 

  • Sales and Operational Planning 

  • Quality Lifecycle Management


On the basis of Consumer Goods and Retail:



  • Price Optimization

  • Customer Insight

  • Planning and Organization

  • Merchandise Planning

  • Size Optimization


On the basis of Regions:



  • North America (NA)

  • Europe (EU)

  • The Middle East and Africa (MEA)

  • Asia-Pacific (APAC)

  • Latin America (LA)



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 89.9 Billion
  CAGR   21.5%
  Base Year   2020
  Forecast Period   2021–2027
  Historical Data   2019
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific
  Key Vendors   SAS Institute (U.S.) SAP SE (Germany) IBM Corporation (U.S.) Oracle Corporation (U.S.) KNIME AG (Switzerland) Statsoft Angoss Software Corporation (Canada) Microsoft Corporation (U.S.) Fico (U.S.)
  Key Market Opportunities   Furthermore, the availability of many advanced analytics programs that give advanced results, such as text analytics, predictive analytics, and customer analytics decision support and optimization apps, has boosted demand in the worldwide advanced analytics market.
  Key Market Drivers   The growing popularity and need for social media is a major driving force in the advanced analytics industry.


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Frequently Asked Questions (FAQ) :

The global advanced analytics market is poised to register a market value of USD 22 billion at a CAGR of approximately 15% over the review period (2020-2027).

The increasing innovation in big data analytics, a growing need for enterprise data management from numerous end-use industries, is creating opportunities for market players.

The North America region holds the largest share of the market across the globe, followed by Europe and the Asia Pacific region. The U.S. and Canada are contributing substantially towards the North America market share.

The global advanced analytics market is analyzed on the basis of type and application, wherein the BFSI application segment is expected to witness maximum demand over the review period.

a few significant players in the global advanced analytics market are SAP SE, SAS Institute, IBM Corporation, KNIME AG, Statsoft, Oracle Corporation, and Microsoft Corporation, among others.