The growth of self-service analytics is expected to propel the worldwide advanced analytics market to US$ 15,149.8 million by 2024. The trend is anticipated to open up new market possibilities, resulting in a predicted 5.8% compound annual growth rate (CAGR) between 2024 and 2034 and a total valuation of around US$ 26,688.0 million by that year.
Investing in analytics talent and training is one of the main drivers of the advanced analytics market’s expansion. Organizations are investing in training programs and recruiting experts in data science, machine learning, and advanced analytics because they understand how important having qualified staff is. Developing a staff that understands data is essential to getting the most out of analytics expenditures.
Collaborative analytics tools enable teams to work together on data analysis projects in real-time. The trend fosters collaboration among business analysts, data scientists, and other stakeholders, facilitating better decision-making processes.
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The potential integration of quantum computing with analytics, while still in the early stages, holds promise for solving complex problems and performing computations at a scale that traditional computers may struggle with.
The optimization of supply chain processes through analytics is gaining prominence. Organizations are leveraging advanced analytics to enhance visibility, predict demand, optimize inventory, and improve overall supply chain efficiency.
Advanced analytics enables businesses to create personalized customer experiences by analyzing data on individual preferences, behaviors, and demographics. Customer segmentation strategies are becoming more sophisticated, allowing for targeted marketing and product recommendations.
The combination of analytics with augmented and virtual reality technologies is opening new possibilities for data visualization and immersive analytics experiences. The trend is particularly relevant in industries such as manufacturing, where AR and VR can be used for virtual simulations and training.
Key Takeaways from the Market Study
- Global advanced analytics market was valued at US$ 14,355.5 million by 2023-end.
- From 2019 to 2023, the market demand expanded at a CAGR of 5%.
- The market in India is expected to expand at a CAGR of 6% through 2034.
- By industry, the BFSI segment to account for a share of 22.6% in 2024.
- From 2024 to 2034, advanced analytics market is expected to flourish at a CAGR of 8%.
- By 2034, the market value of advanced analytics is expected to reach US$ 26,688.0
The integration of blockchain technology with analytics enhances data integrity, security, and transparency. Analytics tools can be used to gain insights from blockchain data, providing valuable information for industries like finance, supply chain, and healthcare, remarks an FMI analyst.
Competitive Landscape
Prominent players in the advanced analytics market are Altair Engineering, Inc., Fair Isaac Corporation, International Business Machines Corporation, KNIME, Microsoft Corporation, Oracle Corporation, RapidMiner, Inc., SAP SE, SAS Institute Inc., Trianz, Infor, and Teradata, among others.
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Restraints:
Despite the market’s promising growth trajectory, certain restraints hinder its seamless progression. Concerns regarding data privacy and security remain paramount, posing challenges for widespread adoption. Moreover, the complexities associated with integrating advanced analytics solutions into existing systems and the lack of skilled professionals act as barriers impeding market growth.
Key Companies Profiled
- Altair Engineering, Inc.
- Fair Isaac Corporation
- International Business Machines Corporation
- KNIME
- Microsoft Corporation
- Oracle Corporation
- RapidMiner, Inc.
- SAP SE
- SAS Institute Inc.
- Trianz
- Infor
- Teradata
Recent Developments
- In 2023, Microsoft announced the launch of its new Azure Machine Learning Studio platform, which features a new visual drag and drop interface that makes it easy to build and deploy AI and ML models. The new platform is designed to make AI and ML more accessible to businesses of all sizes.
- In 2022, Teradata announced the launch of its new Aster Analytics platform, which features a new in memory architecture that enables businesses to perform real time analytics on large datasets. The new platform is designed to help businesses make better decisions faster by providing them with the insights they need to understand their customers, predict future trends, and optimize their operations.
- In 2021, Oracle announced the launch of its new Oracle Analytics Cloud platform, which features a unified platform for data warehousing, business intelligence, and machine learning. The new platform is designed to help businesses of all sizes make better decisions by providing them with the insights they need to understand their customers, predict future trends, and optimize their operations.
Segmentation Analysis of the Advanced Analytics Market
By Solution:
- Big Data Analytics
- Visual Analytics
- Risk Analytics
- Social Media Analytics
- Predictive Analytics
- Other Solutions
By Industry:
- BFSI
- Healthcare
- Government
- Defense
- Retail & Consumer Goods
- Other Industries
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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