Global Advanced Analytics Market - 2024-2031

Overview

Global Advanced Analytics Market reached US$ 51.3 Billion in 2023 and is expected to reach US$ 360.5 Billion by 2031, growing with a CAGR of 28.0% during the forecast period 2024-2031.

Advanced analytics includes function-as-a-service a cloud service that conceals the hardware infrastructure from users. As a result, users are relieved from the need to worry about provisioning, administration and maintenance of the underlying infrastructure. Advanced Analytics streamlines both the development and deployment processes. Developers can concentrate on coding without the necessity of handling infrastructure, thereby diminishing the time required to launch applications in the market.

Growing adoption of advanced analytics by the major key players globally helps to boost market growth over the forecast period. For instance, on January 24, 2022, IRCC, now started using advanced data analytics to process TRV applications submitted outside of Canada. The IRCC Immigration, Refugees and Citizenship Canada (IRCC) is broadening the application of advanced data analytics to address the rising number of Temporary Resident Visa applications.

North America is a dominating region in the market due to the early adoption of advanced analytics by major key players. For instance, on December 05, 2023, Duck Creek Technologies the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance announced the launch of Duck Creek Clarity, an innovative, cloud-native technology solution and the successor to Duck Creek Insights.

Dynamics

Growing Demand for Data Analytics Solutions and Optimization Globally

The need for advanced analytics tools has been driven by the fast increase of data collected across numerous sectors in terms of amount, diversity and speed. Large volumes of big data have been generated by a variety of companies, which has increased the need for advanced analytics tools for collecting useful data. The quantity, velocity and diversity of big data are sometimes too much for traditional data processing methods to manage, which emphasizes the necessity for advanced analytics.

Leading companies are progressively utilizing advanced analytics for risk management and assessment. It helps detect potential fraud and forecast market trends and analytics are essential for managing unpredictability. For instance, on June 08, 2023, Aon plc, a leading global professional services firm announced the launch of its Pricing Platform, a software solution that aims to provide insurers with a competitive advantage through better risk selection and meaningful analytics to drive company performance.

Growing Digitalization Globally

The amount of data collected has significantly increased as a result of companies and everyday activities getting digital. The includes information from social media interactions, online purchases, IoT usage, mobile applications and a variety of other sources. Data analytics is essential for extracting valuable insights from this extensive reservoir of information.

The expansion of e-commerce and the growing dependence on online services have triggered a significant surge in digital data. Retailers employ analytics to grasp consumer behavior, fine-tune pricing strategies and customize marketing approaches. The ongoing evolution of data analytics technologies, encompassing artificial intelligence and machine learning, has heightened their effectiveness and accessibility. The technologies empower organizations to extract more profound insights and predictions from their data.

Stringent Data Regulation Imposed by Different Governments

The government's general data protection regulation is expected to affect the advance analytics solutions that use big data technology. Without breaking data privacy, no retailer would be able to take efficient advantages even after introducing big data services in their business module. Hence, it made it difficult for the consumers to attain desirable goals despite the security protocols set by the data privacy regulations.

The regulations have directly impacted the growth of many multinational companies and international retailers in recent times. Besides, lack of knowledge in some regions, high analytics expenses and inability to understand consumers' offline market behavior are hampering the global advanced analytics market's growth. Furthermore, complex systems integration is a problem that is expected to hamper the development of the global market for retail analytics.

Segment Analysis

The global advanced analytics market is segmented based on offering, type, deployment, enterprise size, end-user and region.

Growing Demand of Advanced Analytics by the Retail Sector

Based on the end-user, the advanced analytics market is segmented into IT and telecom, retail, manufacturing, government, energy & utilities and others. The retail industry has shown an unprecedented shift that has changed customer expectations and technological developments are rapidly revolving around the retail landscape day by day. In recent times customers are demanding rich shopping experiences that are hyper-connected, engaging and personalized. The growing expansion of sales and marketing channels such as social commerce and mobile are transforming the retail industry's growing trend.

The traditional on-premise analytical model expected to show moderate adoption in the forecast period due to security assurance. For instance, in May 2020, the European multi-brand fashion retailer Sportia Group adopted oracle cloud-based retail solutions to break the obstacle between brands and geographies, consecutively optimizing the customers' inventory availability. The above solution is estimated to provide full visibility about the inventory availability across channels, which would lower the transfer cost and increase stock rotation.

Geographical Penetration

North America is Dominating the Advanced Analytics Market

North America accounted for the largest market share in the global advanced analytics market due to the growing adoption of data analytics by various industrial sectors in the region. The U.S. stands as a globally center for technological innovation within its region. Hosting numerous prominent technology firms, research institutions and startups, it plays an active role in driving progress in the field of advanced analytics.

Some of the major key players in the region follow merger and acquisition strategies to expand their business. For instance, on May 11, 2023, SAP SE and Google Cloud expanded their partnership to build the future of open data and AI for enterprises. The solution allows customers to construct a comprehensive data cloud by integrating data from various parts of the enterprise landscape through the SAP Datasphere solution, coupled with Google's data cloud. The enables businesses- to observe their complete data portfolios in real time and optimize the value derived from their investments in Google Cloud and SAP software.

Competitive Landscape

The major global players in the market include Oracle Corporation, Infogain Corporation, Databricks, Salesforce, QlikTech International AB, Amazon Web Services, Inc., Adobe, SAS Institute., Teradata and Dataiku.

COVID-19 Impact Analysis

All industries globally have been affected by COVID-19 including the advance analytics industry. Due to disruption in the supply chain and decreased manufacturing activities, IT infrastructure construction has slowed down. The health crisis has had an unprecedented effect across sectors of businesses; although some are suffering, others prosper. Also, due to the lockdowns implemented globally, retail analytics companies are experiencing a slowdown in growth.

As most upcoming analytics ventures have been placed on hold due to the pandemic, the competition between key advanced analytics companies is expected to intensify. Businesses have also begun to make attempts to return to normal and face numerous consumer and organizational challenges. New practices, such as work-from-home and social distancing, have contributed to the need for remote patient and asset health tracking and smart payment technologies and to build digital infrastructures for large-scale implementations of technology. The implementation of lockdowns has led to an increased reliance on cloud-based solutions.

Russia-Ukraine War Impact Analysis

The major key players in the advanced analytics market have supply chain dependencies on Russia and Ukraine, disruptions in the supply chain due to the conflict could affect the availability of key components or services. Economic uncertainty arising from geopolitical instability tends to influence businesses, leading to hesitation or a reduction in investments in advanced analytics solutions. Companies may delay or cut back on such investments due to apprehensions about the general economic conditions.

Global cyber risks increase as geopolitical tensions increase. Major players in the advanced analytics sector have to spend money on cybersecurity defenses to safeguard confidential information and intellectual property. The global economy is more broadly impacted by geopolitical events. Business budgets and willingness to invest in advanced analytics solutions are impacted by economic downturns or slowdowns.

By Offering

• Solutions
• Services

By Type

• Big Data Analytics
• Business Analytics
• Customer Analytics
• Risk Analytics
• Statistical Analysis
• Others

By Deployment

• On-premise
• Cloud

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By End-User

• IT and Telecom
• Retail
• Manufacturing
• Government
• Energy and Utilities
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On October 04, 2023, Act-On Software, a provider of enterprise marketing automation solutions launches advanced analytics with AI to provide the most powerful analytics in a marketing automation platform. Act-On Analytics eliminates the reliance of marketers on IT and data analysts for conducting custom analytics on marketing campaigns.
• On December 05, 2023, Duck Creek Technology launched the next generation of data management and analytics with the launch of duck creek clarity. Duck Creek Clarity is a cloud-native solution designed to streamline the tasks of retrieving, overseeing and consolidating data derived from Duck Creek's SaaS-based core systems, encompassing policy, billing and claims solutions.
• On December 06, 2023, FICO, an advanced analytics software global leader launched an advanced analytics platform for banking in India. In India, an impressive 40% of the country's 1.4 billion residents are already utilizing digital banking services. The FICO Platform is positioned to enhance customer satisfaction for local businesses by offering a range of advanced decision-making and AI tools tailored specifically for the local market.

Why Purchase the Report?

• To visualize the global advanced analytics market segmentation based on offering, type, deployment, enterprise size, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of Advanced Analytics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global advanced analytics market report would provide approximately 78 tables, 76 figures and 219 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies