Advanced Analytics Market - Forecasts from 2023 to 2028

The advanced analytics market is anticipated to grow at a CAGR of 26.40% during the forecast period and will reach a market size of US$125.847 billion by 2028 from an initial value of US$24.416 billion in 2021.

Advanced analytics encompasses the autonomous or semi-autonomous examination of available data to produce valuable insights that enhance decision-making. It involves organizing, filtering, interpreting, and forecasting data to generate business outcomes that significantly influence an organization's planning and strategy development, making them more data-driven and closely aligned with future market conditions.

In addition, the growing adoption of cloud technology and increased technology penetration play pivotal roles in the advancement of the advanced analytics market. This is because they contribute to the wealth of available data and further enhance the generation of insights into consumer preferences. For example, IBM® Cognos® Analytics enhances data-informed decision-making through AI-powered insights for organizations. The latest release expands its array of analytics features within a single, secure environment seamlessly integrated with IBM's data fabric architecture. This integration with AI and machine learning (ML) empowers users to uncover concealed data patterns and offers clear visibility into the methods used to generate insights and forecasts.

Increased deployment of advanced analytics applicability by end-users industry is propelling the market

The growth of the industry can be attributed to the increased adoption of advanced analytics solutions, such as customer and business analytics, by major organizations in sectors like IT, telecom, healthcare, BFSI, consumer goods, and retail. These solutions aid in the efficient management of their extensive customer and asset databases. Moreover, many significant businesses are integrating advanced analytics to boost their revenue, enhance their analytical capabilities, and fortify risk management practices.

The data from the Philips Future Health Index 2022 reports reveals a substantial growth in the rate of adoption of predictive analytics tools by the countries in the healthcare industry in recent years. According to the report 2022, Singapore emerges as the top leader in the adoption of predictive analytics in healthcare with an impressive 92% adoption rate. China closely follows at 79%, while several countries, including Brazil, the United States, Indonesia, Italy, France, and India, are still in the process of growing their adoption rates, ranging from 59% to 66%. Thus, the robust adoption of predictive analytics in healthcare signifies a broader trend in advanced analytics. As healthcare providers increasingly utilize predictive analytics for more efficient and data-driven decision-making, it catalyzes the growth of the advanced analytics market

Furthermore, AI-integrated data analytics solutions are now applied in healthcare data mining to develop tailored treatment plans, for example, in February 2021, IBM joined forces with Palantir Technologies, a software company specializing in big data analytics, to provide consistent datasets for healthcare providers, researchers, and institutions. This collaboration allows them to analyze data and generate outcomes that benefit their businesses and patients.

The USA's advanced analytics market is anticipated to grow steadily.

The USA is expected to hold a significant share in the market due to increased penetration of technology in the country coupled with the presence of players such as Oracle Corporation, and IBM in the country. Additionally, in the country, the adoption of social media is significant, which is also one of the major reasons for the market. Moreover, the country provides an infrastructure to the companies which helps them excel in the field.

Taking advantage of increasing growth in the country companies are collaborating to deliver best-in-class technologies. For instance, in August 2022, SAS headquartered in North Carolina, USA, and SingleStore headquartered in San Francisco, USA partnered to deliver next-generation data and analytics architecture. This partnership aims to remove data barriers to access data, maximize performance and scalability, and lastly uncover key data-driven insights.

Moreover, companies are collaborating to develop new products that can help in the digital transformation of an individual. For instance, in December 2021, CVS Health and Microsoft announced a strategic alliance that will develop innovative solutions that will help consumers improve their health. The data collected by CVS Health and the customized algorithm developed by Microsoft will help the customer have a personalized experience with CVS Health's omnichannel pharmacy capabilities and it will deliver customized health recommendations as and when the consumer requires them.

Market Key Developments

• In March 2023, NVIDIA made the strategic decision to utilize Oracle Cloud Infrastructure (OCI) for AI services. This extension of the collaboration between Oracle and NVIDIA involves the operation of key NVIDIA AI applications on the newly introduced Oracle Cloud Infrastructure (OCI) Supercluster™.
• In March 2023, Luxoft, a DXC Technology Company, and ITRS, a leading provider of real-time estate monitoring and observability software, unveiled a strategic partnership to create and provide advanced monitoring solutions tailored for banking and capital markets platforms.
• In November 2021, Goldman Sachs introduced the Goldman Sachs Financial Cloud for Data in collaboration with Amazon Web Services, Inc. (AWS). This innovative suite offers cloud-based data and analytics solutions tailored for financial institutions. This partnership transforms the way clients access, structure, and analyze data in the cloud, enabling them to swiftly acquire insights and make well-informed investment choices.

Segmentation:

By Type

• Predictive Analytics
• Prescriptive Analytics
• Diagnostic Analytics
• Descriptive Analytics

By End-User Industry

• Telecom and IT
• Banking and Finance
• Government and Defence
• Healthcare
• Consumer Goods and Retail
• Transportation and Logistics

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Others
• Middle East, and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Japan
• Others