Advanced Analytics Market Report 2024, Trends, Growth And Forecast 2032

IMARC Group's report titled "Advanced Analytics Market by Component (Software, Service), Type (Big Data Analytics, Business Analytics, Customer Analytics, Statistical Analytics, Risk Analytics, and Others), Deployment Mode (On-premises, Cloud-based), Business Function (Supply Chain, Sales and Marketing, Finance, Human Resource (HR), and Others), Enterprise Size (Large Enterprise, Small and Medium-sized Enterprise), Industry Vertical (BFSI, Healthcare, Government, IT and Telecom, Military and Defense, and Others), and Region 2024-2032". offers a comprehensive analysis of the industry, which comprises insights on the global advanced analytics market report. The global market size reached US$ 22.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 106.4 Billion by 2032, exhibiting a growth rate (CAGR) of 18.18% during 2024-2032.

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Factors Affecting the Growth of the Advanced Analytics Industry:

• Increasing Demand for Data-Driven Decision Making:

Organizations across industries are understanding the importance of data in driving strategic choices. Advanced analytics helps firms to handle massive amounts of data and derive actionable insights, resulting in more informed and better decision-making. Predictive and prescriptive analytics enable businesses to streamline operations, improve customer experiences, and find new business opportunities. The abundance of big data, as well as developments in data processing technology, are driving the adoption of advanced analytics as firms look to use data to gain a competitive advantage, increase efficiency, and drive innovation.

• Technological Advancements and Innovation:

Analytics tools are becoming increasingly powerful and accessible as advances in artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) continue. These technologies make it possible to analyze unstructured data, process data in real time, and automate complicated analytical activities that were previously impossible. Furthermore, the rise of cloud computing is making advanced analytics more scalable and cost-effective, allowing even small and medium-sized businesses (SMEs) to leverage the potential of data analytics without requiring a significant upfront investment.

• Operational Efficiency and Cost Reduction:

Advanced analytics is critical for increasing operational efficiency and lowering costs across a wide range of company processes. By examining data from various operational processes, firms can uncover inefficiencies, enhance resource allocation, and streamline workflows. Predictive analytics aids in estimating demand, optimizing inventory levels, and decreasing waste, resulting in cost savings. Furthermore, analytics-driven automation of common tasks saves human labor, errors, and speeds up procedures, hence increasing operational efficiency. Furthermore, in manufacturing, predictive maintenance analytics can avoid equipment failures and reduce downtime, increasing productivity and lowering maintenance costs.

Leading Companies Operating in the Global Advanced Analytics Industry:

• Absolutdata Technologies Inc. (Infogain Corporation)
• Adobe Inc.
• Altair Engineering Inc.
• Alteryx Inc.
• Amazon Web Services Inc. (Amazon.com Inc.)
• Fair Isaac Corporation (FICO)
• Hewlett Packard Enterprise Company
• International Business Machines Corporation
• Microsoft Corporation
• Moody's Analytics Inc. (Moody's Corporation)
• SAS Institute Inc.
• TIBCO Software Inc.

Advanced Analytics Market Report Segmentation:

By Component:

• Software
• Service
  • Professional Service
  • Managed Service

Software exhibits a clear dominance in the market accredited to its essential role in processing and analyzing vast amounts of data efficiently.

By Type:

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

Big data analytics represent the largest segment, as organizations rely on analyzing large and complex datasets to gain insights and drive decision-making.

By Application:

• On-premises
• Cloud-based

On-premises accounts for the majority of the market share attributed to its advantages in data security, control, and compliance for sensitive information.

By Business Function:

• Supply Chain
• Sales and Marketing
• Finance
• Human Resource (HR)
• Others

Supply chain holds the biggest market share, driven by the ability of advanced analytics to optimize logistics, reduce costs, and improve operational efficiencies.

By Enterprise Size:

• Large Enterprise
• Small and Medium-sized Enterprise

Large enterprises represent the largest segment due to their notable resources and higher adoption rates of advanced analytics solutions.

By Industry Vertical:

• BFSI
• Healthcare
• Government
• IT and Telecom
• Military and Defense
• Others

BFSI accounts for the majority of the market share owing to the growing investments in analytics for risk management, user insights, and fraud detection.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America dominates the market on account of the advanced technological infrastructure, high adoption rate of analytics solutions, and the presence of key market players.

Global Advanced Analytics Market Trends:

Internet of Things (IoT) devices generate massive volumes of real-time data that, when examined, can yield vital insights into operational performance, predictive maintenance, and user behavior. This development is especially important in industries like manufacturing, healthcare, and smart cities, where IoT usage is widespread.

Aside from that, the rise of edge analytics, which processes data at the network's edge, closer to the data source, is driving market expansion. This minimizes latency, improves real-time decision-making, and brings down bandwidth costs. Furthermore, the combination of advanced analytics and blockchain technology opens up new possibilities for data security and integrity, enabling transparent and tamper-proof data analysis.

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